8-K
Amerant Bancorp Inc. (AMTB)
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): October 28, 2025
Amerant Bancorp Inc.
(Exact name of registrant as specified in its charter)
| Florida | 001-38534 | 65-0032379 | |||
|---|---|---|---|---|---|
| (State or other jurisdiction<br>of incorporation | (Commission<br>file number) | (IRS Employer<br>Identification Number) | 220 Alhambra Circle | ||
| --- | --- | ||||
| Coral Gables, Florida | 33134 | ||||
| (Address of principal executive offices) | (Zip Code) | ||||
| (305) 460-8728<br><br>(Registrant's telephone number, including area code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbols | Name of exchange on which registered |
|---|---|---|
| Class A Common Stock | AMTB | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | ☐ |
|---|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On October 28, 2025, Amerant Bancorp Inc. (the "Company") issued a press release to report the Company’s financial results for the fiscal quarter ended September 30, 2025. 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 October 28, 2025, the Company will hold a live audio webcast to discuss its financial results for the fiscal quarter ended September 30, 2025. 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 9.01 Financial Statements and Exhibits
| Number | Exhibit |
|---|---|
| 99.1 | Press Release of Amerant Bancorp Inc., dated October 28, 2025 |
| 99.2 | Earnings slide presentation of Amerant Bancorp Inc., datedOctober 28,2025 |
| 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: October 28, 2025 | Amerant Bancorp Inc. | |
|---|---|---|
| By: | /s/ Julio V. Pena | |
| Name: Julio V. Pena | ||
| Title: Executive Vice President, <br>Associate General Counsel and Corporate Secretary |
Document
| CONTACTS: |
|---|
| Investors |
| Laura Rossi |
| InvestorRelations@amerantbank.com |
| (305) 460-8728 |
| Media |
| Alexis Dominguez |
| MediaRelations@amerantbank.com |
| (305) 441-8412 |
AMERANT REPORTS THIRD QUARTER 2025 RESULTS
CORAL GABLES, FLORIDA, October 28, 2025. Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today reported net income attributable to the Company of $14.8 million in the third quarter of 2025, or $0.35 income per diluted share, compared to net income of $23.0 million, or $0.55 income per diluted share, in the second quarter of 2025.
“While the Company continues to show strong pre-provision net revenue, our results this quarter show higher than expected provision for credit losses as we continued to proactively focus on addressing asset quality over growth this quarter” stated Jerry Plush, Chairman and CEO. “While we anticipate a return to loan growth during the fourth quarter, our primary focus is on reducing non-performing loans. We also intend to resume share buybacks under the existing authorization and implement a new series of expense reductions as key steps toward improving results.”
Below are the results for 3Q25 and their comparison to 2Q25:
•Total assets were $10.4 billion, up by $75.5 million, or 0.7%, compared to $10.3 billion.
•Total gross loans were $6.9 billion, down by $247.4 million, or 3.4%, compared to $7.2 billion.
•Cash and cash equivalents were $630.9 million, down by $6.0 million, or 0.9%, compared to $636.8 million.
•Investment securities were $2.3 billion, up by $336.8 million, or 17.1%, compared to $2.0 billion.
•Total deposits were $8.3 billion, down by $5.6 million, or 0.1%, compared to the prior period, primarily driven by a decrease of $93.7 million in brokered deposits partially offset by customer deposit growth of $88.1 million. Core deposits were $6.2 billion, up by $59.4 million, or 1.0%, compared to $6.1 billion.
•Total advances from the Federal Home Loan Bank (“FHLB”) were $831.7 million, up by $66.7 million, or 8.7%, compared to $765.0 million.
•Net Interest Margin (“NIM”) was 3.92%, compared to 3.81%.
•Average yield on loans was 6.93%, compared to 6.88%.
•Average cost of total deposits was 2.41%, compared to 2.53%.
•Loan to deposit ratio was 83.6%, compared to 86.5%.
•Asset Quality and Allowance for Credit Losses (“ACL”):
–Total non-performing assets were $139.9 million, up by $42.0 million, or 42.9%, compared to $97.9 million. As of 3Q25, non-performing assets consist of $124.3 million in non-performing loans and $15.6 million in Other Real Estate Owned (“OREO”).
–The ACL was $94.9 million, up by $8.4 million, or 9.7%, compared to $86.5 million, primarily from reserve requirements, partially offset by charge-offs in the quarter.
–The Company has provided additional details regarding asset quality in the 3Q25 earnings presentation (https://investor.amerantbank.com).
•Assets Under Management and custody (“AUM”) totaled $3.17 billion, up by $104.5 million, or 3.4% from $3.07 billion.
•Accumulated Other Comprehensive Loss (“AOCL”) decreased to $6.9 million, an improvement of $18.5 million, or 72.8%, compared to $25.4 million.
•Pre-provision net revenue (“PPNR”)(1) was $33.6 million, down by $2.2 million, or 6.3%, compared to PPNR of $35.9 million. Core PPNR(1) was $35.8 million, down by $1.4 million, or 3.7%, compared to $37.1 million. A reconciliation of core PPNR and the impact on key ratios is shown in Exhibit 2 included in this press release.
•Net Interest Income (“NII”) was $94.2 million, up by $3.7 million, or 4.1%, from $90.5 million.
•Provision for credit losses was $14.6 million, up by $8.5 million, or 140.9% compared to $6.1 million.
•Non-interest income was $17.3 million, down by $2.5 million, or 12.6% from $19.8 million.
•Non-interest expense was $77.8 million, up by $3.4 million, or 4.6% from $74.4 million. Core non-interest expense(1) was $75.9 million, up $2.7 million, or 3.6%, compared to $73.2 million.
•The efficiency ratio was 69.84%, compared to 67.48%.
•Return on average assets (“ROA”) was 0.57%, compared to 0.90%.
•Return on average equity (“ROE”) was 6.21%, compared to 10.06%.
•On October 22, 2025, the Company’s Board of Directors declared a cash dividend of $0.09 per share of common stock. The dividend is payable on November 28, 2025, to shareholders of record on November 14, 2025.
Additional details on the third quarter 2025 results can be found in the Exhibits and Glossary of Terms and Definitions to this earnings release, and the earnings presentation available under the Investor Relations section of the Company’s website at https://investor.amerantbank.com. See Glossary of Terms and Definitions for definitions of financial terms.
1 Non-GAAP measure, see “Non-GAAP Financial Measures” for more information and Exhibit 2 for a reconciliation to GAAP measures.
Third Quarter 2025 Earnings Conference Call
The Company will hold an earnings conference call on Tuesday, October 28, 2025 at 8:30 a.m. (Eastern Time) to discuss its third quarter 2025 results. The conference call and presentation materials can be accessed via webcast by logging on from the Investor Relations section of the Company’s website at https://investor.amerantbank.com. The online replay will remain available for approximately one month following the call through the above link.
About Amerant Bancorp Inc. (NYSE: AMTB)
Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its main subsidiary, Amerant Bank, N.A. (the “Bank”), as well as its other subsidiary Amerant Investments, Inc. The Company provides individuals and businesses with deposit, credit and wealth management services. The Bank, which has operated for over 45 years, is headquartered in Florida and has a network of 22 banking centers – 20 in South Florida and 2 in Tampa, Florida. For more information, visit investor.amerantbank.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” including statements with respect to the Company’s objectives, expectations and intentions and other statements that are not historical facts. Examples of forward-looking statements include but are not limited to: our future operating or financial performance, including revenues, expenses, expense savings, income or loss and earnings or loss per share, and other financial items; statements regarding expectations, plans or objectives for future operations, products or services, and our expectations on our investment portfolio repositioning and loan recoveries or reaching positive resolutions on problem loans. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target,” “goals,” “outlooks,” “modeled,” “dedicated,” “create,” and other similar words and expressions of the future.
Forward-looking statements, including those relating to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the Company’s actual results, performance, achievements, or financial condition to be materially different from future results, performance, achievements, or financial condition expressed or
implied by such forward-looking statements. You should not rely on any forward-looking statements as predictions of future events. You should not expect us to update any forward-looking statements, except as required by law. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in “Risk factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2024 filed on March 5, 2025 (“the 2024 Form 10-K”), 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 nine month periods ended September 30, 2025 and 2024, and the three month periods ended June 30, 2025, March 31, 2025 and December 31 2024 may not reflect our results of operations for our fiscal year ending, or financial condition, as of December 31, 2025, or any other period of time or date.
Non-GAAP Financial Measures
The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) with non-GAAP financial measures, such as “pre-provision net revenue (PPNR)”, “core pre-provision net revenue (Core PPNR)”, “core noninterest income”, “core noninterest expense”, “core net income”, “core earnings per share (basic and diluted)”, “core return on assets (Core ROA)”, “core return on equity (Core ROE)”, “core efficiency ratio”, and “tangible stockholders’ equity (book value) per common share”. 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”.
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 business. Management believes that these supplementary 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. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.
Exhibit 2 reconciles these non-GAAP financial measures to GAAP reported results.
Exhibit 1- Selected Financial Information
The following table sets forth selected financial information derived from our interim unaudited and annual audited consolidated financial statements.
| (in thousands) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Balance Sheets | (audited) | |||||||||
| Total assets | $ | 10,410,199 | $ | 10,334,678 | $ | 10,169,688 | $ | 9,901,734 | $ | 10,353,127 |
| Total investments | 2,307,701 | 1,970,888 | 1,761,678 | 1,497,925 | 1,542,544 | |||||
| Total gross loans (1)(2) | 6,941,792 | 7,189,196 | 7,219,162 | 7,271,322 | 7,561,963 | |||||
| Allowance for credit losses | 94,918 | 86,519 | 98,266 | 84,963 | 79,890 | |||||
| Total deposits | 8,300,969 | 8,306,544 | 8,154,978 | 7,854,595 | 8,110,944 | |||||
| Core deposits (1) | 6,203,038 | 6,143,625 | 5,993,055 | 5,620,150 | 5,707,366 | |||||
| Advances from the Federal Home Loan Bank | 831,699 | 765,000 | 715,000 | 745,000 | 915,000 | |||||
| Senior notes (3) | — | — | 59,922 | 59,843 | 59,764 | |||||
| Subordinated notes | 29,752 | 29,710 | 29,667 | 29,624 | 29,582 | |||||
| Junior subordinated debentures | 64,178 | 64,178 | 64,178 | 64,178 | 64,178 | |||||
| Stockholders' equity (4)(5)(6) | 944,940 | 924,286 | 906,263 | 890,467 | 902,888 | |||||
| Assets under management and custody (1) | 3,169,514 | 3,065,020 | 2,932,602 | 2,890,048 | 2,550,541 | |||||
| Three Months Ended | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in thousands, except percentages, share data and per share amounts) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||
| Consolidated Results of Operations | ||||||||||
| Net interest income | $ | 94,152 | $ | 90,479 | $ | 85,904 | $ | 87,635 | $ | 80,999 |
| Provision for credit losses (7) | 14,600 | 6,060 | 18,446 | 9,910 | 19,000 | |||||
| Noninterest income (loss) | 17,291 | 19,778 | 19,525 | 23,684 | (47,683) | |||||
| Noninterest expense | 77,835 | 74,400 | 71,554 | 83,386 | 76,208 | |||||
| Net income (loss) attributable to Amerant Bancorp Inc. | 14,756 | 23,002 | 11,958 | 16,881 | (48,164) | |||||
| Effective income tax rate | 22.37% | 22.80% | 22.50% | 6.34% | 22.18% | |||||
| Common Share Data | ||||||||||
| Stockholders' book value per common share | $ | 22.90 | $ | 22.14 | $ | 21.60 | $ | 21.14 | $ | 21.44 |
| Tangible stockholders' equity (book value) per common share (8) | $ | 22.32 | $ | 21.56 | $ | 21.03 | $ | 20.56 | $ | 20.87 |
| Basic earnings (loss) per common share | $ | 0.35 | $ | 0.55 | $ | 0.28 | $ | 0.40 | $ | (1.43) |
| Diluted earnings (loss) per common share (9) | $ | 0.35 | $ | 0.55 | $ | 0.28 | $ | 0.40 | $ | (1.43) |
| Basic weighted average shares outstanding | 41,590,201 | 41,805,550 | 42,015,507 | 42,069,098 | 33,784,999 | |||||
| Diluted weighted average shares outstanding (9) | 41,774,101 | 41,873,551 | 42,186,759 | 42,273,778 | 33,784,999 | |||||
| Cash dividend declared per common share (5) | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.09 |
| Three Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||
| Other Financial and Operating Data (10) | |||||||||
| Profitability Indicators (%) | |||||||||
| Net interest income / Average total interest earning assets (NIM) (1) | 3.92% | 3.81% | 3.75 | % | 3.75 | % | 3.49 | % | |
| Net income (loss)/ Average total assets (ROA)(1) | 0.57% | 0.90 | % | 0.48 | % | 0.67 | % | (1.92) | % |
| Net income (loss)/ Average stockholders' equity (ROE) (1) | 6.21% | 10.06 | % | 5.32 | % | 7.38 | % | (24.98) | % |
| Noninterest income (loss) / Total revenue (1) | 15.52% | 17.94% | 18.52% | 21.28% | (143.12)% | ||||
| Capital Indicators (%) | |||||||||
| Total capital ratio (1) | 13.90% | 13.49% | 13.45 | % | 13.43 | % | 12.72 | % | |
| Tier 1 capital ratio (1) | 12.28% | 11.97% | 11.84 | % | 11.95 | % | 11.36 | % | |
| Tier 1 leverage ratio (1) | 9.73% | 9.69% | 9.73 | % | 9.66 | % | 9.56 | % | |
| Common equity tier 1 capital ratio (CET1) (1) | 11.54% | 11.24% | 11.11 | % | 11.21 | % | 10.65 | % | |
| Tangible common equity ratio (1)(8) | 8.87% | 8.73% | 8.69 | % | 8.77 | % | 8.51 | % | |
| Liquidity Ratios (%) | |||||||||
| Loans to Deposits (1) | 83.63% | 86.55% | 88.52 | % | 92.57 | % | 93.23 | % | |
| Asset Quality Indicators (%) | |||||||||
| Non-performing assets / Total assets (1) | 1.34% | 0.95% | 1.38 | % | 1.23 | % | 1.25 | % | |
| Non-performing loans / Total gross loans (1) | 1.79% | 1.15% | 1.71 | % | 1.43 | % | 1.52 | % | |
| Allowance for credit losses / Total non-performing loans | 76.37% | 104.89% | 79.75 | % | 81.62 | % | 69.51 | % | |
| Allowance for credit losses / Total loans held for investment | 1.37% | 1.20% | 1.37 | % | 1.18 | % | 1.15 | % | |
| Net charge-offs / Average total loans held for investment (1)(11) | 0.39% | 0.86% | 0.22 | % | 0.26 | % | 1.90 | % | |
| Efficiency Indicators (% except FTE) | |||||||||
| Noninterest expense / Average total assets | 3.01% | 2.91% | 2.89 | % | 3.29 | % | 3.04 | % | |
| Salaries and employee benefits / Average total assets | 1.36% | 1.41% | 1.35 | % | 1.39 | % | 1.39 | % | |
| Other operating expenses/ Average total assets (1) | 1.66% | 1.50% | 1.54 | % | 1.90 | % | 1.64 | % | |
| Efficiency ratio (1) | 69.84% | 67.48% | 67.87 | % | 74.91 | % | 228.74 | % | |
| Full-Time-Equivalent Employees (FTEs) (12) | 704 | 692 | 726 | 698 | 735 |
| Three Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands, except percentages and per share amounts) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||
| Core Selected Consolidated Results of Operations and Other Data (8) | |||||||||||||
| Pre-provision net revenue (loss) (PPNR) | $ | 33,608 | $ | 35,857 | $ | 33,875 | $ | 27,933 | $ | (42,892) | |||
| Core pre-provision net revenue (Core PPNR) | $ | 35,765 | $ | 37,122 | $ | 31,546 | $ | 37,217 | $ | 31,264 | |||
| Core net income | $ | 16,425 | $ | 23,984 | $ | 10,153 | $ | 21,160 | $ | 9,249 | |||
| Core basic earnings per common share | 0.39 | 0.57 | 0.24 | 0.50 | 0.27 | ||||||||
| Core earnings per diluted common share (9) | 0.39 | 0.57 | 0.24 | 0.50 | 0.27 | ||||||||
| Core net income / Average total assets (Core ROA) (1) | 0.64% | 0.94% | 0.41 | % | 0.83 | % | 0.37 | % | |||||
| Core net income / Average stockholders' equity (Core ROE) (1) | 6.91% | 10.49% | 4.52 | % | 9.25 | % | 4.80 | % | |||||
| Core efficiency ratio (1) | 67.96% | 66.35% | 69.24 | % | 64.71 | % | 69.29 | % |
__________________
(1) See Glossary of Terms and Definitions for definitions of financial terms.
