8-K

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 19, 2022

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	NASDAQ

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

Emerging growth company	☒

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

Item 2.02 Results of Operations and Financial Condition

On October 20, 2022, Amerant Bancorp Inc. (the "Company") issued a press release to report the Company’s financial results for the fiscal quarter ended September 30, 2022. 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 21, 2022, the Company will hold a live audio webcast to discuss its financial results for the fiscal quarter ended September 30, 2022. In connection with the webcast, the Company is furnishing to the U.S. Securities and Exchange Commission the earnings slide presentation attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference to this Item 7.01.

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

Item 8.01 Other Events.

On October 20, 2022, the Company announced that, on October 19, 2022, its Board of Directors declared a cash dividend of $0.09 per share of common stock. The dividend is payable on November 30, 2022 to shareholders of record at the close of business on November 15, 2022. A copy of the press release is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

Number	Exhibit
99.1	Press Release of Amerant Bancorp Inc., dated October 20, 2022
99.2	Earnings slide presentation of Amerant Bancorp Inc., dated October 21, 2022
99.3	Press Release of Amerant Bancorp Inc., dated October 20, 2022
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 20, 2022	Amerant Bancorp Inc.
	By:	/s/ Julio V. Pena
		Name: Julio V. Pena
		Title:  Senior Vice President, Securities Counsel and Assistant Corporate Secretary

Document

CONTACTS:
Investors
Laura Rossi
InvestorRelations@amerantbank.com
(305) 460-8728
Media
Silvia M. Larrieu
MediaRelations@amerantbank.com
(305) 441-8414

AMERANT REPORTS THIRD QUARTER 2022 RESULTS

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

CORAL GABLES, FLORIDA, October 20, 2022. Amerant Bancorp Inc. (NASDAQ: AMTB) (the “Company” or “Amerant”) today reported net income attributable to the Company of $20.9 million in the third quarter of 2022, or $0.62 per diluted share, an increase compared to net income attributable to the Company of $7.7 million, or $0.23 per diluted share, in the second quarter of 2022, and an increase compared to the net income attributable to the Company of $17.0 million, or $0.45 per diluted share, in the third quarter of 2021.

“We are pleased to report continued improvement in our operating results this quarter,” stated Chairman and CEO Jerry Plush. “Strong loan and deposit growth, coupled with a higher net interest margin, were key factors driving earnings growth for the period.”

Financial Highlights:

•Total assets increased $588.7 million, or 7.22%, to $8.7 billion compared to $8.2 billion as of 2Q22.

•Total gross loans increased $656.0 million, or 11.2%, to $6.50 billion compared to $5.85 billion in 2Q22.

•Average yield on loans increased to 5.06% in 3Q22 compared to 4.38% in 2Q22.

•Non-performing loans declined $6.4 million, or 25.5%, to $18.7 million, as of 3Q22 compared to $25.2 million as of 2Q22.

•Total deposits as of 3Q22 were $6.59 billion, up $385.3 million, or 6.21%, compared to $6.20 billion in 2Q22.

•Core deposits were $5.20 billion, up $253.2 million, or 5.1%, compared to 2Q22.

•Average cost of total deposits increased to 0.83% in 3Q22 compared to 0.48% in 2Q22.

•Loan to deposit ratio was 98.71% compared to 94.27% in 2Q22.

•AUM totaled $1.81 billion, down $56.8 million, or 3.0%, from $1.87 billion in 2Q22.

•Net income attributable to the Company of $20.9 million in 3Q22, up $13.2 million, or 172.6%, compared to $7.7 million in 2Q22.

•Core Pre-Provision Net Revenue (“Core PPNR”)1 grew to $30.3 million in 3Q22, up $10.9 million, or 55.9%, from $19.4 million in 2Q22.

•Net Interest Income (“NII”) was $69.9 million, up $11.0 million, or 18.6%, from $58.9 million in 2Q22.

•Net Interest Margin (“NIM”) increased to 3.61% in 3Q22 compared to 3.28% in 2Q22.

•Provision for loan losses was $3.0 million for 3Q22 compared to no provision for loan losses or release recorded in 2Q22.

•Non-interest income was $16.0 million in 3Q22, up $3.0 million, or 23.4%, from $12.9 million in 2Q22.

•Non-interest expense was $56.1 million, down $6.1 million, or 9.8%, from $62.2 million in 2Q22.

•The efficiency ratio was 65.4% in 3Q22 compared to 86.6% in 2Q22.

•Return on average assets (“ROA”) was 1.00% and return on average equity (“ROE”) was 11.28% in 3Q22 compared to 0.39% and 4.14% in 2Q22, respectively.

On October 19, 2022, the Company’s board of directors declared a cash dividend of $0.09 per common share. The dividend is payable on November 30, 2022 to shareholders of record on November 15, 2022.

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

Third Quarter 2022 Earnings Conference Call

The Company will hold an earnings conference call on Friday, October 21, 2022 at 9:00 a.m. (Eastern Time) to discuss its third quarter 2022 results. The conference call and presentation materials can be accessed via webcast by logging on from the Investor Relations section of the Company’s website at https://investor.amerantbank.com. The online replay will remain available for approximately one month following the call through the above link.

About Amerant Bancorp Inc. (NASDAQ: AMTB)

Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its main subsidiary, Amerant Bank, N.A. (the “Bank”), as well as its other subsidiaries: Amerant Investments, Inc., Elant Bank and Trust Ltd., and Amerant Mortgage, LLC. The Company provides individuals and businesses in the U.S. with deposit, credit and wealth management services. The Bank, which has operated for over 40 years, is the largest community bank headquartered in Florida. The Bank operates 23 banking

centers – 16 in South Florida and 7 in the Houston, Texas area, as well as an LPO in Tampa, Florida. For more information, visit investor.amerantbank.com.

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

Cautionary Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements” including statements with respect to the Company’s objectives, expectations and intentions and other statements that are not historical facts. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target,” “goals,” “outlooks,” “modeled,” “dedicated,” “create,” and other similar words and expressions of the future.

Forward-looking statements, including those relating to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the Company’s actual results, performance, achievements, or financial condition to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not rely on any forward-looking statements as predictions of future events. You should not expect us to update any forward-looking statements, except as required by law. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in “Risk factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2021, our quarterly reports on Form 10-Q for the quarters ended March 31, 2022, and June 30, 2022, 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, 2022 and 2021, may not reflect our results of operations for our fiscal year ending, or financial condition as of December 31, 2022, or any other period of time or date.

Non-GAAP Financial Measures

The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) with non-GAAP financial measures, such as “pre-provision net revenue (PPNR)”, “core pre-provision net revenue (Core PPNR)”, “core noninterest income”, “core noninterest expenses”, “core net income (loss)”, “core earnings (loss) 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” and they should not be considered in isolation or as a substitute for the GAAP measures presented herein.

We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our businesses. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance, especially in light of the additional costs we have incurred in connection with the Company’s restructuring activities that began in 2018 and continued in 2022, including the effect of non-core banking activities such as the sale of loans and securities, the valuation of securities, derivatives, loans held for sale and other real estate owned, the sale of our corporate headquarters in the fourth quarter of 2021, and other non-routine actions intended to improve customer service and operating performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

Exhibit 2 reconciles these non-GAAP financial measures to reported results.

Exhibit 1- Selected Financial Information

The following table sets forth selected financial information derived from our interim unaudited and annual audited consolidated financial statements.

(in thousands)	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021
Consolidated Balance Sheets							(audited)
Total assets	$	8,739,979	$	8,151,242	$	7,805,836	$	7,638,399	$	7,489,305
Total investments	1,352,782		1,422,479		1,324,969		1,341,241		1,422,738
Total gross loans (1)	6,503,359		5,847,384		5,721,177		5,567,540		5,478,924
Allowance for loan losses	53,711		52,027		56,051		69,899		83,442
Total deposits	6,588,122		6,202,854		5,691,701		5,630,871		5,626,377
Core deposits (2)	5,201,681		4,948,445		4,443,414		4,293,031		4,183,587
Advances from the FHLB and other borrowings	981,005		830,524		980,047		809,577		809,095
Senior notes	59,131		59,052		58,973		58,894		58,815
Subordinated notes (3)	29,241		29,199		29,156		—		—
Junior subordinated debentures	64,178		64,178		64,178		64,178		64,178
Stockholders' equity (4)(5)(6)(7)	695,698		711,450		749,396		831,873		812,662
Assets under management and custody (8)	1,811,265		1,868,017		2,129,387		2,221,077		2,188,317
	Three Months Ended															Nine Months Ended September 30,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(in thousands, except percentages, share data and per share amounts)	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			2022			2021
Consolidated Results of Operations
Net interest income	$	69,897		$	58,945		$	55,645		$	55,780		$	51,821		$	184,487		$	149,361
Provision for (reversal of) loan losses	3,000			—			(10,000)			(6,500)			(5,000)			(7,000)			(10,000)
Noninterest income	15,956			12,931			14,025			77,290			13,434			42,912			43,331
Noninterest expense	56,113			62,241			60,818			55,088			48,404			179,172			143,154
Net income attributable to Amerant Bancorp Inc. (9)	20,920			7,674			15,950			65,469			17,031			44,544			47,452
Effective income tax rate	21.93		%	21.10		%	21.10		%	23.88		%	24.96		%	21.50		%	22.74		%
Common Share Data
Stockholders' book value per common share	$	20.60		$	21.07		$	21.82		$	23.18		$	21.68		$	20.60		$	21.68
Tangible stockholders' equity (book value) per common share (10)	$	19.92		$	20.40		$	21.15		$	22.55		$	21.08		$	19.92		$	21.08
Basic earnings per common share	$	0.62		$	0.23		$	0.46		$	1.79		$	0.46		$	1.31		$	1.27
Diluted earnings per common share (11)	$	0.62		$	0.23		$	0.45		$	1.77		$	0.45		$	1.30		$	1.26
Basic weighted average shares outstanding	33,476,418			33,675,930			34,819,984			36,606,969			37,133,783			33,985,856			37,358,780
Diluted weighted average shares outstanding (11)	33,746,878			33,914,529			35,114,043			37,064,769			37,518,293			34,253,562			37,683,834
Cash dividend declared per common share (7)	$	0.09		$	0.09		$	0.09		$	0.06		$	—		$	0.27		$	—