(2) There were no loans held for sale at September 30, 2025. All other periods include mortgage loans held for sale carried at fair value. Additionally, at March 31, 2025 and September 30, 2024, include loans held for sale carried at the lower of cost or fair value.
(3) On April 01, 2025, the Company redeemed all outstanding Senior Notes. See Note 1 to the Company’s consolidated financial statements in our March 31, 2025 Form 10-Q for more information.
(4) On December 11, 2024, the Company announced that the Board of Directors approved to extend the expiration date of its share repurchase program that was set to expire on December 31, 2024 to December 31, 2025 (the “Repurchase Program”). Subsequently, on May 28, 2025, the Company announced that the Board of Directors approved an increase in the amount available for repurchases of the Company’ shares of Class A common stock under the Repurchase Program to $25 million. In the third quarter of 2025 the Company repurchased an aggregate of 487,657 shares of Class A common stock at a weighted average price of $20.51 per share under the Repurchase Program. The aggregate purchase price for these transactions was approximately $10.0 million which includes transaction costs. For all other periods, see June 30, 2025 Form 10-Q, March 31, 2025 Form 10-Q, December 31, 2024 Form 10-K and September 30, 2024 Form 10-Q.
(5) During the three months ended September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, the Company’s Board of Directors declared cash dividends of $0.09 per share of the Company’s common stock and paid an aggregate amount of $3.8 million per quarter in connection with these dividends. The dividend declared in the third quarter of 2025 was paid on August 29, 2025 to shareholders of record at the close of business on August 15, 2025. See December 31, 2024 Form 10-K for more information on dividend payments during the previous quarters.
(6) On September 27, 2024, the Company completed a public offering of 8,684,210 shares of its Class A voting common stock, at a price to the public of $19.00 per share.
(7) In all periods shown, includes reserves on loans and contingent loans. In the third, second and first quarter of 2025, and the fourth and third quarters of 2024, includes $15.3 million, $3.6 million, $17.2 million, $9.7 million and $17.9 million of provision for credit losses on loans. In the third quarter of 2025, includes a reversal of the provision for unfunded commitments (contingencies) of $0.7 million. The provision for unfunded commitments (contingencies) in the second and first quarters of 2025 and the fourth and third quarters of 2024, were $2.5 million, $1.3 million, $0.2 million and $1.1 million, respectively.
(8) This presentation contains adjusted financial information determined by methods other than GAAP. This adjusted financial information is reconciled to GAAP in Exhibit 2 - Non-GAAP Financial Measures Reconciliation.
(9) See 2024 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation.
(10) Operating data for the periods presented have been annualized.
(11) See the Company’s June 30, 2025 and March 31, 2025 Form 10-Q, as well as, the 2024 Form 10-K for more details on charge-offs for all previous periods.
(12) As of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, includes 5, 35, 77, 80, and 81 FTEs for Amerant Mortgage, respectively.
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 the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, the Amerant Mortgage downsizing, the Houston Transaction, the valuation of securities, derivatives, loans held for sale and other real estate owned and repossessed assets, the early repayment of FHLB advances, and other non-routine actions intended to improve customer service and operating performance. The Company believes these adjusted numbers are useful for understanding its performance excluding these transactions and events.
| Three Months Ended, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||
| Net income (loss) attributable to Amerant Bancorp Inc. | $ | 14,756 | $ | 23,002 | $ | 11,958 | $ | 16,881 | $ | (48,164) |
| Plus: provision for credit losses (1) | 14,600 | 6,060 | 18,446 | 9,910 | 19,000 | |||||
| Plus: provision for income tax expense (benefit) | 4,252 | 6,795 | 3,471 | 1,142 | (13,728) | |||||
| Pre-provision net revenue (loss) (PPNR) | 33,608 | 35,857 | 33,875 | 27,933 | (42,892) | |||||
| Plus: non-routine noninterest expense items | 1,977 | 1,192 | 534 | 15,148 | 5,672 | |||||
| Plus (less): non-routine noninterest income items | 180 | 73 | (2,863) | (5,864) | 68,484 | |||||
| Core pre-provision net revenue (Core PPNR) | $ | 35,765 | $ | 37,122 | $ | 31,546 | $ | 37,217 | $ | 31,264 |
| Total noninterest income (loss) | $ | 17,291 | $ | 19,778 | $ | 19,525 | $ | 23,684 | $ | (47,683) |
| (Plus) Less: Non-routine noninterest income (loss) items: | ||||||||||
| Derivatives (losses), net (2) | (1,383) | (1,852) | — | — | — | |||||
| Securities gains (losses), net (3) | 1,203 | 1,779 | 64 | (8,200) | (68,484) | |||||
| Gain on sale of loans (4) | — | — | 2,799 | — | — | |||||
| Gain on sale of Houston Franchise (5) | — | — | — | 12,636 | — | |||||
| Gains on early extinguishment of FHLB advances, net | — | — | — | 1,428 | — | |||||
| Total non-routine noninterest income (loss) items | $ | (180) | $ | (73) | $ | 2,863 | $ | 5,864 | $ | (68,484) |
| Core noninterest income | $ | 17,471 | $ | 19,851 | $ | 16,662 | $ | 17,820 | $ | 20,801 |
| Total noninterest expense | $ | 77,835 | $ | 74,400 | $ | 71,554 | $ | 83,386 | $ | 76,208 |
| Less: non-routine noninterest expense items | ||||||||||
| Non-routine noninterest expense items: | ||||||||||
| Losses on loans held for sale carried at the lower of cost or fair value (6) | 881 | — | — | 12,642 | — | |||||
| Net losses on sale and valuation expense on other real estate owned (7) | 516 | 822 | 534 | — | 5,672 | |||||
| Amerant Mortgage downsize costs (8) | 580 | 370 | — | — | — | |||||
| Legal, broker fees and other costs (5) | — | — | — | 2,506 | — | |||||
| Total non-routine noninterest expense items | $ | 1,977 | $ | 1,192 | $ | 534 | $ | 15,148 | $ | 5,672 |
| Core noninterest expense | $ | 75,858 | $ | 73,208 | $ | 71,020 | $ | 68,238 | $ | 70,536 |
| Three Months Ended, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands, except percentages and per share amounts) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||
| Net income (loss) attributable to Amerant Bancorp Inc. | $ | 14,756 | $ | 23,002 | $ | 11,958 | $ | 16,881 | $ | (48,164) | |||||
| Plus after-tax non-routine items in noninterest expense: | |||||||||||||||
| Non-routine items in noninterest expense before income tax effect | 1,977 | 1,192 | 534 | 15,148 | 5,672 | ||||||||||
| Income tax effect (9) | (445) | (272) | (120) | (3,409) | (1,332) | ||||||||||
| Total after-tax non-routine items in noninterest expense | 1,532 | 920 | 414 | 11,739 | 4,340 | ||||||||||
| Plus (less) after-tax non-routine items in noninterest income: | |||||||||||||||
| Non-routine items in noninterest income (loss) before income tax effect | 180 | 73 | (2,863) | (5,864) | 68,484 | ||||||||||
| Income tax effect (9) | (43) | (11) | 644 | (1,596) | (15,411) | ||||||||||
| Total after-tax non-routine items in noninterest income (loss) | 137 | 62 | (2,219) | (7,460) | 53,073 | ||||||||||
| Core net income | $ | 16,425 | $ | 23,984 | $ | 10,153 | $ | 21,160 | $ | 9,249 | |||||
| Basic earnings (loss) per share | $ | 0.35 | $ | 0.55 | $ | 0.28 | $ | 0.40 | $ | (1.43) | |||||
| Plus: after tax impact of non-routine items in noninterest expense | 0.04 | 0.02 | 0.01 | 0.28 | 0.13 | ||||||||||
| (Less) plus: after tax impact of non-routine items in noninterest income (loss) | — | — | (0.05) | (0.18) | 1.57 | ||||||||||
| Total core basic earnings per common share | $ | 0.39 | $ | 0.57 | $ | 0.24 | $ | 0.50 | $ | 0.27 | |||||
| Diluted earnings (loss) per share (10) | $ | 0.35 | $ | 0.55 | $ | 0.28 | $ | 0.40 | $ | (1.43) | |||||
| Plus: after tax impact of non-routine items in noninterest expense | 0.04 | 0.02 | 0.01 | 0.28 | 0.13 | ||||||||||
| (Less) plus: after tax impact of non-routine items in noninterest income (loss) | — | — | (0.05) | (0.18) | 1.57 | ||||||||||
| Total core diluted earnings per common share | $ | 0.39 | $ | 0.57 | $ | 0.24 | $ | 0.50 | $ | 0.27 | |||||
| Net income (loss) / Average total assets (ROA) | 0.57 | % | 0.90 | % | 0.48 | % | 0.67 | % | (1.92) | % | |||||
| Plus: after tax impact of non-routine items in noninterest expense | 0.06 | % | 0.04 | % | 0.02 | % | 0.46 | % | 0.18 | % | |||||
| (Less) plus: after tax impact of non-routine items in noninterest income (loss) | 0.01 | % | — | % | (0.09) | % | (0.30) | % | 2.11 | % | |||||
| Core net income / Average total assets (Core ROA) | 0.64 | % | 0.94 | % | 0.41 | % | 0.83 | % | 0.37 | % | |||||
| Net income (loss)/ Average stockholders' equity (ROE) | 6.21 | % | 10.06 | % | 5.32 | % | 7.38 | % | (24.98) | % | |||||
| Plus: after tax impact of non-routine items in noninterest expense | 0.64 | % | 0.40 | % | 0.19 | % | 5.13 | % | 2.25 | % | |||||
| Plus (less) : after tax impact of non-routine items in noninterest income (loss) | 0.06 | % | 0.03 | % | (0.99) | % | (3.26) | % | 27.53 | % | |||||
| Core net income / Average stockholders' equity (Core ROE) | 6.91 | % | 10.49 | % | 4.52 | % | 9.25 | % | 4.80 | % | |||||
| Efficiency ratio | 69.84 | % | 67.48 | % | 67.87 | % | 74.91 | % | 228.74 | % | |||||
| (Less) plus: impact of non-routine items in noninterest expense and noninterest income (loss) | (1.88) | % | (1.13) | % | 1.37 | % | (10.20) | % | (159.45) | % | |||||
| Core efficiency ratio | 67.96 | % | 66.35 | % | 69.24 | % | 64.71 | % | 69.29 | % |
| (in thousands, except percentages, share data and per share amounts) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stockholders' equity | $ | 944,940 | $ | 924,286 | $ | 906,263 | $ | 890,467 | $ | 902,888 | |||||
| Less: goodwill and other intangibles (11) | (23,784) | (24,016) | (24,135) | (24,314) | (24,366) | ||||||||||
| Tangible common stockholders' equity | $ | 921,156 | $ | 900,270 | $ | 882,128 | $ | 866,153 | $ | 878,522 | |||||
| Total assets | 10,410,199 | 10,334,678 | 10,169,688 | 9,901,734 | 10,353,127 | ||||||||||
| Less: goodwill and other intangibles (11) | (23,784) | (24,016) | (24,135) | (24,314) | (24,366) | ||||||||||
| Tangible assets | $ | 10,386,415 | $ | 10,310,662 | $ | 10,145,553 | $ | 9,877,420 | $ | 10,328,761 | |||||
| Common shares outstanding | 41,265,378 | 41,748,434 | 41,952,590 | 42,127,316 | 42,103,623 | ||||||||||
| Tangible common equity ratio | 8.87 | % | 8.73 | % | 8.69 | % | 8.77 | % | 8.51 | % | |||||
| Stockholders' book value per common share | $ | 22.90 | $ | 22.14 | $ | 21.60 | $ | 21.14 | $ | 21.44 | |||||
| Tangible stockholders' equity book value per common share | $ | 22.32 | $ | 21.56 | $ | 21.03 | $ | 20.56 | $ | 20.87 |
____________
(1) Includes provision for credit losses on loans and provision for loan contingencies. See Footnote 7 in Exhibit 1 - Selected Financial Information for more details.
(2) In the three months ended September 30, 2025 and June 30, 2025, includes net unrealized losses in connection with to-be-announced (TBA) mortgage back-securities (MBS) derivative contracts. We enter into these contracts to economically offset changes in market valuation on the trading securities portfolio.
(3) In the third quarter of 2024, the Company executed an investment portfolio repositioning which resulted in a total pre-tax net loss of $68.5 million during the same period. The investment portfolio repositioning was completed in early October 2024 resulting in an additional $8.1 million in losses in the fourth quarter of 2024.
(4) In the three months ended March 31, 2025, includes gain on sale of $3.2 million, related to the sale of a loan that had been charged off in prior periods.
(5) In the three months ended December 31, 2024, amounts shown are in connection with the sale of the Company’s Houston franchise which were disclosed on a Form 8-K on April 17, 2024 (the “Houston Transaction”).
(6) In the three months ended September 30, 2025, includes loss on sale of $0.9 million related to the sale of one Substandard owner occupied loan with an outstanding balance of $30.4 million at the time of sale. In the three months ended December 31, 2024, includes loss on sale of $12.6 million, including transaction costs, related to the sale of a portfolio of 323 business-purpose, investment property, residential mortgage loans with a balance of approximately $71.4 million.
(7) In the three months ended June 30, 2025, includes a net loss on the sale of two OREO properties of $0.8 million. The three months ended September 30, 2025, March 31, 2025 and September 30, 2024 include an OREO valuation expense of $0.5 million, $0.5 million and $5.7 million, respectively.
(8) In the three months ended September 30, 2025 and June 30, 2025, includes salaries and employee benefit expenses in connection with the Amerant Mortgage downsizing. See First Quarter Earnings Presentation filed on April 24, 2025 for more information.
(9) In the three months ended March 31, 2025, amounts were calculated based upon the effective tax rate for the period of 22.50%. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect.
(10) See 2024 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation.
(11) At September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, other intangible assets primarily consist of naming rights of $1.6 million, $1.6 million, $1.9 million, $2.0 million and $2.1 million , respectively, and mortgage servicing rights (“MSRs”) of $1.4 million, $1.5 million, $1.4 million, $1.5 million and $1.4 million, respectively. Other intangible assets are included in other assets in the Company’s consolidated balance sheets.
Exhibit 3 - Average Balance Sheet, Interest and Yield/Rate Analysis
The following tables present average balance sheet information, interest income, interest expense and the corresponding average yields earned and rates paid for the periods presented. The average balances for loans include both performing and nonperforming balances. Interest income on loans includes the effects of discount accretion and the amortization of non-refundable loan origination fees, net of direct loan origination costs, accounted for as yield adjustments. Average balances represent the daily average balances for the periods presented.
| Three Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||||||||||||
| (in thousands, except percentages) | Average<br>Balances | Income/<br>Expense | Yield/<br>Rates | Average Balances | Income/ Expense | Yield/ Rates | Average <br> Balances | Income/<br>Expense | Yield/ <br>Rates | |||||||||
| Interest-earning assets: | ||||||||||||||||||
| Loan portfolio, net (1)(2) | $ | 6,946,370 | $ | 121,414 | 6.93 | % | $ | 7,118,087 | $ | 122,166 | 6.88 | % | $ | 7,291,632 | $ | 129,752 | 7.08 | % |
| Debt securities available for sale (3) (4) | 1,973,763 | 24,146 | 4.85 | % | 1,769,440 | 21,931 | 4.97 | % | 1,313,366 | 14,273 | 4.32 | % | ||||||
| Debt securities held to maturity (5) | — | — | — | % | — | — | — | % | 205,958 | 1,752 | 3.38 | % | ||||||
| Debt securities held for trading | 119,429 | 1,665 | 5.53 | % | 59,331 | 343 | 2.32 | % | — | — | — | % | ||||||
| Equity securities with readily determinable fair value not held for trading | 2,528 | 20 | 3.14 | % | 2,508 | 21 | 3.36 | % | 2,525 | 19 | 2.99 | % | ||||||
| Federal Reserve Bank and FHLB stock | 57,681 | 906 | 6.23 | % | 57,072 | 917 | 6.44 | % | 61,147 | 1,083 | 7.05 | % | ||||||
| Deposits with banks | 413,522 | 4,516 | 4.33 | % | 514,478 | 5,643 | 4.40 | % | 344,469 | 4,670 | 5.39 | % | ||||||
| Other short-term investments | 7,122 | 76 | 4.23 | % | 7,046 | 74 | 4.21 | % | 6,677 | 88 | 5.24 | % | ||||||
| Total interest-earning assets | 9,520,415 | 152,743 | 6.37 | % | 9,527,962 | 151,095 | 6.36 | % | 9,225,774 | 151,637 | 6.54 | % | ||||||
| Total non-interest-earning assets (6) | 723,510 | 728,292 | 760,198 | |||||||||||||||
| Total assets | $ | 10,243,925 | $ | 10,256,254 | $ | 9,985,972 |
| Three Months Ended | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2025 | June 30, 2025 | September 30, 2024 | |||||||||||||||||||
| (in thousands, except percentages) | Average<br>Balances | Income/<br>Expense | Yield/<br>Rates | Average Balances | Income/ Expense | Yield/ Rates | Average <br> Balances | Income/<br>Expense | Yield/ <br>Rates | ||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||
| Checking and saving accounts | |||||||||||||||||||||
| Interest bearing DDA | $ | 2,240,617 | $ | 10,892 | 1.93 | % | $ | 2,289,111 | $ | 11,567 | 2.03 | % | $ | 2,294,323 | $ | 15,345 | 2.66 | % | |||
| Money market | 1,918,534 | 17,986 | 3.72 | % | 1,925,029 | 18,012 | 3.75 | % | 1,541,987 | 16,804 | 4.34 | % | |||||||||
| Savings | 236,556 | 22 | 0.04 | % | 236,929 | 18 | 0.03 | % | 247,903 | 26 | 0.04 | % | |||||||||
| Total checking and saving accounts | $ | 4,395,707 | 28,900 | 2.61 | % | 4,451,069 | 29,597 | 2.67 | % | 4,084,213 | 32,175 | 3.13 | % | ||||||||
| Time deposits | 2,084,940 | 20,950 | 3.99 | % | 2,149,861 | 22,285 | 4.16 | % | 2,324,694 | 27,260 | 4.67 | % | |||||||||
| Total deposits | 6,480,647 | 49,850 | 3.05 | % | 6,600,930 | 51,882 | 3.15 | % | 6,408,907 | 59,435 | 3.69 | % | |||||||||
| Securities sold under agreements to repurchase | — | — | — | % | 105 | 1 | 3.82 | % | — | — | — | % | |||||||||
| Advances from the FHLB (7) | 726,520 | 7,316 | 4.00 | % | 717,260 | 7,230 | 4.04 | % | 863,913 | 8,833 | 4.07 | % | |||||||||
| Senior notes | — | — | — | % | — | 78 | — | % | 59,725 | 942 | 6.27 | % | |||||||||
| Subordinated notes | 29,731 | 362 | 4.83 | % | 29,689 | 361 | 4.88 | % | 29,561 | 361 | 4.86 | % | |||||||||
| Junior subordinated debentures | 64,178 | 1,063 | 6.57 | % | 64,178 | 1,064 | 6.64 | % | 64,178 | 1,067 | 6.61 | % | |||||||||
| Total interest-bearing liabilities | 7,301,076 | 58,591 | 3.18 | % | 7,412,162 | 60,616 | 3.28 | % | 7,426,284 | 70,638 | 3.78 | % | |||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||||||
| Non-interest bearing demand deposits | 1,726,507 | 1,637,173 | 1,491,406 | ||||||||||||||||||
| Accounts payable, accrued liabilities and other liabilities | 273,921 | 289,909 | 301,373 | ||||||||||||||||||
| Total non-interest-bearing liabilities | 2,000,428 | 1,927,082 | 1,792,779 | ||||||||||||||||||
| Total liabilities | 9,301,504 | 9,339,244 | 9,219,063 | ||||||||||||||||||
| Stockholders’ equity | 942,421 | 917,010 | 766,909 | ||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 10,243,925 | $ | 10,256,254 | $ | 9,985,972 | |||||||||||||||
| Excess of average interest-earning assets over average interest-bearing liabilities | $ | 2,219,339 | $ | 2,115,800 | $ | 1,799,490 | |||||||||||||||
| Net interest income | $ | 94,152 | $ | 90,479 | $ | 80,999 | |||||||||||||||
| Net interest rate spread | 3.19 | % | 3.08 | % | 2.76 | % | |||||||||||||||
| Net interest margin (7) | 3.92 | % | 3.81 | % | 3.49 | % | |||||||||||||||
| Cost of total deposits (7) | 2.41 | % | 2.53 | % | 2.99 | % | |||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 130.40 | % | 128.54 | % | 124.23 | % | |||||||||||||||
| Average non-performing loans/ Average total loans | 1.30 | % | 1.35 | % | 1.54 | % |
___________
| Nine Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2025 | September 30, 2024 | |||||||||||
| (in thousands, except percentages) | Average<br>Balances | Income/<br>Expense | Yield/<br>Rates | Average <br> Balances | Income/<br>Expense | Yield/ <br>Rates | ||||||
| Interest-earning assets: | ||||||||||||
| Loan portfolio, net (1)(2) | $ | 7,078,705 | $ | 364,601 | 6.89 | % | $ | 7,102,716 | $ | 376,574 | 7.08 | % |
| Debt securities available for sale (3) (4) | 1,740,625 | 64,041 | 4.92 | % | 1,273,797 | 41,562 | 4.36 | % | ||||
| Debt securities held to maturity (5) | — | — | — | % | 217,272 | 5,597 | 3.44 | % | ||||
| Debt securities held for trading | 60,075 | 2,008 | 4.47 | % | — | — | — | % | ||||
| Equity securities with readily determinable fair value not held for trading | 2,511 | 60 | 3.19 | % | 2,490 | 87 | 4.67 | % | ||||
| Federal Reserve Bank and FHLB stock | 57,359 | 2,759 | 6.43 | % | 55,352 | 2,922 | 7.05 | % | ||||
| Deposits with banks | 502,191 | 16,560 | 4.41 | % | 377,139 | 15,681 | 5.55 | % | ||||
| Other short-term investments | 6,870 | 217 | 4.22 | % | 6,337 | 248 | 5.22 | % | ||||
| Total interest-earning assets | 9,448,336 | 450,246 | 6.37 | % | 9,035,103 | 442,671 | 6.54 | % | ||||
| Total non-interest-earning assets (6) | 733,305 | 788,240 | ||||||||||
| Total assets | $ | 10,181,641 | $ | 9,823,343 | ||||||||
| Interest-bearing liabilities: | ||||||||||||
| Checking and saving accounts | ||||||||||||
| Interest bearing DDA | $ | 2,221,543 | $ | 32,913 | 1.98 | % | $ | 2,382,548 | $ | 49,860 | 2.80 | % |
| Money market | 1,884,975 | 52,651 | 3.73 | % | 1,462,034 | 46,611 | 4.26 | % | ||||
| Savings | 237,764 | 62 | 0.03 | % | 254,661 | 79 | 0.04 | % | ||||
| Total checking and saving accounts | 4,344,282 | 85,626 | 2.64 | % | 4,099,243 | 96,550 | 3.15 | % | ||||
| Time deposits | 2,153,720 | 67,093 | 4.17 | % | 2,291,539 | 79,355 | 4.63 | % | ||||
| Total deposits | 6,498,002 | 152,719 | 3.14 | % | 6,390,782 | 175,905 | 3.68 | % | ||||
| Securities sold under agreements to repurchase | 35 | 1 | 3.82 | % | 41 | 2 | 6.52 | % | ||||
| Advances from the FHLB (7) | 722,493 | 21,746 | 4.02 | % | 749,195 | 21,357 | 3.81 | % | ||||
| Senior notes | 19,742 | 1,020 | 6.91 | % | 59,646 | 2,826 | 6.33 | % | ||||
| Subordinated notes | 29,689 | 1,084 | 4.88 | % | 29,519 | 1,083 | 4.90 | % | ||||
| Junior subordinated debentures | 64,178 | 3,141 | 6.54 | % | 64,178 | 3,176 | 6.61 | % | ||||
| Total interest-bearing liabilities | 7,334,139 | 179,711 | 3.28 | % | 7,293,361 | 204,349 | 3.74 | % | ||||
| Non-interest-bearing liabilities: | ||||||||||||
| Non-interest bearing demand deposits | 1,636,816 | 1,459,325 | ||||||||||
| Accounts payable, accrued liabilities and other liabilities | 287,021 | 318,273 | ||||||||||
| Total non-interest-bearing liabilities | 1,923,837 | 1,777,598 | ||||||||||
| Total liabilities | 9,257,976 | 9,070,959 | ||||||||||
| Stockholders’ equity | 923,665 | 752,384 | ||||||||||
| Total liabilities and stockholders' equity | $ | 10,181,641 | $ | 9,823,343 | ||||||||
| Excess of average interest-earning assets over average interest-bearing liabilities | $ | 2,114,197 | $ | 1,741,742 | ||||||||
| Net interest income | $ | 270,535 | $ | 238,322 | ||||||||
| Net interest rate spread | 3.09 | % | 2.80 | % | ||||||||
| Net interest margin (7) | 3.83 | % | 3.52 | % | ||||||||
| Cost of total deposits (7) | 2.51 | % | 2.99 | % | ||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 128.83% | 123.88% | ||||||||||
| Average non-performing loans/ Average total loans | 1.36% | 0.93% |
(1) Includes loans held for investment net of the allowance for credit losses, and loans held for sale. The average balance of the allowance for credit losses was $88.1 million, $94.8 million, and $92.1 million in the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively, and $88.8 million and $93.2 million in the nine months ended September 30, 2025 and 2024, respectively. The average balance of total loans held for sale was $8.9 million, $53.6 million and $612.9 million in the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively, and $36.1 million and $352.8 million in the nine months ended September 30, 2025 and 2024, respectively.