	Three Months Ended										Nine Months Ended September 30,
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		2022		2021
Other Financial and Operating Data (12)
Profitability Indicators (%)
Net interest income / Average total interest earning assets (NIM) (13)	3.61	%	3.28	%	3.18	%	3.17	%	2.94	%	3.36	%	2.81	%
Net income / Average total assets (ROA) (14)	1.00	%	0.39	%	0.84	%	3.45	%	0.90	%	0.75	%	0.83	%
Net income / Average stockholders' equity (ROE) (15)	11.28	%	4.14	%	8.10	%	32.04	%	8.38	%	7.84	%	8.01	%
Noninterest income / Total revenue (16)	18.59%		17.99%		20.13%		58.08%		20.59%		18.87%		22.49%
Capital Indicators (%)
Total capital ratio (17)	12.49	%	13.21	%	13.80	%	14.56	%	14.53	%	12.49	%	14.53	%
Tier 1 capital ratio (18)	11.34	%	11.99	%	12.48	%	13.45	%	13.28	%	11.34	%	13.28	%
Tier 1 leverage ratio (19)	9.88	%	10.25	%	10.67	%	11.52	%	11.18	%	9.88	%	11.18	%
Common equity tier 1 capital ratio (CET1) (20)	10.50	%	11.08	%	11.55	%	12.50	%	12.31	%	10.50	%	12.31	%
Tangible common equity ratio (21)	7.72	%	8.47	%	9.34	%	10.63	%	10.58	%	7.72	%	10.58	%
Liquidity Ratios (%)
Loans to Deposits	98.71	%	94.27	%	100.52	%	98.88	%	97.38	%	98.71	%	97.38	%
Asset Quality Indicators (%)
Non-performing assets / Total assets (22)	0.29	%	0.39	%	0.73	%	0.78	%	1.24	%	0.29	%	1.24	%
Non-performing loans / Total gross loans (1) (23)	0.29	%	0.43	%	0.82	%	0.89	%	1.51	%	0.29	%	1.51	%
Allowance for loan losses / Total non-performing loans (23)	287.56	%	206.84	%	119.34	%	140.41	%	100.84	%	287.56	%	100.84	%
Allowance for loan losses / Total loans held for investment (1)	0.83	%	0.91	%	0.99	%	1.29	%	1.59	%	0.83	%	1.59	%
Net charge-offs / Average total loans held for investment (24)	0.09	%	0.29	%	0.29	%	0.52	%	1.16	%	0.22	%	0.42	%
Efficiency Indicators (% except FTE)
Noninterest expense / Average total assets	2.67	%	3.18	%	3.20	%	2.90	%	2.55	%	3.02	%	2.50	%
Salaries and employee benefits / Average total assets	1.43	%	1.54	%	1.60	%	1.65	%	1.53	%	1.53	%	1.51	%
Other operating expenses/ Average total assets (25)	1.24	%	1.64	%	1.60	%	1.25	%	1.02	%	1.49	%	0.99	%
Efficiency ratio (26)	65.36	%	86.59	%	87.29	%	41.40	%	74.18	%	78.79	%	74.29	%
Full-Time-Equivalent Employees (FTEs) (27)	681		680		677		763		733		681		733

	Three Months Ended															Nine Months Ended September 30,
(in thousands, except percentages and per share amounts)	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			2022			2021
Core Selected Consolidated Results of Operations and Other Data (10)
Pre-provision net revenue (PPNR)	$	29,784		$	9,707		$	9,928		$	79,141		$	17,485		$	49,419		$	50,989
Core pre-provision net revenue (Core PPNR)	$	30,325		$	19,447		$	17,869		$	18,911		$	18,297		$	67,641		$	50,996
Core net income	$	21,275		$	15,358		$	22,216		$	19,339		$	17,669		$	58,849		$	47,457
Core basic earnings per common share	0.64			0.46			0.64			0.53			0.48			1.73			1.27
Core earnings per diluted common share (11)	0.63			0.45			0.63			0.52			0.47			1.72			1.26
Core net income / Average total assets (Core ROA) (14)	1.01		%	0.78		%	1.17		%	1.02		%	0.93		%	0.99		%	0.83		%
Core net income / Average stockholders' equity (Core ROE) (15)	11.47		%	8.28		%	11.28		%	9.46		%	8.69		%	10.36		%	8.01		%
Core efficiency ratio (28)	64.14		%	73.68		%	76.36		%	74.98		%	72.95		%	71.0		%	73.58		%

__________________

(1) Total gross loans include loans held for investment net of unamortized deferred loan origination fees and costs. In addition, at June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, total loans include $66.4 million, $68.6 million, $143.2 million and $219.1 million, respectively, in loans held for sale carried at the lower of cost or estimated fair value. As of the third quarter of 2022, loans held for sale mainly consisted of residential mortgage loans and the NYC CRE loans held for sale that were transferred to the loans held for investment category. Also, in the first quarter of 2022 and the fourth quarter of 2021, the Company sold approximately $57.3 million and $49.4 million, respectively, in loans held for sale carried at the lower of cost or estimated fair value related to the New York portfolio. In addition, as of September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, total loans include $57.6 million, $54.9 million, $17.1 million, $14.9 million and $5.8 million, respectively, primarily in mortgage loans held for sale carried at fair value.

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

(3)     On March 9, 2022, the Company completed a $30.0 million offering of subordinated notes with a 4.25% fixed-to-floating rate and due March 15, 2032 (the “Subordinated Notes”). The Subordinated Notes bear interest at a fixed rate of 4.25% per annum, from and including March 9, 2022, to but excluding March 15, 2027, with interest payable semi-annually in arrears. From and including March 15, 2027, to but excluding the stated maturity date or early redemption date, the interest rate will reset quarterly to an annual floating rate equal to the then-current benchmark rate, which will initially be the three-month Secured Overnight Financing Rate (“SOFR”) plus 251 basis points, with interest during such period payable quarterly in arrears. If the three-month SOFR cannot be determined during the applicable floating rate period, a different index will be determined and used in accordance with the terms of the Subordinated Notes. Notes are presented net of direct issuance costs which are deferred and amortized over 10 years. The Subordinated Notes have been structured to qualify as Tier 2 capital of the Company for regulatory capital purposes, and rank equally in right of payment to all of our existing and future subordinated indebtedness.

(4) In the first quarter of 2022, the Company repurchased an aggregate of 652,118 shares of Class A common stock at a weighted average price of $33.96 per share, under the Class A common stock repurchase program launched in 2021 (the “Class A Common Stock Repurchase Program”). The aggregate purchase price for these transactions was approximately $22.1 million, including transaction costs. On January 31, 2022, the Company announced the completion of the Class A Common Stock repurchase program. In addition, in the first quarter of 2022, the Company announced the launch of a new repurchase program pursuant to which the Company may purchase, from time to time, up to an aggregate amount of $50 million of its shares of Class A common stock (the “New Class A Common Stock Repurchase Program”). In the second and first quarters of 2022, the Company repurchased an aggregate of 611,525 shares and 991,362 shares, respectively, of Class A common stock at a weighted average price of $28.19 per share and $32.96 per share, respectively, under the New Class A Common Stock Repurchase Program. In the second and first quarters of 2022, the aggregate purchase price for these transactions was approximately $17.2 million and $32.7 million, respectively, including transaction costs. On May 19, 2022, the Company announced the completion of the New Class A Common Stock Repurchase Program.

(5)     In the fourth quarter of 2021, the Company’s shareholders approved a clean-up merger, previously announced by the Company, pursuant to which a subsidiary of the Company merged with and into the Company (the “Merger”). Under the terms of the Merger, each outstanding share of Class B common stock was converted to 0.95 of a share of Class A common stock. In addition, any shareholder who owned fewer than 100 shares of Class A common stock upon completion of the Merger, received cash in lieu of Class A common stock. There were no authorized or outstanding Class B common stock at December 31, 2021. Furthermore, in connection with the Merger, the Company’s Board of Directors authorized the Class A Common Stock Repurchase Program which provided for the potential to repurchase up to $50 million of shares of Class A common stock. In the fourth quarter of 2021, the Company repurchased an aggregate of 1,175,119 shares of Class A common stock for an aggregate purchase price of $36.3 million, including $27.9 million repurchased under the Class A Common Stock Repurchase Program and $8.5 million shares cashed out in accordance with the terms of the Merger. The total weighted average market price of these transactions was $30.92 per share.

(6) On March 10, 2021, the Company’s Board of Directors approved a stock repurchase program which provided for the potential repurchase of up to $40 million of shares of the Company’s Class B common stock (the “ Class B Common Stock Repurchase Program”). In the third quarter of 2021, the Company repurchased an aggregate of 63,000 shares of Class B common stock at a weighted average price per share of $18.55, under the Class B Common Stock Repurchase Program. In the third quarter of 2021, the Company’s Board of Directors terminated the Class B Common Stock Repurchase Program.

(7)     In the third, second and first quarters of 2022, and in the fourth quarter of 2021, the Company’s Board of Directors declared cash dividends of $0.09, $0.09, $0.09 and $0.06 per share of the Company’s common stock, respectively. The dividend declared in the third quarter of 2022 was paid on August 31, 2022 to shareholders of record at the close of business on August 17, 2022.The dividend declared in the second quarter of 2022 was paid on May 31, 2022 to shareholders of record at the close of business on May 13, 2022.The dividend declared in the first quarter of 2022 was paid on February 28, 2022 to shareholders of record at the close of business on February 11, 2022. The dividend declared in the fourth quarter of 2021 was paid on or before January 15, 2022 to holders of record as of December 22, 2021. The aggregate amount paid in connection with these dividends in the third, second and first quarters of 2022, and in the fourth quarter of 2021 was $3.0 million, $3.0 million, $3.2 million and $2.2 million, respectively.