(2) Includes average non-performing loans of $91.2 million, $97.6 million and $113.5 million for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively, and $97.5 million and $66.3 million in the nine months ended September 30, 2025 and 2024, respectively.
(3) Includes the average balance of net unrealized gains and losses in the fair value of debt securities available for sale. The average balance includes average net unrealized losses of $32.7 million, $43.5 million and $89.4 million in the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively, and $41.0 million and $102.2 million in the nine months ended September 30, 2025 and 2024, respectively.
(4) Includes nontaxable securities with average balances of $54.2 million, $53.9 million and $19.9 million for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively, and $54.6 million and $19.9 million in the nine months ended September 30, 2025 and 2024, respectively. The tax equivalent yield for these nontaxable securities was 4.60%, 4.81%, and 4.33% for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively, and 4.68% and 4.28% in the nine months ended September 30, 2025 and 2024, respectively. In 2025 and 2024, the tax equivalent yields were calculated assuming a 21% tax rate and dividing the actual yield by 0.79.
(5) We had no average held to maturity balances in the three and nine months ended September 30, 2025, and in the three months ended June 30, 2025. Includes nontaxable securities with average balances of $44.5 million and $47.8 million for the three and nine month periods ended September 30, 2024, respectively. The tax equivalent yield for these nontaxable securities were 4.43% and 4.23% for the three and nine month periods ended September 30, 2024, respectively. In 2024, the tax equivalent yield was calculated assuming a 21% tax rate and dividing the actual yield by 0.79.
(6) Excludes the allowance for credit losses.
(7) See Glossary of Terms and Definitions for definitions of financial terms.
Exhibit 4 - Noninterest Income
This table shows the amounts of each of the categories of noninterest income for the periods presented.
| Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2025 | June 30, 2025 | September 30, 2024 | 2025 | 2024 | |||||||||||||||||||
| (in thousands, except percentages) | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||
| Deposits and service fees | $ | 5,056 | 29.2 | % | $ | 4,968 | 25.1 | % | $ | 5,046 | 10.6 | % | $ | 15,161 | 26.8 | % | $ | 14,652 | 106.4 | % | |||
| Brokerage, advisory and fiduciary activities | 4,995 | 28.9 | % | 4,993 | 25.2 | % | 4,466 | 9.4 | % | 14,717 | 26.0 | % | 13,331 | 96.8 | % | ||||||||
| Change in cash surrender value of bank owned life insurance (“BOLI”)(1) | 2,554 | 14.8 | % | 2,490 | 12.6 | % | 2,332 | 4.9 | % | 7,494 | 13.2 | % | 6,916 | 50.2 | % | ||||||||
| Cards and trade finance servicing fees | 1,321 | 7.6 | % | 1,804 | 9.1 | % | 1,430 | 3.0 | % | 4,517 | 8.0 | % | 3,984 | 28.9 | % | ||||||||
| Gain on early extinguishment of FHLB advances, net | — | — | % | — | — | % | — | — | % | — | — | % | 189 | 1.4 | % | ||||||||
| Securities gains (losses), net (2) | 1,203 | 7.0 | % | 1,779 | 9.0 | % | (68,484) | (143.6) | % | 3,046 | 5.4 | % | (68,655) | (498.4) | % | ||||||||
| Loan-level derivative income (3) | 2,372 | 13.7 | % | 3,204 | 16.2 | % | 3,515 | 7.4 | % | 7,084 | 12.5 | % | 6,338 | 46.0 | % | ||||||||
| Derivative losses, net (4) | (1,383) | (8.0) | % | (1,852) | (9.4) | % | — | — | % | (3,235) | (5.7) | % | (196) | (1.4) | % | ||||||||
| Other noninterest income (5) | 1,173 | 6.8 | % | 2,392 | 12.2 | % | 4,012 | 8.3 | % | 7,810 | 13.8 | % | 9,666 | 70.1 | % | ||||||||
| Total noninterest income (loss) | $ | 17,291 | 100.0 | % | $ | 19,778 | 100.0 | % | $ | (47,683) | (100.0) | % | $ | 56,594 | 100.0 | % | $ | (13,775) | (100.0) | % |
__________________
(1) Changes in cash surrender value of BOLI are not taxable.
(2) In the three months ended September 30, 2025 and June 30, 2025, and in the nine months ended September 30, 2025, amounts are primarily in connection with gains on market valuation of trading securities. In the three and nine months ended September 30, 2024, includes a total net loss of $68.5 million as a result of the investment portfolio repositioning initiated during the third quarter of 2024. See Exhibit 2- Non-GAAP Financial Measures Reconciliation for more details.
(3) Income from interest rate swaps and other derivative transactions with customers. The Company incurs expenses related to derivative transactions with customers which are included as part of noninterest expenses under loan-level derivative expense. See Exhibit 5 for more details.
(4) In the three and nine months ended September 30, 2025 and in the three months ended June 30, 2025, includes net unrealized losses in connection with TBA MBS derivative contracts. We enter into these contracts to economically offset changes in market valuation on the trading securities portfolio. In all other prior periods, includes net unrealized losses and gains related to uncovered interest rate caps with clients.
(5) Includes mortgage banking loss of $0.4 million in the three months ended September 30, 2025, and mortgage banking income of $0.7 million and $2.8 million in the three months ended June 30, 2025 and September 30, 2024, respectively, and $0.8 million and $5.8 million, in the nine months ended September 30, 2025 and 2024, respectively, primarily consisting of net gains/losses on sale, valuation and derivative transactions associated with mortgage loans held for sale activity, and other smaller sources of income related to the operations of Amerant Mortgage. Other sources of income in the periods shown include net gains/(losses) on sales of loans that are originated for investment, foreign currency exchange transactions with customers and valuation income on the investment balances held in the non-qualified deferred compensation plan. In addition, includes $0.5 million BOLI death benefits received in the nine months ended September 30, 2024. Other noninterest income for the nine months ended September 30, 2025 includes a total of approximately $2.8 million as a Non-routine noninterest income item. See Exhibit 2- Non-GAAP Financial Measures Reconciliation for more details.
Exhibit 5 - Noninterest Expense
This table shows the amounts of each of the categories of noninterest expense for the periods presented.
| Three Months Ended | Nine Months Ended September 30, | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, 2025 | June 30, 2025 | September 30, 2024 | 2025 | 2024 | ||||||||||||||||||||
| (in thousands, except percentages) | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||
| Salaries and employee benefits (1) | $ | 35,094 | 45.1 | % | $ | 36,036 | 48.4 | % | $ | 34,979 | 45.9 | % | $ | 104,477 | 46.7 | % | $ | 101,794 | 47.1 | % | ||||
| Professional and other services fees (2) | 15,997 | 20.6 | % | 13,549 | 18.2 | % | 13,711 | 18.0 | % | 44,228 | 19.8 | % | 36,784 | 17.0 | % | |||||||||
| Occupancy and equipment (3) | 5,211 | 6.7 | % | 5,491 | 7.4 | % | 5,891 | 7.7 | % | 16,838 | 7.5 | % | 21,408 | 9.9 | % | |||||||||
| Telecommunications and data processing | 3,155 | 4.1 | % | 2,929 | 3.9 | % | 2,991 | 3.9 | % | 9,559 | 4.3 | % | 9,256 | 4.3 | % | |||||||||
| Depreciation and amortization | 1,487 | 1.9 | % | 1,551 | 2.1 | % | 1,737 | 2.3 | % | 4,626 | 2.1 | % | 4,866 | 2.3 | % | |||||||||
| FDIC assessments and insurance | 2,549 | 3.3 | % | 2,896 | 3.9 | % | 2,863 | 3.8 | % | 8,681 | 3.9 | % | 8,643 | 4.0 | % | |||||||||
| Losses on loans held for sale carried at the lower of cost or fair value (4) | 881 | 1.1 | % | — | — | % | — | — | % | 881 | 0.4 | % | 1,258 | 0.6 | % | |||||||||
| Advertising expenses | 3,987 | 5.1 | % | 4,819 | 6.5 | % | 3,468 | 4.6 | % | 12,441 | 5.6 | % | 10,789 | 5.0 | % | |||||||||
| Loan-level derivative expense (5) | 1,834 | 2.4 | % | 1,113 | 1.5 | % | 1,802 | 2.4 | % | 3,307 | 1.5 | % | 2,386 | 1.1 | % | |||||||||
| Other real estate owned and repossessed assets expense, net (6) | 215 | 0.3 | % | 601 | 0.8 | % | 5,535 | 7.3 | % | 980 | 0.4 | % | 5,033 | 2.3 | % | |||||||||
| Other operating expenses (7) | 7,425 | 9.4 | % | 5,415 | 7.3 | % | 3,231 | 4.1 | % | 17,771 | 7.8 | % | 13,887 | 6.4 | % | |||||||||
| Total noninterest expense (8) | $ | 77,835 | 100.0 | % | $ | 74,400 | 100.0 | % | $ | 76,208 | 100.0 | % | $ | 223,789 | 100.0 | % | $ | 216,104 | 100.0 | % |
___
(1) Includes expenses in connection with the Amerant Mortgage downsizing of $0.6 million, $0.4 million and $1.0 million in the three months ended September 30, 2025 and June 30, 2025 and the nine months ended September 30, 2025, respectively. See Exhibit 2- Non-GAAP Financial Measures Reconciliation for more details.
(2) In the nine month period ended September 30, 2024, includes $0.3 million in legal expenses in connection with the Houston Transaction. Additionally, includes recurring service fees in connection with the engagement of FIS in all periods shown.
(3) In the nine month period ended September 30, 2024, includes fixed assets impairment charge of $3.4 million in connection with the Houston Transaction.
(4) In the three and nine month periods ended September 30, 2025, amounts are in connection with the sale of one loan. In the nine month period ended September 30, 2024, amounts shown are in connection with the Houston Transaction. See Exhibit 2- Non-GAAP Financial Measures Reconciliation for more details.
(5) Includes service fees in connection with our loan-level derivative income generation activities.
(6) Includes OREO valuation expense of $0.5 million and $5.7 million in the three months ended September 30, 2025 and 2024, respectively, and $1.1 million and $5.7 million in the nine months ended September 30, 2025 and 2024, respectively. In addition, includes net loss on the sale of two OREO properties of $0.8 million in each of the three months ended June 30, 2025 and the nine months ended September 30, 2025. See Exhibit 2- Non-GAAP Financial Measures Reconciliation for more details.
(7) Includes earnings credits which are provided to certain commercial depositors in the mortgage banking industry to help offset deposit service charges incurred. These earnings credits were $3.5 million, $2.6 million, and $7.4 million in the three months ended September 30, 2025 and June 30, 2025, and the nine months ended September 30, 2025, respectively. In addition, in the nine months ended September 30, 2024, includes broker fees of $0.3 million in connection with the Houston Transaction. See the Company’s 2024 Form 10K for details on all other components of other non-interest expenses.
(8) Includes $2.1 million, $3.0 million, and $3.9 million in the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively, and $8.3 million and $10.5 million in the nine months ended September 30, 2025 and 2024, 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) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | (audited) | |||||||||
| Cash and due from banks | $ | 46,190 | $ | 48,400 | $ | 40,197 | $ | 39,197 | $ | 40,538 |
| Interest earning deposits with banks | 570,612 | 573,373 | 587,728 | 519,853 | 614,345 | |||||
| Restricted cash | 6,894 | 7,981 | 13,432 | 24,365 | 10,087 | |||||
| Other short-term investments | 7,162 | 7,083 | 7,010 | 6,944 | 6,871 | |||||
| Cash and cash equivalents | 630,858 | 636,837 | 648,367 | 590,359 | 671,841 | |||||
| Securities | ||||||||||
| Debt securities available for sale, at fair value | 2,122,416 | 1,788,708 | 1,702,111 | 1,437,170 | 1,476,378 | |||||
| Trading securities (1) | 119,935 | 120,226 | — | — | — | |||||
| Equity securities with readily determinable fair value not held for trading | 2,542 | 2,525 | 2,523 | 2,477 | 2,562 | |||||
| Federal Reserve Bank and Federal Home Loan Bank stock | 62,808 | 59,429 | 57,044 | 58,278 | 63,604 | |||||
| Securities | 2,307,701 | 1,970,888 | 1,761,678 | 1,497,925 | 1,542,544 | |||||
| Loans held for sale, at the lower of cost or fair value (2) | — | — | 40,597 | — | 553,941 | |||||
| Mortgage loans held for sale, at fair value | — | 6,073 | 20,728 | 42,911 | 43,851 | |||||
| Loans held for investment, gross | 6,941,792 | 7,183,123 | 7,157,837 | 7,228,411 | 6,964,171 | |||||
| Less: Allowance for credit losses | 94,918 | 86,519 | 98,266 | 84,963 | 79,890 | |||||
| Loans held for investment, net | 6,846,874 | 7,096,604 | 7,059,571 | 7,143,448 | 6,884,281 | |||||
| Bank owned life insurance | 258,042 | 255,487 | 252,997 | 243,547 | 241,183 | |||||
| Premises and equipment, net | 30,268 | 31,543 | 31,803 | 31,814 | 32,866 | |||||
| Deferred tax assets, net | 46,881 | 50,966 | 53,448 | 53,543 | 41,138 | |||||
| Operating lease right-of-use assets | 102,872 | 102,558 | 104,578 | 100,028 | 100,158 | |||||
| Goodwill | 19,193 | 19,193 | 19,193 | 19,193 | 19,193 | |||||
| Accrued interest receivable and other assets (3)(4) | 167,510 | 164,529 | 176,728 | 178,966 | 222,131 | |||||
| Total assets | $ | 10,410,199 | $ | 10,334,678 | $ | 10,169,688 | $ | 9,901,734 | $ | 10,353,127 |
| Liabilities and Stockholders' Equity | ||||||||||
| Deposits | ||||||||||
| Demand | ||||||||||
| Noninterest bearing | $ | 1,768,764 | $ | 1,706,580 | $ | 1,665,468 | $ | 1,504,755 | $ | 1,482,061 |
| Interest bearing | 2,294,310 | 2,281,611 | 2,260,157 | 2,229,467 | 2,389,605 | |||||
| Savings and money market | 2,139,964 | 2,155,434 | 2,067,430 | 1,885,928 | 1,835,700 | |||||
| Time | 2,097,931 | 2,162,919 | 2,161,923 | 2,234,445 | 2,403,578 | |||||
| Total deposits | 8,300,969 | 8,306,544 | 8,154,978 | 7,854,595 | 8,110,944 | |||||
| Advances from the Federal Home Loan Bank | 831,699 | 765,000 | 715,000 | 745,000 | 915,000 | |||||
| Senior notes (5) | — | — | 59,922 | 59,843 | 59,764 | |||||
| Subordinated notes | 29,752 | 29,710 | 29,667 | 29,624 | 29,582 | |||||
| Junior subordinated debentures held by trust subsidiaries | 64,178 | 64,178 | 64,178 | 64,178 | 64,178 | |||||
| Operating lease liabilities (6) | 109,726 | 109,226 | 110,999 | 106,071 | 105,875 | |||||
| Accounts payable, accrued liabilities and other liabilities (7) | 128,935 | 135,734 | 128,681 | 151,956 | 164,896 | |||||
| Total liabilities | 9,465,259 | 9,410,392 | 9,263,425 | 9,011,267 | 9,450,239 | |||||
| Stockholders’ equity | ||||||||||
| Class A common stock | 4,125 | 4,173 | 4,195 | 4,214 | 4,210 | |||||
| Additional paid in capital | 327,205 | 336,021 | 339,038 | 343,828 | 342,508 | |||||
| Retained earnings | 620,542 | 609,540 | 590,304 | 582,231 | 569,131 | |||||
| Accumulated other comprehensive loss | (6,932) | (25,448) | (27,274) | (39,806) | (12,961) | |||||
| Total stockholders' equity | 944,940 | 924,286 | 906,263 | 890,467 | 902,888 | |||||
| Total liabilities and stockholders' equity | $ | 10,410,199 | $ | 10,334,678 | $ | 10,169,688 | $ | 9,901,734 | $ | 10,353,127 |
__________
(1) Beginning in the period ended June 30, 2025, the Company started participating in trading of MBS as part of its investment portfolio strategy.
(2) As of March 31, 2025, loans held for sale consisted of one loan carried at cost for which no valuation allowance was deemed necessary. As of September 30, 2024, includes loans held for sale and a valuation allowance of $1.3 million, in connection with the Houston Transaction.
(3) As of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024 , includes derivative assets with a total fair value of $40.8 million, $43.7 million, $42.8 million, $48.0 million and $52.3 million, respectively.
(4) As of September 30, 2024, includes other assets for sale of approximately $21.4 million in connection with the Houston Transaction.
(5) On March 03, 2025, the Company gave notice of its election to redeem all outstanding Senior Notes and they were redeemed on April 01, 2025. See Note 1 to the Company’s consolidated financial statements in our March 31, 2025 Form 10-Q for more information.
(6) Consists of total long-term lease liabilities. Total short-term lease liabilities are included in other liabilities.
(7) As of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, includes derivatives liabilities with a total fair value of $39.9 million, $44.6 million, $42.4 million, $47.6 million and $51.3 million, respectively.
Exhibit 7 - Loans
Loans by Type - Held For Investment
The loan portfolio held for investment consists of the following loan classes:
| (in thousands) | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Real estate loans | (audited) | |||||||||
| Commercial real estate | ||||||||||
| Non-owner occupied | $ | 1,656,180 | $ | 1,770,403 | $ | 1,641,210 | $ | 1,678,473 | $ | 1,688,308 |
| Multi-family residential | 361,650 | 371,692 | 400,371 | 336,229 | 351,815 | |||||
| Land development and construction loans | 544,727 | 543,697 | 499,663 | 483,210 | 421,489 | |||||
| 2,562,557 | 2,685,792 | 2,541,244 | 2,497,912 | 2,461,612 | ||||||
| Single-family residential | 1,550,724 | 1,542,447 | 1,549,356 | 1,528,080 | 1,499,599 | |||||
| Owner occupied | 900,596 | 983,090 | 951,311 | 1,007,074 | 1,001,762 | |||||
| 5,013,877 | 5,211,329 | 5,041,911 | 5,033,066 | 4,962,973 | ||||||
| Commercial loans | 1,519,778 | 1,566,420 | 1,714,583 | 1,751,902 | 1,630,318 | |||||
| Loans to financial institutions and acceptances | 164,974 | 156,918 | 153,345 | 170,435 | 92,489 | |||||
| Consumer loans and overdrafts | 243,163 | 248,456 | 247,998 | 273,008 | 278,391 | |||||
| Total loans | $ | 6,941,792 | $ | 7,183,123 | $ | 7,157,837 | $ | 7,228,411 | $ | 6,964,171 |
Loans by Type - Held For Sale
The loan portfolio held for sale consists of the following loan classes:
As of September 30, 2025, the Company had no loans held for sale.
| (in thousands) | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Loans held for sale at the lower of cost or fair value | (audited) | |||||||||
| Real estate loans | ||||||||||
| Commercial real estate | ||||||||||
| Non-owner occupied | $ | — | $ | — | $ | — | $ | — | $ | 111,591 |
| Land development and construction loans | — | — | — | — | 35,020 | |||||
| — | — | — | — | 146,611 | ||||||
| Single-family residential | — | — | — | — | 87,820 | |||||
| Owner occupied | — | — | 40,597 | — | 221,774 | |||||
| — | — | 40,597 | — | 456,205 | ||||||
| Commercial loans | — | — | — | — | 87,866 | |||||
| Consumer loans | — | — | — | — | 9,870 | |||||
| Total loans held for sale at the lower of cost or fair value (1) | — | — | 40,597 | — | 553,941 | |||||
| Mortgage loans held for sale at fair value | ||||||||||
| Land development and construction loans | — | 2,056 | 7,475 | 10,768 | 10,608 | |||||
| Single-family residential | — | 4,017 | 13,253 | 32,143 | 33,243 | |||||
| Total mortgage loans held for sale at fair value (2) | — | 6,073 | 20,728 | 42,911 | 43,851 | |||||
| Total loans held for sale | $ | — | $ | 6,073 | $ | 61,325 | $ | 42,911 | $ | 597,792 |
__________________
(1) As of September 30, 2024, includes loans transferred from the held for investment to the held for sale category in the third quarter of 2024, as a result of the Houston Transaction. In the fourth quarter of 2024, the Company completed the Houston Transaction.
(2) In prior periods, loans held for sale were in connection with Amerant Mortgage’s ongoing business.
Non-Performing Assets
This table shows a summary of our non-performing assets by loan class, which includes non-performing loans, other real estate owned, or OREO, and other repossessed assets at the dates presented. Non-performing loans consist of (i) nonaccrual loans, and (ii) accruing loans 90 days or more contractually past due as to interest or principal.
| (in thousands) | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-Accrual Loans | (audited) | ||||||||||
| Real Estate Loans | |||||||||||
| Commercial real estate (CRE) | |||||||||||
| Non-owner occupied | $ | 4,374 | $ | 1,022 | $ | — | $ | — | $ | 1,916 | |
| Multi-family residential | 7,018 | — | — | — | — | ||||||
| Land development and construction loans | 19,577 | — | — | 4,119 | — | ||||||
| 30,969 | 1,022 | — | 4,119 | 1,916 | |||||||
| Single-family residential | 8,838 | 7,421 | 15,048 | 8,140 | 13,452 | ||||||
| Owner occupied | 15,287 | 21,027 | 22,249 | 23,191 | 29,240 | ||||||
| 55,094 | 29,470 | 37,297 | 35,450 | 44,608 | |||||||
| Commercial loans | 67,081 | 51,157 | 84,907 | 64,572 | 68,654 | ||||||
| Consumer loans and overdrafts | 725 | 666 | — | — | — | ||||||
| Total Non-Accrual Loans | $ | 122,900 | $ | 81,293 | $ | 122,204 | $ | 100,022 | $ | 113,262 | |
| Past Due Accruing Loans | |||||||||||
| Real Estate Loans | |||||||||||
| Single-family residential | — | — | 886 | 1,201 | 1,129 | ||||||
| Owner occupied | — | — | — | 837 | — | ||||||
| Commercial | 1,392 | 1,192 | 122 | 2,033 | — | 104 | |||||
| Consumer loans and overdrafts | — | — | 7 | 8 | 434 | ||||||
| Total Past Due Accruing Loans (1) | $ | 1,392 | $ | 1,192 | $ | 1,015 | $ | 4,079 | $ | 1,667 | |
| Total Non-Performing Loans | 124,292 | 82,485 | 123,219 | 104,101 | 114,929 | ||||||
| Other Real Estate Owned | 15,606 | 15,389 | 17,541 | 18,074 | 14,509 | ||||||
| Total Non-Performing Assets | $ | 139,898 | $ | 97,874 | $ | 140,760 | $ | 122,175 | $ | 129,438 |
__________________
(1) Loans past due 90 days or more but still accruing.
Loans by Credit Quality Indicators
This table shows the Company’s loans by credit quality indicators. The Company has not purchased credit-deteriorated loans.
| September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (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 <br>Estate (CRE) | ||||||||||||||||||||||||
| Non-owner <br>occupied | $ | 53,284 | $ | 42,406 | $ | — | $ | 95,690 | $ | 44,084 | $ | 55,382 | $ | — | $ | 99,466 | $ | 34,374 | $ | 1,916 | $ | — | $ | 36,290 |
| Multi-family residential | — | 29,430 | — | 29,430 | — | 8,284 | — | 8,284 | — | — | — | — | ||||||||||||
| Land development <br>and <br>construction<br> loans | 3,959 | 19,577 | — | 23,536 | 26,574 | — | — | 26,574 | — | — | — | — | ||||||||||||
| 57,243 | 91,413 | — | 148,656 | 70,658 | 63,666 | — | 134,324 | 34,374 | 1,916 | — | 36,290 | |||||||||||||
| Single-family residential | 738 | 8,717 | — | 9,455 | — | 7,297 | — | 7,297 | — | 13,544 | — | 13,544 | ||||||||||||
| Owner occupied | 45,365 | 35,085 | — | 80,450 | 21,076 | 61,590 | — | 82,666 | 29,603 | 29,310 | — | 58,913 | ||||||||||||
| 103,346 | 135,215 | — | 238,561 | 91,734 | 132,553 | — | 224,287 | 63,977 | 44,770 | — | 108,747 | |||||||||||||
| Commercial loans | 120,997 | 105,905 | — | 226,902 | 41,025 | 82,213 | — | 123,238 | 12,442 | 69,429 | — | 81,871 | ||||||||||||
| Consumer loans and <br>overdrafts | — | 725 | — | 725 | — | 666 | — | 666 | — | — | — | — | ||||||||||||
| Total | $ | 224,343 | $ | 241,845 | $ | — | $ | 466,188 | $ | 132,759 | $ | 215,432 | $ | — | $ | 348,191 | $ | 76,419 | $ | 114,199 | $ | — | $ | 190,618 |
__________
(1) There were no loans categorized as “loss” as of the dates presented.