(8) 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.

(9) In the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, net income exclude losses of $44 thousand, $0.1 million, $1.1 million, $1.2 million and $0.6 million, respectively, attributable to the minority interest of Amerant Mortgage LLC. Beginning March 31, 2022, the minority interest share changed from 49% to 42.6%. This change had no impact to the Company’s financial condition or results of operations as of and for the first quarter ended March 31, 2022. In addition, in the second quarter of 2022, the minority interest share changed from 42.6% to 20%. In connection with the change in minority interest share in the second quarter of 2022, the Company reduced its additional paid-in capital for a total of $1.9 million with a corresponding increase to the equity attributable to noncontrolling interests.

(10) 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.

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

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

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

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

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

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

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

(18)     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.

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

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

(21) Tangible common equity ratio is calculated as the ratio of common equity less goodwill and other intangibles divided by total assets less goodwill and other intangible assets. Other intangible assets consist of, among other things, mortgage servicing rights and are included in other assets in the Company’s consolidated balance sheets.

(22) Non-performing assets include all accruing loans past due by 90 days or more, all nonaccrual loans, restructured loans that are considered “troubled debt restructurings” or “TDRs”, and OREO properties acquired through or in lieu of foreclosure.

(23) Non-performing loans include all accruing loans past due by 90 days or more, all nonaccrual loans and restructured loans that are considered TDRs.

(24) Calculated based upon the average daily balance of outstanding loan principal balance net of unamortized deferred loan origination fees and costs, excluding the allowance for loan losses. During the third, second and first quarters of 2022, and the fourth and third quarters of 2021, there were net charge offs of $1.3 million, $4.0 million, $3.8 million, $7.0 million and $15.7 million, respectively. During the third quarter of 2022, the Company charged-off $1.7 million related to multiple consumer loans and $0.2 million in connection with two commercial loans. During the second quarter of 2022, the Company charged-off $3.6

million in connection with a loan relationship with a Miami-based U.S. coffee trader (“the Coffee Trader”). During the first quarter of 2022, the Company charged-off $3.3 million in two commercial loans, including $2.5 million related to a nonaccrual loan paid off during the period. During the fourth quarter of 2021, the Company charged-off an aggregate of $4.2 million related to various commercial loans and $1.8 million related to one real estate loan. During the third quarter of 2021, the Company charged-off $5.7 million against the allowance for loan losses as result of the deterioration of one commercial loan relationship.

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

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

(27) As of September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021 includes 67, 67, 79, 72 and 52 FTEs for Amerant Mortgage LLC, respectively. In addition, effective January 1, 2022, there were 80 employees who are no longer working for the Company as a result of the new agreement with Fidelity National Information Services, Inc. (“FIS”).

(28) Core efficiency ratio is the efficiency ratio less the effect of restructuring costs and other adjustments, described in Exhibit 2 - Non-GAAP Financial Measures Reconciliation.

Exhibit 2- Non-GAAP Financial Measures Reconciliation

The following table sets forth selected financial information derived from the Company’s interim unaudited and annual audited consolidated financial statements, adjusted for certain costs incurred by the Company in the periods presented related to tax deductible restructuring costs, provision for (reversal of) loan losses, provision for income tax expense (benefit), the effect of non-core banking activities such as the sale of loans and securities, the valuation of securities, derivatives, loans held for sale and other real estate owned, the sale and leaseback of our corporate headquarters in the fourth quarter of 2021, and other non-routine actions intended to improve customer service and operating performance. The Company believes these adjusted numbers are useful to understand the Company’s performance absent these transactions and events.

	Three Months Ended,										Nine Months Ended September 30,
(in thousands)	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		2022		2021
Net income attributable to Amerant Bancorp Inc.	$	20,920	$	7,674	$	15,950	$	65,469	$	17,031	$	44,544	$	47,452
Plus: provision for (reversal of) loan losses	3,000		—		(10,000)		(6,500)		(5,000)		(7,000)		(10,000)
Plus: provision for income tax expense (1)	5,864		2,033		3,978		20,172		5,454		11,875		13,537
Pre-provision net revenue (PPNR)	29,784		9,707		9,928		79,141		17,485		49,419		50,989
Plus: non-routine noninterest expense items	1,954		7,995		6,574		1,895		758		16,523		5,162
(Less) Plus: non-routine noninterest income items	(1,413)		1,745		1,367		(62,125)		54		1,699		(5,155)
Core pre-provision net revenue (Core PPNR)	$	30,325	$	19,447	$	17,869	$	18,911	$	18,297	$	67,641	$	50,996
Total noninterest income	$	15,956	$	12,931	$	14,025	$	77,290	$	13,434	$	42,912	$	43,331
Less: Non-routine noninterest income items:
Less: gain on sale of Headquarters building (1)	—		—		—		62,387		—		—		—
Derivatives (losses) gains, net	(95)		855		(1,345)		—		—		(585)		—
Securities gains (losses), net	1,508		(2,602)		769		(117)		(54)		(325)		3,857
Gain (loss) on early extinguishment of FHLB advances, net	—		2		(714)		—		—		(712)		(2,488)
(Loss) gain on sale of loans	—		—		(77)		(145)		—		(77)		3,786
Total non-routine noninterest income items	$	1,413	$	(1,745)	$	(1,367)	$	62,125	$	(54)	$	(1,699)	$	5,155
Core noninterest income	$	14,543	$	14,676	$	15,392	$	15,165	$	13,488	$	44,611	$	38,176
Total noninterest expenses	$	56,113	$	62,241	$	60,818	$	55,088	$	48,404	$	179,172	$	143,154
Less: non-routine noninterest expense items
Restructuring costs (2):
Staff reduction costs (3)	358		674		765		26		250		1,797		3,578
Contract termination costs (4)	289		2,802		4,012		—		—		7,103		—
Legal and Consulting fees (5)	1,073		80		1,246		1,277		412		2,399		412
Digital transformation expenses	—		—		45		50		96		45		362
Lease impairment charge (6)	—		1,565		14		—		—		1,579		810
Branch closure expenses (7)	—		—		33		542		—		33		—
Total restructuring costs	$	1,720	$	5,121	$	6,115	$	1,895	$	758	$	12,956	$	5,162
Other non-routine noninterest expense items:
Other real estate owned valuation expense (8)	234		3,174		—		—		—		3,408		—
Loans held for sale valuation (reversal) expense (9)	—		(300)		459		—		—		159		—
Total non-routine noninterest expense items	$	1,954	$	7,995	$	6,574	$	1,895	$	758	$	16,523	$	5,162
Core noninterest expenses	$	54,159	$	54,246	$	54,244	$	53,193	$	47,646	$	162,649	$	137,992

	Three Months Ended,															Nine Months Ended September 30,
(in thousands, except percentages and per share amounts)	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			2022			2021
Net income attributable to Amerant Bancorp Inc.	$	20,920		$	7,674		$	15,950		$	65,469		$	17,031		$	44,544		$	47,452
Plus after-tax non-routine items in noninterest expense:
Non-routine items in noninterest expense before income tax effect	1,954			7,995			6,574			1,895			758			16,523			5,162
Income tax effect (10)	(478)			(1,687)			(1,387)			(478)			(229)			(3,552)			(1,174)
Total after-tax non-routine items in noninterest expense	1,476			6,308			5,187			1,417			529			12,971			3,988
Plus (less) after-tax non-routine items in noninterest income:
Non-routine items in noninterest income before income tax effect	(1,413)			1,745			1,367			(62,125)			54			1,699			(5,155)
Income tax effect (10)	292			(369)			(288)			14,578			55			(365)			1,172
Total after-tax non-routine items in noninterest income	(1,121)			1,376			1,079			(47,547)			109			1,334			(3,983)
Core net income	$	21,275		$	15,358		$	22,216		$	19,339		$	17,669		$	58,849		$	47,457
Basic earnings per share	$	0.62		$	0.23		$	0.46		$	1.79		$	0.46		$	1.31		$	1.27
Plus: after tax impact of non-routine items in noninterest expense	0.04			0.19			0.15			0.04			0.02			0.38			0.11
(Less) Plus: after tax impact of non-routine items in noninterest income	(0.02)			0.04			0.03			(1.30)			—			0.04			(0.11)
Total core basic earnings per common share	$	0.64		$	0.46		$	0.64		$	0.53		$	0.48		$	1.73		$	1.27
Diluted earnings per share (11)	$	0.62		$	0.23		$	0.45		$	1.77		$	0.45		$	1.30		$	1.26
Plus: after tax impact of non-routine items in noninterest expense	0.04			0.18			0.15			0.04			0.02			0.39			0.11
(Less) Plus: after tax impact of non-routine items in noninterest income	(0.03)			0.04			0.03			(1.29)			—			0.03			(0.11)
Total core diluted earnings per common share	$	0.63		$	0.45		$	0.63		$	0.52		$	0.47		$	1.72		$	1.26
Net income / Average total assets (ROA)	1.00		%	0.39		%	0.84		%	3.45		%	0.90		%	0.75		%	0.83		%
Plus: after tax impact of non-routine items in noninterest expense	0.07		%	0.32		%	0.28		%	0.07		%	0.02		%	0.22		%	0.07		%
(Less) Plus: after tax impact of non-routine items in noninterest income	(0.06)		%	0.07		%	0.06		%	(2.50)		%	0.01		%	0.02		%	(0.07)		%
Core net income / Average total assets (Core ROA)	1.01		%	0.78		%	1.18		%	1.02		%	0.93		%	0.99		%	0.83		%
Net income / Average stockholders' equity (ROE)	11.28		%	4.14		%	8.10		%	32.04		%	8.38		%	7.84		%	8.01		%
Plus: after tax impact of non-routine items in noninterest expense	0.80		%	3.40		%	2.63		%	0.69		%	0.26		%	2.28		%	0.67		%
(Less) Plus: after tax impact of non-routine items in noninterest income	(0.61)		%	0.74		%	0.55		%	(23.27)		%	0.05		%	0.24		%	(0.67)		%
Core net income / Average stockholders' equity (Core ROE)	11.47		%	8.28		%	11.28		%	9.46		%	8.69		%	10.36		%	8.01		%
Efficiency ratio	65.36		%	86.59		%	87.29		%	41.40		%	74.18		%	78.79		%	74.29		%
Less: impact of non-routine items in noninterest expense	(2.28)		%	(11.12)		%	(9.43)		%	(1.43)		%	(1.16)		%	(7.26)		%	(2.68)		%
Plus (Less): impact of non-routine items in noninterest income	1.06		%	(1.79)		%	(1.50)		%	35.01		%	(0.07)		%	(0.53)		%	1.97		%
Core efficiency ratio	64.14		%	73.68		%	76.36		%	74.98		%	72.95		%	71.00		%	73.58		%

	Three Months Ended,															Nine Months Ended September 30,
(in thousands, except percentages, share data and per share amounts)	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			2022			2021
Stockholders' equity	$	695,698		$	711,450		$	749,396		$	831,873		$	812,662		$	695,698		$	812,662
Less: goodwill and other intangibles (12)	(22,814)			(22,808)			(22,795)			(22,528)			(22,529)			(22,814)			(22,529)
Tangible common stockholders' equity	$	672,884		$	688,642		$	726,601		$	809,345		$	790,133		$	672,884		$	790,133
Total assets	8,739,979			8,151,242			7,805,836			7,638,399			7,489,305			8,739,979			7,489,305
Less: goodwill and other intangibles (12)	(22,814)			(22,808)			(22,795)			(22,528)			(22,529)			(22,814)			(22,529)
Tangible assets	$	8,717,165		$	8,128,434		$	7,783,041		$	7,615,871		$	7,466,776		$	8,717,165		$	7,466,776
Common shares outstanding	33,773,249			33,759,604			34,350,822			35,883,320			37,487,339			33,773,249			37,487,339
Tangible common equity ratio	7.72		%	8.47		%	9.34		%	10.63		%	10.58		%	7.72		%	10.58		%
Stockholders' book value per common share	$	20.60		$	21.07		$	21.82		$	23.18		$	21.68		$	20.60		$	21.68
Tangible stockholders' book value per common share	$	19.92		$	20.40		$	21.15		$	22.55		$	21.08		$	19.92		$	21.08

____________

(1)     The Company sold its Coral Gables headquarters for $135 million, with an approximate carrying value of $69.9 million at the time of sale and transaction costs of $2.6 million. The Company leased-back the property for an 18-year term. The provision for income tax expense includes around $16.1 million related to this transaction in the three months ended December 31, 2021.

(2)     Expenses incurred for actions designed to implement the Company’s strategy. These actions include, but are not limited to reductions in workforce, streamlining operational processes, rolling out the Amerant brand, implementation of new technology system applications, decommissioning of legacy technologies, enhanced sales tools and training, expanded product offerings and improved customer analytics to identify opportunities.

(3) In the third quarters of 2022 and 2021, and the fourth quarter of 2021, include expenses primarily in connection with the elimination of certain support functions. In the second and first quarters of 2022, includes expenses primarily in connection with the restructuring of business lines and the outsourcing of certain human resources functions.

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

(5) Includes: (i) expenses in connection with the engagement of FIS of $1.0 million, $0.8 million, $0.5 million and $0.2 million in the three months ended September 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively; (ii) an aggregate of $0.3 million in connection with information technology projects, and certain search and recruitment expenses in the three months ended March 31, 2022, and (iii) expenses in connection with the Merger and related transactions of $0.6 million and $0.2 million in the three months ended December 31, 2021 and September 30, 2021, respectively.

(6) In the three months ended June 30, 2022, include $1.6 million of ROU asset impairment associated with the closure of a branch in Pembroke Pines, Florida in 2022.

(7) Expenses related to the Fort Lauderdale, Florida branch lease termination in 2021 and in Wellington, Florida in 2022.

(8) Fair value adjustment related to one OREO property in New York.

(9) Fair value adjustment related to the New York loan portfolio held for sale carried at the lower of cost or fair value.

(10)In the three months ended March 31, 2022 and in the nine months ended September 30, 2022 and 2021, amounts were calculated based upon the effective tax rate for the periods of 21.10%, 21.50% and 22.74%, respectively. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect.

(11)In the three months ended September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance share units. In all the periods presented, potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share in those periods, fewer shares would have been purchased than restricted shares assumed issued. Therefore, in those periods, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect in per share earnings.

(12)Other intangible assets consist of, among other things, mortgage servicing rights (“MSRs”) of $1.0 million, $0.9 million, $0.9 million, $0.6 million and $0.6 million at September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively, and 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, 2022				June 30, 2022				September 30, 2021
(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)	$	6,021,294	$	76,779	5.06	%	$	5,635,147	$	61,514	4.38	%	$	5,379,461	$	53,193	3.92	%
Debt securities available for sale (3) (4)	1,110,153		8,379		2.99	%	1,113,994		7,614		2.74	%	1,221,569		7,055		2.29	%
Debt securities held to maturity (5)	235,916		1,921		3.23	%	177,483		981		2.22	%	102,574		508		1.96	%
Debt securities held for trading	65		1		6.10	%	101		1		3.97	%	153		1		2.59	%
Equity securities with readily determinable fair value not held for trading	12,018		—		—	%	12,407		—		—	%	24,017		66		1.09	%
Federal Reserve Bank and FHLB stock	49,398		605		4.86	%	49,476		539		4.37	%	47,682		514		4.28	%
Deposits with banks	258,237		1,452		2.23	%	224,751		518		0.92	%	207,504		76		0.15	%
Total interest-earning assets	7,687,081		89,137		4.60	%	7,213,359		71,167		3.96	%	6,982,960		61,413		3.49	%
Total non-interest-earning assets (6)	639,118						635,871						553,505
Total assets	$	8,326,199					$	7,849,230					$	7,536,465

	Three Months Ended
	September 30, 2022					June 30, 2022					September 30, 2021
(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	$	2,077,321		$	4,934	0.94	%	$	1,654,232		$	1,034	0.25	%	$	1,290,944		$	147	0.05	%
Money market	1,363,799			3,555		1.03	%	1,262,566			1,351		0.43	%	1,359,774			798		0.23	%
Savings	320,861			54		0.07	%	318,967			14		0.02	%	329,456			11		0.01	%
Total checking and saving accounts	3,761,981			8,543		0.90	%	3,235,765			2,399		0.30	%	2,980,174			956		0.13	%
Time deposits	1,247,084			4,717		1.50	%	1,256,112			4,503		1.44	%	1,555,001			5,302		1.35	%
Total deposits	5,009,065			13,260		1.05	%	4,491,877			6,902		0.62	%	4,535,175			6,258		0.55	%
Securities sold under agreements to repurchase	—			—		—	%	60			—		—	%	—			—		—	%
Advances from the FHLB and other borrowings (7)	866,639			3,977		1.82	%	867,573			3,341		1.54	%	808,860			1,777		0.87	%
Senior notes	59,092			941		6.32	%	59,013			942		6.40	%	58,776			942		6.36	%
Subordinated notes	29,220			362		4.92	%	29,178			361		4.96	%	—			—		—	%
Junior subordinated debentures	64,178			700		4.33	%	64,178			676		4.22	%	64,178			615		3.80	%
Total interest-bearing liabilities	6,028,194			19,240		1.27	%	5,511,879			12,222		0.89	%	5,466,989			9,592		0.70	%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits	1,316,988							1,309,520							1,110,353
Accounts payable, accrued liabilities and other liabilities	245,425							283,721							152,528
Total non-interest-bearing liabilities	1,562,413							1,593,241							1,262,881
Total liabilities	7,590,607							7,105,120							6,729,870
Stockholders’ equity	735,592							744,110							806,595
Total liabilities and stockholders' equity	$	8,326,199						$	7,849,230						$	7,536,465
Excess of average interest-earning assets over average interest-bearing liabilities	$	1,658,887						$	1,701,480						$	1,515,971
Net interest income				$	69,897						$	58,945						$	51,821
Net interest rate spread						3.33	%						3.07	%						2.79	%
Net interest margin (8)						3.61	%						3.28	%						2.94	%
Cost of total deposits (9)						0.83	%						0.48	%						0.44	%
Ratio of average interest-earning assets to average interest-bearing liabilities	127.52		%					130.87		%					127.73		%
Average non-performing loans/ Average total loans	0.42		%					0.56		%					1.94		%

	Nine Months Ended
	September 30, 2022					September 30, 2021
(in thousands, except percentages)	Average<br>Balances			Income/<br>Expense		Yield/<br>Rates		Average Balances		Income/ Expense		Yield/ Rates
Interest-earning assets:
Loan portfolio, net (1)(2)	$	5,718,264		$	194,631	4.55	%	5,527,228		$	159,576	3.86	%
Debt securities available for sale (3)(4)	1,130,231			23,371		2.76	%	1,202,191		19,943		2.22	%
Debt securities held to maturity (5)	176,462			3,605		2.73	%	89,298		1,291		1.93	%
Debt securities held for trading	67			3		5.99	%	172		4		3.11	%
Equity securities with readily determinable fair value not held for trading	8,615			—		—	%	24,084		225		1.25	%
Federal Reserve Bank and FHLB stock	50,118			1,690		4.51	%	54,291		1,687		4.15	%
Deposits with banks	247,401			2,102		1.14	%	217,611		189		0.12	%
Total interest-earning assets	7,331,158			225,402		4.11	%	7,114,875		182,915		3.44	%
Total non-interest-earning assets (6)	592,087							538,137
Total assets	$	7,923,245						7,653,012
Interest-bearing liabilities:
Checking and saving accounts -
Interest bearing DDA	$	1,769,001		$	6,258	0.47	%	1,298,674		$	383	0.04	%
Money market	1,293,748			5,639		0.58	%	1,302,431		2,695		0.28	%
Savings	321,634			80		0.03	%	323,785		39		0.02	%
Total checking and saving accounts	3,384,383			11,977		0.47	%	2,924,890		3,117		0.14	%
Time deposits	1,265,982			13,501		1.43	%	1,765,555		18,989		1.44	%
Total deposits	4,650,365			25,478		0.73	%	4,690,445		22,106		0.63	%
Securities sold under agreements to repurchase	20			—		—	%	147		1		0.91	%
Advances from the FHLB and other borrowings (7)	883,566			9,799		1.48	%	926,087		6,790		0.98	%
Senior notes	59,014			2,825		6.40	%	58,697		2,826		6.44	%
Subordinated notes	22,030			811		4.92	%	—		—		—	%
Junior subordinated debentures	64,178			2,002		4.17	%	64,178		1,831		3.81	%
Total interest-bearing liabilities	5,679,173			40,915		0.96	%	5,739,554		33,554		0.78	%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits	1,275,689							991,635
Accounts payable, accrued liabilities and other liabilities	209,123							129,407
Total non-interest-bearing liabilities	1,484,812							1,121,042
Total liabilities	7,163,985							6,860,596
Stockholders’ equity	759,260							792,416
Total liabilities and stockholders' equity	$	7,923,245
Excess of average interest-earning assets over average interest-bearing liabilities	$	1,651,985
Net interest income				$	184,487					$	149,361
Net interest rate spread						3.15	%					2.66	%
Net interest margin (8)						3.36	%					2.81	%
Cost of total deposits (9)						0.57	%					0.52	%
Ratio of average interest-earning assets to average interest-bearing liabilities	129.09		%					123.96	%
Average non-performing loans/ Average total loans	0.56		%					1.77	%