Exhibit 8 - Deposits by Country of Domicile
This table shows the Company’s deposits by country of domicile of the depositor as of the dates presented.
| (in thousands) | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| (audited) | ||||||||||
| Domestic | $ | 5,732,799 | $ | 5,707,272 | $ | 5,592,575 | $ | 5,278,289 | $ | 5,553,336 |
| Foreign: | ||||||||||
| Venezuela | 1,881,871 | 1,897,631 | 1,862,614 | 1,889,331 | 1,887,282 | |||||
| Others | 686,299 | 701,641 | 699,789 | 686,975 | 670,326 | |||||
| Total foreign | 2,568,170 | 2,599,272 | 2,562,403 | 2,576,306 | 2,557,608 | |||||
| Total deposits | $ | 8,300,969 | $ | 8,306,544 | $ | 8,154,978 | $ | 7,854,595 | $ | 8,110,944 |
Glossary of Terms and Definitions
•Total gross loans: include loans held for investment net of unamortized deferred loan origination fees and costs, as well as loans held for sale.
•Core deposits: consist of total deposits excluding all time deposits.
•Assets under management and custody: consists of assets held for clients in an agency or fiduciary capacity which are not assets of the Company and therefore are not included in the consolidated financial statements.
•Net interest margin, or NIM: defined as net interest income, or NII, divided by average interest-earning assets, which are loans, securities, deposits with banks and other financial assets which yield interest or similar income.
•ROA and Core ROA are calculated based upon the average daily balance of total assets.
•ROE and Core ROE are calculated based upon the average daily balance of stockholders’ equity.
•Total revenue is the result of net interest income before provision for credit losses plus noninterest income.
•Total capital ratio: total stockholders’ equity divided by total risk-weighted assets, calculated according to the standardized regulatory capital ratio calculations.
•Tier 1 capital ratio: Tier 1 capital divided by total risk-weighted assets. Tier 1 capital is composed of Common Equity Tier 1 (CET1) capital plus outstanding qualifying trust preferred securities of $62.3 million at each of all the dates presented.
•Tier 1 leverage ratio: Tier 1 capital divided by quarter to date average assets.
•Common equity tier 1 capital ratio, CET1: Tier 1 capital divided by total risk-weighted assets.
•Tangible common equity ratio: calculated as the ratio of common equity less goodwill and other intangibles divided by total assets less goodwill and other intangible assets. Other intangible assets primarily consist of naming rights and mortgage servicing rights and are included in other assets in the Company’s consolidated balance sheets.
•Loans to Deposits ratio: calculated as the ratio of total loans gross divided by total deposits.
•Non-performing assets include all accruing loans past due by 90 days or more, all nonaccrual loans and other real estate owned (“OREO”) properties acquired through or in lieu of foreclosure, and other repossessed assets.
•Non-performing loans include all accruing loans past due by 90 days or more and all nonaccrual loans
•Ratio for net charge-offs/average total loans held for investments: calculated based upon the average daily balance of outstanding loan principal balance net of unamortized deferred loan origination fees and costs, excluding the allowance for credit losses.
•Other operating expenses: total noninterest expense less salary and employee benefits.
•Efficiency ratio: total noninterest expense divided by the sum of noninterest income and NII.
•Core ROA, core ROE and core efficiency ratio exclude the effect of non-routine items, described in Exhibit 2 - Non-GAAP Financial Measures Reconciliation.
•The terms of the FHLB advance agreements require the Bank to maintain certain investment securities or loans as collateral for these advances.
•Cost of total deposits: calculated based upon the average balance of total noninterest bearing and interest bearing deposits, which includes time deposits.
24
meidmasterearningsdeck09
Third Quarter Earnings Presentation October 28, 2025
2 Important Notices and Disclaimers Forward-Looking Statements This presentation contains “forward-looking statements” including statements with respect to the Company’s objectives, expectations and intentions and other statements that are not historical facts. Examples of forward- looking statements include but are not limited to: our future operating or financial performance, including revenues, expenses, expense savings, income or loss and earnings or loss per share, and other financial items; statements regarding expectations, plans or objectives for future operations, products or services, and our expectations on our investment portfolio repositioning and loan recoveries or reaching positive resolutions on problem loans. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target,” “goals,” “outlook,” “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, 2024 filed on March 5, 2025, 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 nine month periods ended September 30, 2025 and 2024, and the three months ended June 30, 2025, March 31, 2025, and December 31, 2024 may not reflect our results of operations for our fiscal year ending, or financial condition as of December 31, 2025, or any other period of time or date. Non-GAAP Financial Measures The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) with non-GAAP financial measures, such as “pre- provision net revenue (PPNR)”, “core pre-provision net revenue (Core PPNR)”, “core noninterest income”, “core noninterest expense”, “core net income”, “core earnings per share (basic and diluted)”, “core return on assets (Core ROA)”, “core return on equity (Core ROE)”, “core efficiency ratio”, and “tangible stockholders’ equity (book value) per common share" . 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”. 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 business. Management believes that these supplementary 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. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies. Appendix 1 reconciles these non-GAAP financial measures to reported results.
3 3Q25 vs. 2Q25 Highlights Balance Sheet • Total assets were $10.4 billion, compared to $10.3 billion • Cash and cash equivalents were $630.9 million, compared to $636.8 million • Total investment securities were $2.3 billion, compared to $2.0 billion • Total gross loans were $6.9 billion, compared to $7.2 billion • Total deposits were $8.3 billion, compared to $8.3 billion • Core deposits were $6.2 billion, compared to $6.1 billion • Brokered deposits were $550.2 million , compared to $644.0 million • FHLB advances were $831.7 million, compared to $765.0 million Also of note: • Assets Under Management and custody (“AUM”) totaled $3.17 billion, up by $104.5 million, 3.4% from $3.07 billion
4 3Q25 vs. 2Q25 Highlights Income Statement • Net income attributable to the Company was $14.8 million, compared to $23.0 million • Diluted earnings per share was $0.35, compared to $0.55 • Net Interest Margin ("NIM") was 3.92%, compared to 3.81% • Net Interest Income (“NII”) was $94.2 million, compared to $90.5 million • Non-interest Income was $17.3 million, compared to $19.8 million • Provision for credit losses was $14.6 million, compared to $6.1 million • Non-interest Expense was $77.8 million, compared to $74.4 million • Core non-interest expense (1) was $75.9 million, compared to $73.2 million • Pre-provision net revenue (“PPNR”) (1) was $33.6 million, compared to $35.9 million • Core PPNR (1) was $35.8 million , compared to $37.1 million (1) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP.
5 3Q25 vs. 2Q25 Highlights Other Metrics • Efficiency ratio was 69.84%, compared to 67.48% • Return on Assets ("ROA") was 0.57%, compared to 0.90% • Return on Equity ("ROE") was 6.21%, compared to 10.06% (*) Non-GAAP Financial Measures. See Appendix 1 for a reconciliation to GAAP. Non-routine Items 3Q25 2Q25 Non-interest Expense $2.0 million $1.2 million Non-interest Income $(0.2) million $(0.1) million Other Metrics (Excluding Non-routine Items) • Core Efficiency Ratio(*) was 67.96% compared to 66.35% • Core ROA(*) was 0.64% compared to 0.94% • Core ROE(*) was 6.91% compared to 10.49%
6 Capital Highlights • Paid quarterly cash dividend of $0.09 per common share on August 29, 2025 • Repurchased 487,657 shares for $10.0 million (weighted average price of $20.51 per share) • Tangible book value per share for 3Q25 was $22.32 11.24% 11.97% 13.49% 9.69% 8.73% 11.54% 12.28% 13.90% 9.73% 8.87% 2Q25 3Q25 Common Equity Tier 1 Capital Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio Tangible Common Equity Ratio (2) (3) (1) Primarily risk-weighted assets and others (2) Non-GAAP Financial Measures. See Appendix 1 for a reconciliation to GAAP. (3) TCE Ratio: 3Q25 includes $6.9 million accumulated unrealized losses net of taxes primarily related to the decline in the fair value of debt securities available for sale, which are carried at fair value, as a result of increases in market rates. Common Equity Tier 1 11.24% 0.19% (0.05)% (0.13)% 0.29% 11.54% 2Q25 Net Income Dividends Share Repurchases Other (1) 3Q25
Asset Quality
8 Non-Performing Assets $114.9 $104.1 $123.2 $82.5 $124.3 $14.5 $18.1 $17.5 $15.4 $15.6 1.25% 1.23% 1.38% 0.95% 1.34% Non-performing loans OREO NPAs/Total Assets 3Q24 4Q24 1Q25 2Q25 3Q25 Non-Performing Assets Non-Performing Loans Additions ($ in millions except for %) Non-Performing Loans $91.3 $25.8 $45.1 $9.8 $76.7 Non-performing loans 3Q24 4Q24 1Q25 2Q25 3Q25 $1.9 $4.1 $31.0$14.6 $9.3 $15.9 $7.4 $8.8 $29.2 $24.0 $22.2 $21.0 $15.3 $68.8 $66.7 $85.1 $52.3 $68.5 CRE Single-family Residential Owner Occupied Commercial Consumer loans and overdrafts 3Q24 4Q24 1Q25 2Q25 3Q25 ($ in millions) ($ in millions) $1.0 $0.7 $0.7 $0.4
9 Non-Performing Loans Primarily 12 loans placed in non-accrual status: • 3 CRE loans totaling $31.0 million (1 construction loan in TX, 1 multifamily in NY and 1 retail property in FL) • 9 Commercial loans totaling $38.6 million; loans are diversified across different industries, primarily in FL • Other smaller loans totaling $7.1 million ($ in millions) $82.5 $76.7 $(9.5) $(24.1) $(0.7) $(0.6) $124.3 2Q25 Downgrades to NPLs Charge-offs Paydown/Payoffs Transfer to OREO Upgrades 3Q25
10 NCOs and Allowance for Credit Losses $86.5 $(9.5) $2.7 $6.1 $7.8 $3.6 $(2.3) $94.9 2Q25 Gross Charge-offs Recoveries Requirement for Charge- offs Specific Reserve Change Credit Quality and Macroeconomic Factor Updates Loan Balance 3Q25 Portfolios Balance 2Q25 Reserve Build (Release) Balance 3Q25 Real Estate $ 23,056 $ 1,328 $ 24,384 Commercial $ 40,048 $ 8,410 $ 48,458 Consumer and Others $ 23,415 $ (1,339) $ 22,076 Total ACL $ 86,519 $ 8,399 $ 94,918 ACL Roll-forward Allowance for Credit Losses $1,191 $60 $156 $30 $130 $1,848 $831 $13,892 $4,368 $2,935 $2,904 $3,487 $1,799 $1,262 CRE Single-Family Residential Owner Occupied Commercial Loans Consumer Loans and Overdrafts 3Q24 4Q24 1Q25 2Q25 3Q25 NCOs (1) and NCO-to-Loans Ratio ($ in millions) 3Q24 4Q24 1Q25 2Q25 3Q25 NCO/Average Total Loans Held for Investment 1.90 % 0.26 % 0.22 % 0.86 % 0.39 % (1) Charge-offs net of recoveries, which are immaterial for all periods ($ in thousands) (% are annualized)
11 4Q25 Outlook • Projected loan growth of approximately 2.5% from 3Q25, or $175 million, including a portion via syndicated loans • Projected organic deposit growth consistent with loan growth • Net interest margin projected to be approximately 3.75% • Projected non-interest income between $17.5 and $18.0 million • Core expenses projected to decrease to $74 - $75 million • Core ROA projected between mid 0.80% and low 0.90% by the end of 2025 (*) Non-GAAP Financial Measures. See Appendix 1 for a reconciliation to GAAP.