All values are in US Dollars.

___________

(1)    Includes loans held for investment net of the allowance for loan losses, and loans held for sale. The average balance of the allowance for loan losses was $51.9 million, $55.9 million and $100.7 million in the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, respectively, and $58.4 million and $107.5 million in the nine months ended September 30, 2022 and 2021, respectively. The average balance of total loans held for sale was $142.5 million, $112.2 million and $81.2 million in the three months ended September 30, 2022, June 30, 2022 and September 30, 2021, respectively, and $130.8 million and $27.5 million in the nine months ended September 30, 2022 and 2021, respectively.

(2) Includes average non-performing loans of $25.3 million, $32.7 million and $106.5 million for the three months ended September 30, 2022, June 30, 2022 and September 30, 2021, respectively, and $32.4 million and $99.8 million for the nine months ended September 30, 2022 and 2021, respectively.

(3)    Includes the average balance of net unrealized gains and losses in the fair value of debt securities available for sale. The average balance includes average unrealized net losses of $72.4 million and $58.0 million in the three months ended September 30, 2022, and June 30, 2022, respectively, and average unrealized net gains of $28.9 million in the three months ended September 30, 2021. The average balance also includes average net unrealized losses of $42.9 million in the nine months ended September 30, 2022, and average unrealized net gains of $28.7 million in the nine months ended September 30, 2021.

(4)    Includes nontaxable securities with average balances of $17.1 million, $14.8 million and $19.5 million for the three months ended September 30, 2022, June 30, 2022 and September 30, 2021, respectively, and $18.6 million and $46.8 million in the nine months ended September 30, 2022 and 2021, respectively. The tax equivalent yield for these nontaxable securities was 2.69%, 2.97% and 1.51% for the three months ended September 30, 2022, June 30, 2022 and September 30 2021, respectively, and 3.67% and 2.09% for the nine months ended September 30, 2022 and 2021, respectively. In 2022 and 2021, the tax equivalent yields were calculated by assuming a 21% tax rate and dividing the actual yield by 0.79.

(5)    Includes nontaxable securities with average balances of $41.9 million, $42.7 million and $65.1 million for the three months ended September 30, 2022, June 30, 2022 and September 30, 2021, respectively, and $42.9 million and $58.0 million in the nine months ended September 30, 2022 and 2021, respectively. The tax equivalent yield for these nontaxable securities was 3.48%, 3.31% and 2.37% for the three months ended September 30, 2022, June 30, 2022 and September30, 2021, respectively, and 3.31% and 2.32% for the nine months ended September 30, 2022 and 2021, respectively. In 2022 and 2021, the tax equivalent yields were calculated assuming a 21% tax rate and dividing the actual yield by 0.79.

(6)    Excludes the allowance for loan losses.

(7)    The terms of the FHLB advance agreements require the Bank to maintain certain investment securities or loans as collateral for these advances.

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

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

Exhibit 4 - Noninterest Income

This table shows the amounts of each of the categories of noninterest income for the periods presented.

	Three Months Ended								Nine Months Ended September 30,
	September 30, 2022				June 30, 2022					September 30, 2021	2022				2021
(in thousands, except percentages)	Amount		%		Amount		%				Amount		%		Amount		%		Amount		%
Deposits and service fees	$	4,629	29.0	%	$	4,577	35.4	%			$	4,303	32.0	%	$	13,826	32.2	%	$	12,693	29.3	%
Brokerage, advisory and fiduciary activities	4,619		29.0	%	4,439		34.3	%			4,595		34.2	%	13,654		31.8	%	13,629		31.5	%
Change in cash surrender value of bank owned life insurance (“BOLI”)(1)	1,352		8.5	%	1,334		10.3	%			1,369		10.2	%	4,028		9.4	%	4,093		9.5	%
Cards and trade finance servicing fees	622		3.9	%	508		3.9	%			541		4.0	%	1,720		4.0	%	1,268		2.9	%
Gain (loss) on early extinguishment of FHLB advances, net	—		—	%	2		—	%			—		—	%	(712)		(1.7)	%	(2,488)		(5.7)	%
Securities (losses) gains, net (2)	1,508		9.5	%	(2,602)		(20.1)	%			(54)		(0.4)	%	(325)		(0.8)	%	3,857		8.9	%
Derivative gains (losses), net (3)	(95)		(0.6)	%	855		6.6	%			—		—	%	(585)		(1.4)	%	—		—	%
Loan-level derivative income (4)	2,786		17.5	%	1,009		7.8	%			454		3.4	%	6,947		16.2	%	1,979		4.5	%
Other noninterest income (5)(6)	535		3.2	%	2,809		21.8	%			2,226		16.6	%	4,359		10.3	%	8,300		19.1	%
Total noninterest income	$	15,956	100.0	%	$	12,931	100.0	%			$	13,434	100.0	%	$	42,912	100.0	%	$	43,331	100.0	%

__________________

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

(2) Includes: (i) net gain on sale of debt securities of $22 thousand and $36 thousand in the three months ended September 30, 2022 and 2021, respectively, and (ii) unrealized gains of $1.5 million in the three months ended September 30, 2022, and unrealized losses of $2.6 million and $0.1 million in the three months ended June 30, 2022 and September 30, 2021, respectively, related to the change in fair value of marketable equity securities.

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

(4)    Income from interest rate swaps and other derivative transactions with customers. In the three months ended September 30, 2022 and June 30, 2022, the Company incurred expenses related to derivative transactions with customers of $1.8 million and $2.0 million, respectively, which are included as part of noninterest expenses under professional and other services fees. We had no expenses associated with derivative transactions with customers in the three months ended September 30, 2021.

(5)    Includes mortgage banking revenue related to Amerant Mortgage of $0.1 million, $2.4 million and $0.7 million in the three months ended September 30, 2022, June 30, 2022 and September 30, 2021, respectively, primarily consisting of gain on sale of loans, gain on loans market valuation, other fees and smaller sources of income. Other sources of income in the periods shown include from foreign currency exchange transactions with customers and valuation income on the investment balances held in the non-qualified deferred compensation plan.

(6)    Beginning in the three months ended March 31, 2022, rental income associated with the subleasing of portions of the Company’s headquarters building is presented as a reduction to rent expense under lease agreements under occupancy and equipment cost (included as part of other noninterest income in 2021 in connection with the previously-owned headquarters building). In the three months ended September 30, 2022, June 30, 2022 and September 30, 2021, rental income from subleases was $0.7 million, $0.7 million and $1.0 million, respectively.

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, 2022				June 30, 2022					September 30, 2021	2022					2021
(in thousands, except percentages)	Amount		%		Amount		%					Amount		%			Amount		%		Amount		%
Salaries and employee benefits (1)	$	30,109	53.7	%	$	30,212	48.5	%				$	29,053	60.0	%		$	90,724	50.6	%	$	86,276	60.3	%
Occupancy and equipment (2) (3)	6,559		11.7	%	7,760		12.5	%				4,769		9.9	%		21,044		11.8	%	14,599		10.2	%
Professional and other services fees (4) (5)	6,855		12.2	%	6,746		10.8	%				4,184		8.6	%		20,783		11.6	%	12,661		8.8	%
Telecommunications and data processing	3,861		6.9	%	3,214		5.2	%				3,810		7.9	%		11,113		6.2	%	11,052		7.7	%
Depreciation and amortization (6)	1,481		2.6	%	1,294		2.1	%				2,091		4.3	%		3,927		2.2	%	5,749		4.0	%
FDIC assessments and insurance	1,746		3.1	%	1,526		2.5	%				1,626		3.4	%		4,668		2.6	%	5,083		3.6	%
Loans held for sale valuation (reversal) expense (7)	—		—	%	(300)		(0.5)	%				—		—	%		159		0.1	%	—		—	%
Advertising expenses	2,066		3.7	%	3,253		5.2	%				776		1.6	%		8,291		4.6	%	1,919		1.3	%
Other real estate owned valuation expense (8)	234		0.4	%	3,174		5.1	%				—		—	%		3,408		1.9	%	—		—	%
Contract termination costs (9)	289		0.5	%	2,802		4.5	%				—		—	%		7,103		4.0	%	—		—	%
Other operating expenses (10)	2,913		5.2	%	2,560		4.1	%				2,095		4.3	%		7,952		4.4	%	5,815		4.1	%
Total noninterest expense (11)	$	56,113	100.0	%	$	62,241	100.0	%				$	48,404	100.0	%		$	179,172	100.0	%	$	143,154	100.0	%

___________

(1) Includes severance expense of $0.4 million, $0.7 million and $0.3 million in the three months ended September 30, 2022, June 30, 2022 and September 30, 2021, respectively, primarily in connection with the elimination of certain support functions in the third quarters of 2022 and 2021, and with the restructuring of business lines and the elimination of certain support functions in the second quarter of 2022.

(2) In the three months ended June 30, 2022, includes ROU asset impairment changes of $1.6 million in connection with the closure of a branch in Pembroke Pines, Florida in 2022.

(3) Beginning in the three months ended March 31, 2022, rental income associated with the subleasing of portions of the Company’s headquarters building is presented as a reduction to rent expense under lease agreements under occupancy and equipment cost (included as part of other noninterest income in 2021 in connection with the previously-owned headquarters building). In the three months ended September 30, 2022, June 30, 2022 and September 30, 2021, rental income from subleases was $0.7 million, $0.7 million and $1.0 million, respectively.

(4) In the three months ended September 30, 2022, includes additional expenses of $1.0 million related to the engagement of FIS. In the three months ended March 31, 2022, includes additional expenses of $1.2 million, including: (i) $0.8 million related to the engagement of FIS; (ii) $0.2 million in connection with certain search and recruitment expenses, and (iii) $0.1 million of costs associated with the subleasing of the New York office space.

(5) Other services fees include expenses of $1.8 million and $2.0 million in the three months ended September 30, 2022 and June 30, 2022, respectively, in connection with our loan-level derivative income generation activities. We had no expenses in connection with our loan-level derivative income generation activities in the three months ended September 30, 2021.

(6) In the three months ended September 30, 2021, includes $0.5 million of depreciation expense associated with the Company’s previously-owned headquarters building. No depreciation expense related to the headquarters building was recorded in the three months ended September 30, 2022 and June 30, 2022 as this property was sold and leased-back in the fourth quarter of 2021.

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

(8) Fair value adjustment related to one OREO property in New York.

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

(10)In all of the periods shown, includes charitable contributions, community engagement, postage and courier expenses, provisions for possible losses on contingent loans, and debits which mirror the valuation income on the investment balances held in the non-qualified deferred compensation plan in order to adjust the liability to participants of the deferred compensation plan.

(11)Includes $2.7 million, $3.7 million and $2.1 million in the three months ended September 30, 2022, June 30, 2022 and September 30, 2021, 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, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021
Assets							(audited)
Cash and due from banks	$	37,631	$	29,217	$	35,242	$	33,668	$	27,501
Interest earning deposits with banks	218,354		303,030		234,709		240,540		138,732
Restricted cash	46,149		21,808		6,243		—		—
Cash and cash equivalents	302,134		354,055		276,194		274,208		166,233
Securities
Debt securities available for sale	1,052,329		1,124,801		1,145,785		1,175,319		1,220,391
Debt securities held to maturity	234,317		238,621		112,008		118,175		130,543
Trading securities	112		103		—		—		194
Equity securities with readily determinable fair value not held for trading	12,232		10,767		13,370		252		23,870
Federal Reserve Bank and Federal Home Loan Bank stock	53,792		48,187		53,806		47,495		47,740
Securities	1,352,782		1,422,479		1,324,969		1,341,241		1,422,738
Loans held for sale, at lower of cost or fair value (1)	—		66,390		68,591		143,195		219,083
Mortgage loans held for sale, at fair value	57,591		54,863		17,108		14,905		5,812
Loans held for investment, gross	6,445,768		5,726,131		5,635,478		5,409,440		5,254,029
Less: Allowance for loan losses	53,711		52,027		56,051		69,899		83,442
Loans held for investment, net	6,392,057		5,674,104		5,579,427		5,339,541		5,170,587
Bank owned life insurance	227,034		225,682		224,348		223,006		221,640
Premises and equipment, net (2)	41,220		39,091		37,929		37,860		108,885
Deferred tax assets, net	45,791		33,265		22,119		11,301		9,861
Operating lease right-of-use assets (2)	141,453		139,358		139,477		141,139		51,530
Goodwill	19,506		19,506		19,506		19,506		19,506
Accrued interest receivable and other assets (3)	160,411		122,449		96,168		92,497		93,430
Total assets	$	8,739,979	$	8,151,242	$	7,805,836	$	7,638,399	$	7,489,305
Liabilities and Stockholders' Equity
Deposits
Demand
Noninterest bearing	$	1,318,960	$	1,298,954	$	1,318,294	$	1,183,251	$	1,210,154
Interest bearing	2,147,008		2,019,661		1,543,708		1,507,441		1,317,938
Savings and money market	1,735,713		1,629,830		1,581,412		1,602,339		1,655,495
Time	1,386,441		1,254,409		1,248,287		1,337,840		1,442,790
Total deposits	6,588,122		6,202,854		5,691,701		5,630,871		5,626,377
Advances from the Federal Home Loan Bank	981,005		830,524		980,047		809,577		809,095
Senior notes	59,131		59,052		58,973		58,894		58,815
Subordinated notes	29,241		29,199		29,156		—		—
Junior subordinated debentures held by trust subsidiaries	64,178		64,178		64,178		64,178		64,178
Operating lease Liabilities (2)	140,911		137,808		135,651		136,595		48,709
Accounts payable, accrued liabilities and other liabilities (4)	181,693		116,177		96,734		106,411		69,469
Total liabilities	8,044,281		7,439,792		7,056,440		6,806,526		6,676,643
Stockholders’ equity
Class A common stock	3,376		3,375		3,434		3,589		2,903
Class B common stock	—		—		—		—		847
Additional paid in capital	191,970		190,337		208,109		262,510		299,273
Retained earnings	588,495		570,588		565,963		553,167		489,854
Accumulated other comprehensive (loss) income	(86,208)		(50,959)		(24,424)		15,217		21,236
Total stockholders' equity before noncontrolling interest	697,633		713,341		753,082		834,483		814,113
Noncontrolling interest	(1,935)		(1,891)		(3,686)		(2,610)		(1,451)
Total stockholders' equity	695,698		711,450		749,396		831,873		812,662
Total liabilities and stockholders' equity	$	8,739,979	$	8,151,242	$	7,805,836	$	7,638,399	$	7,489,305

__________

(1) As of the third quarter of 2022, loans held for sale mainly consisted of residential mortgage loans. Prior periods included NYC CRE loans held for sale which were transferred to the loans held for investment category in the third quarter of 2022. As of June 30, 2022 and March 31, 2022, includes a valuation allowance of $0.2 million and $0.5 million, respectively, as a result of fair value adjustment.

(2) As of September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, includes the effect of the sale and lease back of the Company’s headquarters building in the fourth quarter of 2021. Consists of total long-term lease liabilities. Total short-term lease liabilities are included in other liabilities.

(3) As of September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, include derivative assets with a total fair value of $78.3 million, $39.8 million, $24.3 million, $21.9 million, and $24.8 million, respectively.

(4) As of September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, include derivatives liabilities with a total fair value of $78.4 million, $39.7 million, $25.3 million, $22.2 million and $25.5 million, respectively.

Exhibit 7 - Loans

Loans by Type - Held For Investment

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

(in thousands)	September 30,<br>2022		June 30,<br>2022		March 31,<br>2022		December 31,<br>2021		September 30,<br>2021
Real estate loans							(audited)
Commercial real estate
Non-owner occupied	$	1,600,281	$	1,530,293	$	1,570,006	$	1,540,590	$	1,593,664
Multi-family residential	779,456		532,066		540,726		514,679		504,337
Land development and construction loans	300,476		288,581		296,609		327,246		318,449
	2,680,213		2,350,940		2,407,341		2,382,515		2,416,450
Single-family residential	978,674		727,712		707,594		661,339		618,139
Owner occupied	992,948		954,538		927,921		962,538		936,590
	4,651,835		4,033,190		4,042,856		4,006,392		3,971,179
Commercial loans (1)	1,203,776		1,122,248		1,093,205		965,673		910,696
Loans to financial institutions and acceptances	13,271		13,250		13,730		13,710		13,690
Consumer loans and overdrafts (2)	576,886		557,443		485,687		423,665		358,464
Total loans	$	6,445,768	$	5,726,131	$	5,635,478	$	5,409,440	$	5,254,029

__________________

(1) As of September 30, 2022 and June 30, 2022, includes around $31.7 million and $9.9 million, respectively, in commercial loans and leases originated under a white-label equipment financing solution launched in the second quarter of 2022.

(2) As of September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2022 and September 30, 2021, includes $496.6 million, $477.3 million, $395.7 million, $297.0 million and $273.6 million, respectively, in consumer loans purchased under indirect lending programs. In addition, as of September 30, 2022, includes $6.3 million in consumer loan originated under a white-label program.

Loans by Type - Held For Sale

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

(in thousands)	September 30,<br>2022		June 30,<br>2022		March 31,<br>2022		December 31,<br>2021		September 30,<br>2021
Loans held for sale at the lower of cost or fair value							(audited)
Real estate loans
Commercial real estate
Non-owner occupied	$	—	$	44,568	$	46,947	$	110,271	$	160,034
Multi-family residential	—		20,684		20,796		31,606		57,725
	—		65,252		67,743		141,877		217,759
Owner occupied	—		1,297		1,306		1,318		1,324
Total real estate loans	—		66,549		69,049		143,195		219,083
Less: valuation allowance	—		159		458		—		—
Total loans held for sale at the lower of cost or fair value (1)	—		66,390		68,591		143,195		219,083
Loans held for sale at fair value
Land development and construction loans	5,560		2,366		836		—		—
Single-family residential	52,031		52,497		16,272		14,905		5,812
Total loans held for sale at fair value (2)	57,591		54,863		17,108		14,905		5,812
Total loans held for sale (3)	$	57,591	$	121,253	$	85,699	$	158,100	$	224,895

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(1) As of the third quarter of 2022, loans held for sale mainly consisted of residential mortgage loans and the NYC CRE loans held for sale were transferred to the loans held for investment category. During the three months ended March 31, 2022 and December 31, 2021, the Company sold $57.3 million and $49.4 million in loans held for sale carried at the lower of cost or estimated fair value related to the New York portfolio. There were no sales of loans in this portfolio during the three months ended September 30, 2022 and June 30, 2022.