12 Other Updates before Q&A • Expense reduction initiatives • Commercial Banking leadership • Heightened emphasis on reducing non-performing assets, including additional resources dedicated to expedite resolution • Buyback update
Supplemental Information
14 84.6% 15.4% $1,476.4 $1,788.7 $2,122.4 $2.6 $2.5 4.19% 4.88% 4.89% AFS Trading Marketable Equity Securities Yield 3Q24 2Q25 3Q25 0 500 1,000 1,500 2,000 81.0% 19.0% Balances and Yields (1) Fixed vs. Floating (2) September 2025 Floating rate Fixed rate Available for Sale Securities by Type September 30, 2025 4.4 yrs Effective Duration ($ in millions) (1) Excludes Federal Reserve Bank and FHLB stock (2) Hybrid investments are classified based on current rate (fixed or floating) (3) Based on estimated prepayment speeds 4.4 yrs Effective Duration $70.3 $88.1 $115.4 $143.2 4Q25 1Q26 2Q26 3Q26 $0.0 $100.0 $200.0 ($ in millions) Expected Prepayments & Maturities Expected Prepayments & Maturities (3) Maturing Yield % Investment Portfolio 4.98% 5.17% 5.22% 5.23% June 2025 As of September 30, 2025, 99.5% of the Available for Sale portfolio consists of MBS issued or guaranteed by Government agencies and Government sponsored enterprises. $120.2 $119.9 $2.5
15 34.7% 34.7% 35.3% 37.3% 36.9% 23.9% 26.4% 25.9% 24.0% 24.3% 16.2% 13.9% 13.7% 13.7% 13.0% 21.4% 21.3% 21.6% 21.5% 22.3% 3.8% 3.8% 3.4% 3.5% 3.5% 7.08% 7.00% 6.84% 6.88% 6.93% 3Q24 4Q24 1Q25 2Q25 3Q25 80.3% 91.5% 91.5% 91.5% 91.5% 10.5% 2.9% 3.0% 3.0% 3.0% 2.7% 4.7% 4.0% 3.8% 3.8% 4.0% 1.5% 1.6% 1.6% 1.7% 1.8% 3Q24 4Q24 1Q25 2Q25 3Q25 Consumer CRE Commercial and FI & Acceptances Owner Occupied Single Family Residential Loan Composition (1) Geographic Mix (Domestic) Geographic ix (1) South Florida Texas New York Average Loan Yield Other (2) (1) Includes loans held for investment carried at amortized cost for all periods and loans held for sale carried at fair value for all periods except 3Q25. 3Q24 also includes loans held for sale carried at the lower of cost or fair value in connection with the Houston Transaction. This geographic categorization is based on internal criteria (2) Consists of international loans; residential loans with U.S. collateral Tampa Loan Portfolio Highlights
16 Loans Held for Investment Portfolio by Industry • Diversified portfolio - highest sector concentration, other than real estate, at 13% of total loans • 72% of total loans secured by real estate • Main concentrations: – CRE or Commercial Real Estate – Wholesale - Food & Auto and and computer parts wholesalers – Retail - Gas stations – Services – Healthcare and Restaurants Highlights (1) Consists primarily of finance facilities granted to non-bank financial companies 5.2% which is composed mainly of 2.2% CRE note-on-note financing, 2.0% corporate finance and 0.8% mortgage warehousing lines (2) Comprised mostly of construction and real estate related services and equipment rental and leasing activities. (3) Food wholesalers represented approximately 33%. (4) Gasoline stations represented approximately 36%. (5) Healthcare represented approximately 45%. (6) Restaurants and food services represented 65%. (7) Primarily loans belonging to industrial sectors not included in the above sectors, which do not individually represent more than 1 percent of the total loan portfolio, and residential and other consumer loans which represented approximately 24% of total loans.. ($ in millions) Real Estate Non-Real Estate Total % Total Loans Financial Sector (1) $ 10 $ 399 $ 409 5.9 % Construction and Real Estate & Leasing: Commercial real estate loans 2,563 — 2,563 36.9 % Other real estate related services and equipment leasing (2) 180 129 309 4.5 % Total construction and real estate & leasing 2,743 129 2,872 41.4 % Manufacturing: Foodstuffs, Apparel 72 25 97 1.4 % Metals, Computer, Transportation and Other 27 42 69 1.0 % Chemicals, Oil, Plastics, Cement and Wood/Paper 22 — 22 0.3 % Total Manufacturing 121 67 188 2.7 % Wholesale (3) 79 198 277 4.0 % Retail Trade (4) 210 178 388 5.6 % Services: Non-Financial Public Sector — 18 18 0.3 % Communication, Transportation, Health and Other (5) 147 279 426 6.1 % Accommodation, Restaurants, Entertainment and other services (6) 145 241 386 5.6 % Electricity, Gas, Water, Supply and Sewage Services 5 62 67 1.0 % Total Services 297 600 897 12.9 % Primary Products: Agriculture, Livestock, Fishing and Forestry 1 2 3 — % Mining — 8 8 0.1 % Total Primary Products 1 10 11 0.1 % Other Loans (7) 1,553 347 1,900 27.4 % Total Loans $ 5,014 $ 1,928 $ 6,942 100.0 % September 30, 2025
17 CRE Type FL TX NY Other Total % Total CRE % Total Loans (1) Income Producing (2) Land and Construction Retail $ 512 $ 13 $ 81 $ 26 $ 632 24.6 % 9.1 % $ 620 $ 12 Multifamily 336 47 76 22 481 18.8 % 6.9 % 363 121 Office 321 37 40 90 488 19.0 % 7.0 % 485 3 Hotels 252 47 — — 299 11.7 % 4.3 % 287 12 Industrial 74 4 — — 78 3.2 % 1.1 % 78 — Specialty 161 — — 52 213 8.2 % 3.0 % 185 26 Land 326 4 — 42 372 14.5 % 5.4 % — 371 Total CRE $ 1,982 $ 152 $ 197 $ 232 $ 2,563 100.0 % 36.8 % $ 2,018 $ 545 Outstanding as of September 30, 2025 ($ in millions) This geographic segmentation is based on collateral location (1) Calculated as a percentage of loans held for investment only. (2) Income producing properties include non-owner occupied and multi-family residential loans. CRE Loans Held For Investment - Detail
18 25% 29% 30% 16% —% 50% or less 50- 60% 60- 70% 70- 80% 80% or more 0% 10% 20% 30% 40% 50% 60% • Florida primarily includes 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 consists of four loans in South Florida (Food and Health, Clothing and Car Wash), one loan located in the Fulton Mall corridor in Brooklyn, NY, one located in Troy, MI (Gym) and one Central Florida (Furniture) CRE Retail (1) Retail - LTV (2) Sporting & Recreational Goods; 29% Clothing; 32%Car Wash; 9% Groceries; 7% Restaurant; 8% Pharma; 7% Healthcare; 8% CRE Retail - Single Tenant (1) (1) CRE retail loans held for investment above $3.0 million (2) LTV at origination Total: $566 million Loan Portfolio Percentage: 8.1% Total: $42 million Loan Portfolio Percentage: 0.6% Neighborhood Center; 35.0% Strip/Convenience; 22.0% Community Center; 18.0% Theme/Festival Center; 5.0% Single Tenant; 7.0% Retail Storefront; 8.0% Regional Center; 2.0% Flex Property; 1.0% Fashion/Specialty; 1.0% Freestanding; 1.0% CRE Retail - Detail As of September 30, 2025 Weighted Average LTV: 59 %
19 New York; 8% Texas; 8% Florida; 65% Other ; 19.0% 15% 27% 50% 8% —% 50% or less 51-60% 61-70% 71-80% 81% or more 0% 10% 20% 30% 40% 50% 60% CRE office above $3 million represents 24 loans totaling $467 million, or 98% of total CRE office with avg. debt-service coverage (DSCR) (3) 1.6x and LTV 63% ◦ Florida: 17 loans totaling $332 million (51% Miami-Dade, 35% Broward, 5% Palm Beach and 9% Jacksonville) with avg. DSCR 1.7x and LTV 62% ◦ New York: 2 loans totaling $40 million (53% Kings and 47% Westchester) with avg. DSCR 1.7x and LTV 60% ◦ Texas: 2 loans totaling $37 million (100% Dallas) with avg. DSCR 1.6x and LTV 70% ◦ Other: 3 loans totaling $90 million (71% Memphis, TN, 6% Atlanta, GA and 23% Other) with avg. DSCR 1.2x and LTV 67% ◦ CRE Office (1) Office - LTV (2) (1) CRE office loans held for investment above $3 million (2) LTV at origination (3) DSCR based upon most recent borrower information Total: $467 million Loan Portfolio Percentage: 6.7% CRE Office - Detail As of September 30, 2025 Weighted Average LTV: 61%
20 8,111 7,855 8,155 8,307 8,301 $4,225 $4,115 $4,280 $4,429 $4,434 $1,702 $1,533 $1,527 $1,528 $1,548 $702 $702 $695 $644 $550 $1,482 $1,505 $1,653 $1,706 $1,769 2.99% 2.76% 2.60% 2.53% 2.41% 3Q24 4Q24 1Q25 2Q25 3Q25 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 $2,423 $2,465 $2,576 $2,568 2022 2023 2024 3Q25 1,000 2,000 3,000 $4,621 $5,430 $5,278 $5,733 2022 2023 2024 3Q25 2,500 5,000 Domestic Deposits ($ in millions) Deposit Composition International Deposits ($ in millions) Mix by Country of Domicile Transaction Deposits Customer CDs Brokered Deposits (1) Cost of total Deposits ($ in millions) Noninterest Bearing Demand Deposits 31% of Total Deposits Approx. avg. acct balance: $45,000 (2) 69% of Total Deposits Approx. avg. acct balance: $110,000 (2) Well Diversified and Stable Deposit Mix (2) Average deposit account balances in Deposit Mix Slide calculated as of December 31, 2024 (1) Brokered Deposits : there were $9 million and $60 million in brokered transaction deposits in 2Q25 and 1Q25, respectively, while there were none in 3Q25, 4Q24 and 3Q24. In 3Q25, 2Q25, 1Q25, 4Q24, and 3Q24 brokered time deposits were $550 million, $635 million, $635 million, $702 million, and $702 million, respectively.
21 New Branch Performance Actual balances as of September 30, 2025 ($ in millions) Total deposit and loan balances reflect Retail and Business Banking, Private Banking and International Banking (in-branch only) accounts booked and excludes commercial balances. As of June 30, 2025 As of September 30, 2025 Banking Center Opening Date Total Deposits Total Loans Total Deposits Total Loans Downtown Miami 4/26/2024 $151 $73 $175 $102 Las Olas 3/5/2024 $78 $23 $86 $25 Tampa 2/1/2024 $36 $7 $38 $8 Key Biscayne 6/26/2023 $93 $13 $101 $15 Palm Beach 4/14/2025 $18 $2 $45 $18 Miami Beach 9/11/2025 N/A N/A $5 $—
22 $81.0 $87.6 $85.9 $90.5 $94.2 3.49% 3.75% 3.75% 3.81% 3.92% Net Interest Income NIM 3Q24 4Q24 1Q25 2Q25 3Q25 0 10 20 30 40 50 60 70 80 90 NII and NIM (%) 22 ($ in millions) 3Q24 4Q24 1Q25 2Q25 3Q25 Cost of Deposits (Domestic) 3.72 % 3.39 % 3.18 % 3.14 % 3.00 % Cost of Deposits (International) 1.41 % 1.38 % 1.31 % 1.26 % 1.19 % Cost of FHLB Advances 4.07 % 4.04 % 4.04 % 4.04 % 4.00 % Cost of Funds 3.15 % 2.94 % 2.78 % 2.69 % 2.57 % 0.46 0.51 0.48 Cumulative Beta 1Q25 2Q25 3Q25 0.00 0.60 Net Interest Income and NIM Interest-Bearing Deposits Beta Evolution (1) Cost of Funds (1) Beta calculation does not include brokered deposits (2) First interest rate cut in downward rate cycle took place in August 2024. Therefore, 3Q24 is the starting point for beta calculation. (2)
23 <1 year; 63% 1-3 years; 5% 4-5 years; 4% 5+ years; 28% 319 337 350 353 372 375 379 -200 bps -100 bps -50 bps BASE +50 bps +100 bps +200 bps 0 200 400 As of September 30, 2025 Fixed 40% Adjustable 60% 23 By Interest TypeBy Rate Type By Repricing Term (1) NII and percentage change represents the base scenario of net interest income. The base scenario assumes (i) flat interest rates over the next 12 months, (ii) that total financial instrument balances are kept constant over time and (iii) that interest rate shocks are instant and parallel to the yield curve (2) Totals may not sum due to rounding Loan Portfolio Details Impact on NII from Interest Rate Change (1)(2) AFSChange from base ($ in M ill io n s) Fixed 40% UST 1% Prime 13% SOFR 45% As of September 30, 2025 Impact on AFS from Interest Rate Change (1) (9.6)% (4.4)% 0% 6.3%5.5% (0.8)% 7.4% No Floor; 55% 0.5-2%; 2% 2-3.5%; 12% 3.5-5%; 7% 5-6.75%; 24% By Floors 2,236 2,196 2,165 2,122 2,074 2,023 1,905 -200 bps -100 bps -50 bps MV +50 bps +100 bps +200 bps ($ in M ill io n s) 5.3% 3.5% 2.0% 0% (2.3)% (4.7)% (10.2)% Expected pre-tax AOCL Improvement Change from MVNet Interest Income (10,466) 1,398 3Q25 3Q26 (estimated) (15,000) (10,000) (5,000) — 5,000 approx. 113% improvement in AOCI Interest Rate Sensitivity
24 $23.6 $19.5 $19.8 $17.3 $(47.7) $5.0 $5.4 $5.1 $5.0 $5.1 $4.5 $4.7 $4.7 $5.0 $5.0 $1.2 $5.0 $2.4 3Q24 4Q24 1Q25 2Q25 3Q25 -75 -50 -25 0 25 17% 83% 28% 72% Non-Interest Income Mix Deposits and service fees Brokerage, advisory and fiduciary activities Other noninterest income (1) DomesticInternational 3Q24 $3.2B ($ in millions) Securities gains (losses), net Loan-related derivative income Derivative losses, net Gain on early extinguishment of FHLB advances, net Non-Interest Income Mix $2.6B Assets Under Management and Custody 3Q25 $(0.2) (1) Other noninterest income in 4Q24 includes a $12.6 million one-time gain on the sale of the Houston Franchise $(68.5) ($1.9) $1.7 $6.7 $3.2 $8.1 $1.5 $0.7 $19.6 $(68.5) $7.8 $3.5 ($1.4) ($8.2) $1.4
25 76.2 83.4 71.6 74.4 77.8 $35.0 $35.3 $33.3 $36.0 $35.1 $41.2 $48.1 $38.3 $38.4 $42.7 735 698 726 692 704 3Q24 4Q24 1Q25 2Q25 3Q25 0 25 50 75 100 Non-Interest Expense Mix ($ in millions, except for FTEs) Non-routine Noninterest Expenses 5.7 15.1 0.5 1.2 2.0 $2.5 $12.6 Other nonroutine noninterest expenses Loans held for sale valuation expense Amerant Mortgage downsize costs Losses on loans held for sale carried at the lower of cost or fair value Loss on sale of repossessed assets and other real estate owned valuation expense 3Q24 4Q24 1Q25 2Q25 3Q25 0 5 10 15 ($ in millions) Non-Interest Expense Salaries and employee benefits Other operating expenses FTEs $0.4 $0.8 $0.5 $0.9 $0.6
26 Change in Diluted Earnings Per Common Share $0.55 $(0.05) $0.05 $(0.20) $0.35 2Q25 PPNR Income Tax Expense Provision for Credit Losses 3Q25 $(0.40) $(0.20) $— $0.20 $0.40 $0.60 EPS Trend (1) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP. (1)
27 New Branch Opening Schedule 4Q 2025: – Bay Harbor Islands – Key Biscayne Space Expansion 2Q 2026: – Central Ave St. Petersburg