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

(3) Remained current and in accrual status at each of the periods shown.

Non-Performing Assets

This table shows a summary of our non-performing assets by loan class, which includes non-performing loans and other real estate owned, or OREO, at the dates presented. Non-performing loans consist of (i) nonaccrual loans; (ii) accruing loans 90 days or more contractually past due as to interest or principal; and (iii) restructured loans that are considered TDRs.

(in thousands)	September 30,<br>2022		June 30,<br>2022		March 31,<br>2022		December 31,<br>2021		September 30,<br>2021
Non-Accrual Loans(1)							(audited)
Real Estate Loans
Commercial real estate (CRE)
Non-owner occupied	$	—	$	1,251	$	12,825	$	7,285	$	28,507
Multi-family residential	—		—		—		—		—
	—		1,251		12,825		7,285		28,507
Single-family residential	1,465		2,755		3,717		5,126		6,344
Owner occupied	6,357		9,558		10,770		8,665		11,040
	7,822		13,564		27,312		21,076		45,891
Commercial loans (2) (3)	9,715		8,987		19,178		28,440		36,500
Consumer loans and overdrafts	947		2,398		468		257		353
Total Non-Accrual Loans	$	18,484	$	24,949	$	46,958	$	49,773	$	82,744
Past Due Accruing Loans(4)
Real Estate Loans
Commercial real estate (CRE)
Single-family residential	4		162		—		—		4
Commercial	245		—		—		—		—
Consumer loans and overdrafts	7		42		10		8		1
Total Past Due Accruing Loans	256		204		10		8		5
Total Non-Performing Loans	18,740		25,153		46,968		49,781		82,749
Other Real Estate Owned	6,312		6,545		9,720		9,720		9,800
Total Non-Performing Assets	$	25,052	$	31,698	$	56,688	$	59,501	$	92,549

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(1)    Includes loan modifications that met the definition of TDRs which may be performing in accordance with their modified loan terms. As of June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, non-performing TDRs include $8.3 million, $8.6 million, $9.1 million and $9.3 million, respectively, in a multiple loan relationship to a South Florida borrower. In the third quarter of 2022, this loan relationship was upgraded and placed back in accrual status.

(2)    As of March 31, 2022, December 31, 2021 and September 30, 2021, includes $9.1 million, $9.1 million and $13.9 million, respectively, in a commercial relationship placed in nonaccrual status during the second quarter of 2020. During the third quarters of 2021 and 2020, the Company charged off $5.7 million and $19.3 million, respectively, against the allowance for loan losses as result of the deterioration of this commercial relationship. In addition, in connection with this loan relationship, the Company collected a partial principal payment of $4.8 million in the fourth quarter of 2021. Furthermore, in the second quarter of 2022, the Company collected an additional partial principal payment of $5.5 million and charged off the remaining balance of $3.6 million against the allowance for loans losses. Therefore, as of September 30, 2022 and June 30, 2022, there were no outstanding balances associated with this loan relationship.

(3)    In the first quarter of 2022, the Company collected a partial payment of around $9.8 million on one commercial nonaccrual loan of $12.4 million. Also, in the first quarter of 2022, the Company charged-off the remaining balance of this loan of $2.5 million against its specific reserve at December 31, 2021.

(4)    Loans past due 90 days or more but still accruing.

Loans by Credit Quality Indicators

This table shows the Company’s loans by credit quality indicators. The Company has not purchased credit-impaired loans.

	September 30, 2022								June 30, 2022								September 30, 2021
(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	$	37,364	$	—	$	—	$	37,364	$	29,799	$	—	$	1,257	$	31,056	$	31,269	$	25,332	$	3,175	$	59,776
Multi-family residential	—		—		—		—		—		—		—		—		—		—		—		—
Land development <br>and <br>construction<br> loans	—		—		—		—		—		—		—		—		—		—		—		—
	37,364		—		—		37,364		29,799		—		1,257		31,056		31,269		25,332		3,175		59,776
Single-family residential	—		1,717		—		1,717		—		3,011		—		3,011		—		6,368		—		6,368
Owner occupied	—		6,445		—		6,445		—		9,649		—		9,649		7,473		11,136		—		18,609
	37,364		8,162		—		45,526		29,799		12,660		1,257		43,716		38,742		42,836		3,175		84,753
Commercial loans (2)	1,800		10,942		3		12,745		7,873		9,663		604		18,140		38,522		22,471		15,404		76,397
Consumer loans and <br>overdrafts	—		947		—		947		—		2,398		—		2,398		—		356		—		356
	$	39,164	$	20,051	$	3	$	59,218	$	37,672	$	24,721	$	1,861	$	64,254	$	77,264	$	65,663	$	18,579	$	161,506

__________

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

(2) Loan balances as of September 30, 2021 include $13.9 million in a commercial relationship placed in nonaccrual status and downgraded during the second quarter of 2020. As of September 30, 2021, Substandard loans include $7.3 million and doubtful loans include $6.6 million, related to this commercial relationship. During the third quarters of 2021 and 2020, the Company charged off $5.7 million and $19.3 million, respectively, against the allowance for loan losses as result of the deterioration of this commercial relationship. In addition, in connection with this loan relationship, the Company collected a partial principal payment of $4.8 million in the fourth quarter of 2021. Furthermore, in the second quarter of 2022, the Company collected an additional partial principal payment of $5.5 million and charged off the remaining balance of $3.6 million against the allowance for loans losses. Therefore, as of September 30, 2022 and June 30, 2022, there were no outstanding balances associated with this loan relationship.

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, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021
Domestic	$	4,166,281	$	3,722,433	$	3,180,112	$	3,137,258	$	3,090,563
Foreign:
Venezuela	1,931,330		1,964,796		2,004,305		2,019,480		2,054,149
Others	490,511		515,625		507,284		474,133		481,665
Total foreign	2,421,841		2,480,421		2,511,589		2,493,613		2,535,814
Total deposits	$	6,588,122	$	6,202,854	$	5,691,701	$	5,630,871	$	5,626,377

24

meidmasterearningsdeck3q

Earnings Call October 21, 2022 Third Quarter 2022

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2 Forward-Looking Statements This presentation contains “forward-looking statements” including statements with respect to the Company’s objectives, expectations and intentions and other statements that are not historical facts. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target,” “goals,” “outlooks,” “modeled,” “dedicated,” “create,” and other similar words and expressions of the future. Forward-looking statements, including those relating to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the Company’s actual results, performance, achievements, or financial condition to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not rely on any forward- looking statements as predictions of future events. You should not expect us to update any forward-looking statements, except as required by law. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in “Risk factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2021, our quarterly reports on Form 10-Q for the quarter ended March 31, 2022 and June 30, 2022, 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, 2022 and 2021, may not reflect our results of operations for our fiscal year ending, or financial condition as of December 31, 2022, or any other period of time or date. Non-GAAP Financial Measures The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) with non- GAAP financial measures, such as “pre-provision net revenue (PPNR)”, “core pre-provision net revenue (Core PPNR)”, “core noninterest income”, “core noninterest expenses”, “core net income (loss)”, “core earnings (loss) 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” and they should not be considered in isolation or as a substitute for the GAAP measures presented herein. We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our businesses. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance, especially in light of the additional costs we have incurred in connection with the Company’s restructuring activities that began in 2018 and continued in 2022, including the effect of non-core banking activities such as the sale of loans and securities, the valuation of securities, derivatives, loans held for sale and other real estate owned, the sale of our corporate headquarters in the fourth quarter of 2021, and other non-routine actions intended to improve customer service and operating performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies. Appendix 1 reconciles these non-GAAP financial measures to reported results. Important Notices and Disclaimers

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3Performance Highlights 3Q22 Business • Net income attributable to the Company of $20.9 million in 3Q22, up $13.2 million, or 172.6%, compared to $7.7 million in 2Q22 • Core pre-provision net revenue (Core PPNR)(1) was $30.3 million, up $10.9 million, or 55.9%, in 3Q22 compared to $19.4 million in 2Q22 • Diluted earnings per share (EPS) was $0.62 in 3Q22 compared to $0.23 in 2Q22 • Core diluted EPS(1) was $0.63 for 3Q22 compared to $0.45 for 2Q22 • Net Interest Margin (“NIM”) increased to 3.61% in 3Q22 compared to 3.28% in 2Q22 • Total assets increased $588.7 million, or 7.22%, to $8.7 billion compared to $8.2 billion as of the close of 2Q22 • Total gross loans increased $656.0 million, or 11.2%, to $6.50 billion compared to $5.85 billion in 2Q22 • Average yield on loans increased to 5.06% in 3Q22 compared to 4.38% in 2Q22 • Total deposits as of 3Q22 were $6.59 billion, up $385.3 million, or 6.2% compared to $6.20 billion in 2Q22 • Average cost of total deposits increased to 0.83% in 3Q22 compared to 0.48% in 2Q22 • Core deposits were $5.20 billion, up $253.2 million, or 5.1%, compared to $4.95 billion as of 2Q22 • Loan to deposit ratio increased to 98.71% compared to 94.27% in 2Q22 • AUM totaled $1.81 billion, down $56.8 million, or 3.0%, from 2Q22, reflective of market declines in value Earnings (1) Non-GAAP Financial Measure. See Slide 4 and Appendix 1 for a reconciliation to GAAP measures. Capital • All capital ratios continue to be substantially above "well-capitalized" levels • Cash dividend of $0.09 per share of Amerant common stock paid out on August 31, 2022

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4Core PPNR(1) - 3Q22 (1) Non-GAAP Financial Measure ( 3Q22 2Q22 Net income attributable to Amerant Bancorp Inc. $ 20,920 $ 7,674 Plus: provision for loan losses 3,000 — Plus: provision for income tax expense 5,864 2,033 Pre-provision net revenue (PPNR) (1) $ 29,784 $ 9,707 Plus: non-routine noninterest expense items 1,954 7,995 (Less) Plus: non-routine noninterest income items (1,413) 1,745 Core pre-provision net revenue (Core PPNR)(1) $ 30,325 $ 19,447 (in thousands) Significantly reduced number of non-recurring items in 3Q22 compared to 2Q22