Appendices
29 Appendix 1 Non-GAAP Financial Measures Reconciliations The following table sets forth selected financial information derived from the Company’s interim unaudited and annual audited consolidated financial statements, adjusted for the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, the Amerant Mortgage downsizing, the Houston Transaction, the valuation of securities, derivatives, loans held for sale and other real estate owned and repossessed assets, the early repayment of FHLB advances, and other non-routine actions intended to improve customer service and operating performance. The Company believes these adjusted numbers are useful for understanding its performance excluding these transactions and events. Three Months Ended, (in thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net income (loss) attributable to Amerant Bancorp Inc. $ 14,756 $ 23,002 $ 11,958 $ 16,881 $ (48,164) Plus: provision for credit losses (1) 14,600 6,060 18,446 9,910 19,000 Plus: provision for income tax expense (benefit) 4,252 6,795 3,471 1,142 (13,728) Pre-provision net revenue (loss) (PPNR) 33,608 35,857 33,875 27,933 (42,892) Plus: non-routine noninterest expense items 1,977 1,192 534 15,148 5,672 Plus (less): non-routine noninterest income items 180 73 (2,863) (5,864) 68,484 Core pre-provision net revenue (Core PPNR) $ 35,765 $ 37,122 $ 31,546 $ 37,217 $ 31,264 Total noninterest income (loss) $ 17,291 $ 19,778 $ 19,525 $ 23,684 $ (47,683) (Plus) Less: Non-routine noninterest income (loss) items: Derivatives (losses), net (2) (1,383) (1,852) — — — Securities gains (losses), net (3) 1,203 1,779 64 (8,200) (68,484) Gain on sale of loans (4) — — 2,799 — — Gain on sale of Houston Franchise (5) — — — 12,636 — Gains on early extinguishment of FHLB advances, net — — — 1,428 — Total non-routine noninterest income (loss) items $ (180) $ (73) $ 2,863 $ 5,864 $ (68,484) Core noninterest income $ 17,471 $ 19,851 $ 16,662 $ 17,820 $ 20,801
30 Three Months Ended, (in thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Total noninterest expense $ 77,835 $ 74,400 $ 71,554 $ 83,386 $ 76,208 Less: non-routine noninterest expense items Non-routine noninterest expense items: Losses on loans held for sale carried at the lower of cost or fair value (6) 881 — — 12,642 — Net losses on sale and valuation expense on other real estate owned (7) 516 822 534 — 5,672 Amerant Mortgage downsize costs (8) 580 370 — — — Legal, broker fees and other costs (5) — — — 2,506 — Total non-routine noninterest expense items $ 1,977 $ 1,192 $ 534 $ 15,148 $ 5,672 Core noninterest expense $ 75,858 $ 73,208 $ 71,020 $ 68,238 $ 70,536 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)
31 Three Months Ended, (in thousands, except percentages and per share data) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net income (loss) attributable to Amerant Bancorp Inc. $ 14,756 $ 23,002 $ 11,958 $ 16,881 $ (48,164) Plus after-tax non-routine items in noninterest expense: Non-routine items in noninterest expense before income tax effect 1,977 1,192 534 15,148 5,672 Income tax effect (9) (445) (272) (120) (3,409) (1,332) Total after-tax non-routine items in noninterest expense 1,532 920 414 11,739 4,340 Plus (less) after-tax non-routine items in noninterest income: Non-routine items in noninterest income (loss) before income tax effect 180 73 (2,863) (5,864) 68,484 Income tax effect (9) (43) (11) 644 (1,596) (15,411) Total after-tax non-routine items in noninterest income (loss) 137 62 (2,219) (7,460) 53,073 Core net income $ 16,425 $ 23,984 $ 10,153 $ 21,160 $ 9,249 Basic earnings (loss) per share $ 0.35 $ 0.55 $ 0.28 $ 0.40 $ (1.43) Plus: after tax impact of non-routine items in noninterest expense 0.04 0.02 0.01 0.28 0.13 (Less) plus: after tax impact of non-routine items in noninterest income (loss) — — (0.05) (0.18) 1.57 Total core basic earnings per common share $ 0.39 $ 0.57 $ 0.24 $ 0.50 $ 0.27 Diluted earnings (loss) per share (10) $ 0.35 $ 0.55 $ 0.28 $ 0.40 $ (1.43) Plus: after tax impact of non-routine items in noninterest expense 0.04 0.02 0.01 0.28 0.13 (Less) plus: after tax impact of non-routine items in noninterest income (loss) — — (0.05) (0.18) 1.57 Total core diluted earnings per common share $ 0.39 $ 0.57 $ 0.24 $ 0.50 $ 0.27 Net income (loss) / Average total assets (ROA) 0.57 % 0.90 % 0.48 % 0.67 % (1.92) % Plus: after tax impact of non-routine items in noninterest expense 0.06 % 0.04 % 0.02 % 0.46 % 0.18 % (Less) plus: after tax impact of non-routine items in noninterest income (loss) 0.01 % — % (0.09) % (0.30) % 2.11 % Core net income / Average total assets (Core ROA) 0.64 % 0.94 % 0.41 % 0.83 % 0.37 % Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)
32 Three Months Ended, ($ in thousands, except percentages and per share data) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net income (loss)/ Average stockholders' equity (ROE) 6.21 % 10.06 % 5.32 % 7.38 % (24.98) % Plus: after tax impact of non-routine items in noninterest expense 0.64 % 0.40 % 0.19 % 5.13 % 2.25 % Plus (less) : after tax impact of non-routine items in noninterest income (loss) 0.06 % 0.03 % (0.99) % (3.26) % 27.53 % Core net income / Average stockholders' equity (Core ROE) 6.91 % 10.49 % 4.52 % 9.25 % 4.80 % Efficiency ratio 69.84 % 67.48 % 67.87 % 74.91 % 228.74 % (Less) plus: impact of non-routine items in noninterest expense and noninterest income (loss) (1.88) % (1.13) % 1.37 % (10.20) % (159.45) % Core efficiency ratio 67.96 % 66.35 % 69.24 % 64.71 % 69.29 % Stockholders' equity $ 944,940 $ 924,286 $ 906,263 $ 890,467 $ 902,888 Less: goodwill and other intangibles (11) (23,784) (24,016) (24,135) (24,314) (24,366) Tangible common stockholders' equity $ 921,156 $ 900,270 $ 882,128 $ 866,153 $ 878,522 Total assets 10,410,199 10,334,678 10,169,688 9,901,734 10,353,127 Less: goodwill and other intangibles (11) (23,784) (24,016) (24,135) (24,314) (24,366) Tangible assets $ 10,386,415 $ 10,310,662 $ 10,145,553 $ 9,877,420 $ 10,328,761 Common shares outstanding 41,265,378 41,748,434 41,952,590 42,127,316 42,103,623 Tangible common equity ratio 8.87 % 8.73 % 8.69 % 8.77 % 8.51 % Stockholders' book value per common share $ 22.90 $ 22.14 $ 21.60 $ 21.14 $ 21.44 Tangible stockholders' equity book value per common share $ 22.32 $ 21.56 $ 21.03 $ 20.56 $ 20.87 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)
33 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd) (1) Includes provision for credit losses on loans and provision for loan contingencies. See Footnote 7 in Exhibit 1 - Selected Financial Information of Earnings Press Release for for more details. (2) In the three months ended September 30, 2025 and June 30, 2025, includes net unrealized losses in connection with to-be-announced (TBA) mortgage back- securities (MBS) derivative contracts. We enter into these contracts to economically offset changes in market valuation on the trading securities portfolio. (3) In the third quarter of 2024, the Company executed an investment portfolio repositioning which resulted in a total pre-tax net loss of $68.5 million during the same period. The investment portfolio repositioning was completed in early October 2024 resulting in an additional $8.1 million in losses in the fourth quarter of 2024. (4) In the three months ended March 31, 2025, includes gain on sale of $3.2 million, related to the sale of a loan that had been charged off in prior periods. (5) In the three months ended December 31, 2024, amounts shown are in connection with the sale of the Company’s Houston franchise which were disclosed on a Form 8-K on April 17, 2024 (the “Houston Transaction”). (6) In the three months ended September 30, 2025, includes loss on sale of $0.9 million related to the sale of one Substandard owner occupied loan with an outstanding balance of $30.4 million at the time of sale. In the three months ended December 31, 2024, includes loss on sale of $12.6 million, including transaction costs, related to the sale of a portfolio of 323 business-purpose, investment property, residential mortgage loans with a balance of approximately $71.4 million. (7) In the three months ended June 30, 2025, includes a net loss on the sale of two OREO properties of $0.8 million. The three months ended September 30, 2025, March 31, 2025 and September 30, 2024 include an OREO valuation expense of $0.5 million, $0.5 million and $5.7 million, respectively. (8) In the three months ended September 30, 2025 and June 30, 2025, includes salaries and employee benefit expenses in connection with the Amerant Mortgage downsizing. See First Quarter Earnings Presentation filed on April 24, 2025 for more information. (9) In the three months ended March 31, 2025, amounts were calculated based upon the effective tax rate for the period of 22.50%. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect. (10) See 2024 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation. (11) At September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, other intangible assets primarily consist of naming rights of $1.6 million, $1.6 million, $1.9 million, $2.0 million, and $2.1 million, respectively, and mortgage servicing rights (“MSRs”) of $1.4 million, $1.5 million, $1.4 million, $1.5 million, and $1.4 million , respectively. Other intangible assets are included in other assets in the Company’s consolidated balance sheets.
34 Income Statement Highlights - 3Q25 vs 2Q25 ($ in thousands) 3Q25 2Q25 Change Total Interest Income Loans $ 121,414 $ 122,166 $ (752) Investment securities 26,737 23,212 3,525 Interest earning deposits with banks and other interest income 4,592 5,717 (1,125) Total Interest Expense — Interest bearing demand deposits 10,892 11,567 (675) Savings and money market deposits 18,008 18,030 (22) Time deposits 20,950 22,285 (1,335) Advances from FHLB 7,316 7,230 86 Senior notes — 78 (78) Subordinated notes 362 361 1 Junior subordinated debentures 1,063 1,064 (1) Securities sold under agreements to repurchase — 1 (1) Total Provision for Credit Losses 14,600 6,060 8,540 Total Noninterest Income 17,291 19,778 (2,487) Total Noninterest Expense 77,835 74,400 3,435 Income Tax Expense 4,252 6,795 (2,543) Net Income Attributable to Amerant Bancorp Inc. $ 14,756 $ 23,002 $ (8,246)
35 • ACL - Allowance for Credit Losses • AFS - Available for Sale • AOCL - Accumulated Other Comprehensive Loss • AUM - Assets Under Management • CET 1 - Common Equity Tier 1 capital ratio • CRE - Commercial Real Estate • Customer CDs - Customer certificate of deposits • EPS – Earnings per Share • FHLB - Federal Home Loan Bank • FTE - Full Time Equivalent • MV - Market Value • NCO - Net Charge-Offs • NPL - Non-Performing Loans • NPA - Non-Performing Assets • NII - Net Interest Income • NIM – Net Interest Margin • ROA - Return on Assets • ROE - Return on Equity • SOFR - Secured Overnight Financing Rate • TCE ratio – Tangible Common Equity ratio Glossary
36Glossary (cont'd) • Assets under management and custody: consists of assets held for clients in an agency or fiduciary capacity which are not assets of the Company and therefore are not included in the consolidated financial statements. • Core deposits: consist of total deposits excluding all time deposits • Total gross loans : include loans held for investment net of unamortized deferred loan origination fees and costs, as well as loans held for sale. • Cost of Total Deposits: calculated based upon the average balance of total noninterest bearing and interest bearing deposits, which includes time deposits. • ROA: calculated based upon the average daily balance of total assets • ROE: calculated based upon the average daily balance of stockholders' equity • Loans Held for Investment: excludes loans held for sale carried at fair value and loans held for sale carried at the lower of cost or fair value • Non-performing loans include accruing loans past due by 90 days or more and all nonaccrual loans. Non-performing assets include accruing loans past due by 90 days or more, all nonaccrual loans, other real estate owned ("OREO") properties acquired through or in lieu of foreclosure and other repossessed assets. • Net Charge Offs/Average Total Loans Held for Investment: – Annualized and calculated based upon the average daily balance of outstanding loan principal balance net of unamortized deferred loan fees and costs, excluding the allowance for credit losses – Total loans exclude loans held for sale • Cost of Deposits: calculated based upon the average balance of total noninterest bearing and interest bearing deposits, which includes time deposits. • Cost of Funds: calculated based upon the average balance of total financial liabilities which include total interest bearing liabilities and noninterest bearing demand deposits • Quarterly beta (as shown in NII & NIM Slide): calculated based upon the change of the cost of deposit over the change of Federal funds rate (if any) during the quarter. • Net Charge-Offs -charge-offs net of recoveries • Totals may not sum due to rounding of line items.
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