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5Key Actions of Note in 3Q22 • Reduced non-performing loans (“NPL”) to $18.7 million as of 3Q22 compared to $25.2 million as of 2Q22 • Sold NYC OREO of $6.1 million in October further reducing non performing assets post quarter end • Banking center updates: – Opened new Hialeah, FL location (branch relocation) – Received Office of the Comptroller of the Currency (OCC) approval to open a new full-service branch in Key Biscayne, FL - Estimated opening 1Q23 – Closed Pembroke Pines, FL location on 10/17/22, as previously announced – Opening in University Place in Houston on 10/31/22 – closing South Shepherd branch – Downtown Miami location now expected for 1Q23 • Continued to add business development personnel in Tampa (C&I), South Florida (Treasury Management, Private Banking, Commercial Banking and Retail Banking) and Houston (Retail)

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6 86.59% 65.36% 2Q22 3Q22 20.9% 20.0% 2Q22 3Q22 11.99% 11.34% 2Q22 3Q22 3.28% 3.61% 2Q22 3Q22 Key Performance Metrics NIB Deposits/ Total Deposits Tier 1 Capital Ratio Net Interest Margin Efficiency Ratio (1) Calculated based upon the average daily balance of total assets (2) Calculated based upon the average daily balance of stockholders' equity (3) Excludes loans held for sale (4) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP measures. 0.91% 0.83% 2Q22 3Q22 ALL / Total Loans held for investment (3) 0.39% 1.00% 2Q22 3Q22 ROA (1) 4.14% 11.28% 2Q22 3Q22 Excluding one-time items ($2.0 million in non-routine expenses and $1.4 million in non-routine noninterest income items in 3Q22), the core metrics were as follows during 3Q22: • Core Efficiency Ratio(4) was 64.14% compared to 73.68% in 2Q22 • Core ROA(4) was 1.01% compared to 0.78% in 2Q22 • Core ROE(4) was 11.47% compared to 8.28% in 2Q22 ROE (2)

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7Amerant Mortgage ("AMTM") • During 2022, the Company has purchased $297.9 million in loans through Amerant Mortgage, which includes loans originated and purchased from different channels • The current pipeline shows $51.3 million or 79 applications as of October 12, 2022 Data as of September 30, 2022 In Thousands, except FTEs and Loan Count Highlights (1) These are intercompany transactions with the Bank which are eliminated in consolidation. (2) These exclude third party purchases. ( 3Q21 4Q21 1Q22 2Q22 3Q22 Gross Profit $ 600 $ 470 $ 275 $ 2,040 $ 840 Operating Expenses 2,134 2,914 2,955 2,869 2,253 Personnel 1,896 2,448 2,602 2,511 1,955 Other Operational 238 466 353 358 298 Loss from Operations $ (1,534) $ (2,445) $ (2,679) $ (829) $ (1,413) (Loss) income from affiliate, net (1) 241 78 483 735 1,194 Loss from operations excluding (loss) income from affiliate (1,293) (2,367) (2,196) (94) (219) MSR income from affiliate(1) 213 177 665 520 1,019 Net (Loss) Income (stand-alone) $ (1,080) $ (2,190) $ (1,531) $ 426 $ 800 Minority Interest Attributable to AMTB (1) $ (633) $ (1,160) $ (1,076) $ (72) $ (44) Total FTEs 52 72 79 66 67 Applications Received (2) 108 166 292 285 221 Loans Originated/Closed (2) 39 61 156 253 173

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8 83.9% 16.1% U.S. Gov't sponsored enterprises 37.5% U.S. Gov't agency 32.0% Collateralized loan obligations 0.5% Corporate debt 29.7% Other 0.3% $1,220.4 $1,124.8 $1,052.3 $130.5 $238.6 $234.3 $23.9 $10.8 $12.2 2.25% 2.64% 3.01% 3Q21 2Q22 3Q22 0 500 1,000 1,500 88.9% 11.1% • Effective duration increased vs. 2Q22 due to expected and actual lower MBS prepayments resulting from increase in market interest rates • Valuation of debt securities available for sale decreased by $35.0 million after-tax in 3Q22 driven by the increase in long term interest rates Investment Portfolio Balances and Yields (1) Available for Sale (AFS) Held to Maturity (HTM) Highlights Fixed vs. Floating (3) Sep. 2021 Sep. 2022 Floating rate Fixed rate Available for Sale Securities by Type September 30, 2022 3.7 yrs Effective Duration ($ in millions) Marketable Equity Securities (2) (1) Excludes Federal Reserve Bank and FHLB stock (2) During the 4Q21, the Company sold a mutual fund with a fair value of $23.4 million at the time of sale. (3) Hybrid investments are classified based on current rate (fixed or float) Yield 5.0 yrs Effective Duration

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9 48.1% 45.3% 43.3% 41.4% 41.3% 16.9% 17.6% 19.3% 19.4% 18.7% 17.1% 17.3% 16.2% 16.3% 15.3% 11.4% 12.2% 12.7% 13.3% 15.8% 6.5% 7.6% 8.5% 9.6% 8.9% 3.92% 4.10% 4.16% 4.38% 5.06% 3Q21 4Q21 1Q22 2Q22 3Q22 68.3% 69.8% 71.3% 71.7% 71.6% 17.2% 18.4% 19.4% 19.3% 20.6% 11.4% 8.8% 6.5% 6.1% 5.3% 3.1% 3.0% 2.9% 2.9% 2.5% 3Q21 4Q21 1Q22 2Q22 3Q22 Consumer CRE Commercial and FI & Acceptances Owner Occupied Single Family Residential Loan Portfolio Highlights Loan Composition (1)(2) Geographic Mix (Domestic) • Consumer loans include approximately $496.6 million in higher-yielding indirect loans in 3Q22 compared to approximately $477.3 million in 2Q22 • Loans held for sale comprised of $57.6 million in mortgage loans (AMTM) (1) Florida Texas New York Average Loan Yield Other (3) (1) Includes loans held for investment and loans held for sale (2) As of the third quarter of 2022, loans held for sale mainly consisted of residential mortgage loans and the NYC CRE loans held for sale were transferred to the loans held for investment category. As of June 30, 2022 and March 31, 2022, includes a valuation allowance of $0.2 million and $0.5 million, respectively, as a result of fair value adjustment. (3) Consists of international loans

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10 $83.4 $69.9 $56.1 $52.0 $53.71.59% 1.29% 0.99% 0.91% 3Q21 4Q21 1Q22 2Q22 3Q22 1.16% 0.52% 0.29% 0.29% 0.09% 3Q21 4Q21 1Q22 2Q22 3Q22 • Recorded provision for loan losses of $3.0 million in 3Q22, compared to no provision for loan losses or release from the ALL in 2Q22 • Net charge-offs totaled $1.3 million in 3Q22 primarily related to consumer loans Net Charge-Offs / Average Total Loans (2)(3) Credit Quality Allowance for Loan Losses ($ in millions) Non-Performing Assets (1) / Total Assets Allowance for Loan Losses / Total NPL Allowance for Loan Losses ALL as a % of Total Loans held for investment (1) Non-performing assets include accruing loans past due by 90 days or more, all nonaccrual loans, restructured loans that are considered TDRs, and OREO properties acquired through or in lieu of foreclosure. (2) 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 loan losses. During the second quarter of 2022 and third quarter of 2021 the Company charged off $3.6 million and $5.7 million, respectively, against the allowance for loan losses as a result of the deterioration of one commercial loan relationship. (3) Average Total Loans exclude loans held for sale. 1.24% 0.78% 0.73% 0.39% 0.29% 3Q21 4Q21 1Q22 2Q22 3Q22 1.0x 1.4x 1.2x 2.1x 2.9x 3Q21 4Q21 1Q22 2Q22 3Q22 0.83%

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11 $5,626 $5,631 $5,692 $6,203 $6,588 $2,875 $3,013 $3,076 $3,601 $3,839$1,107 $1,048 $951 $937 $926 $433 $387 $347 $366 $504 $1,211 $1,183 $1,318 $1,299 $1,319 0.44% 0.41% 0.38% 0.48% 0.83% 3Q21 4Q21 1Q22 2Q22 3Q22 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 $2,635 $2,529 $2,494 $2,422 2019 2020 2021 3Q22 $3,122 $3,203 $3,137 $4,166 2019 2020 2021 3Q22 Domestic Deposits ($ in millions) Deposit Highlights Deposit Composition 63% International Deposits ($ in millions) Mix by Country of Domicile Transaction Deposits Customer CDs Brokered Deposits (1) Cost of total Deposits (2) ($ in millions, except for percentages) 37% (1) 3Q22, 2Q22, 1Q22, 4Q21 and 3Q21 include brokered transaction deposits of $44 million, $48 million, $50 million, $98 million and $97 million respectively, and brokered time deposits of $460 million, $318 million, $297 million, $290 million and $336 million respectively. (2) Annualized and calculated based upon the average daily balance of total deposits. Noninterest Bearing Demand Deposits

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12 $51.8 $55.8 $55.6 $58.9 $69.9 2.94% 3.17% 3.18% 3.28% 3.61% Net Interest Income NIM 3Q21 4Q21 1Q22 2Q22 3Q22 0 10 20 30 40 50 60 70 NII increase in 3Q22 was driven by: • Higher average yields on all interest- earning assets driven by the effect of a total increase of 300 basis points YTD in the Federal Reserve’s benchmark rate • Higher average balance of CRE and single-family residential loans • Changes in deposit rates being managed via specific allowances curtailing increase in cost of deposits during 3Q22 Net Interest Income and NIM Net Interest Income (NII) and NIM (%) Commentary ($ in millions, except for percentages)

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13 304 317 325 335 344 -100 bps -50 bps BASE +50 bps +100 bps 250 300 350 400 (September 30, 2022) Fixed 48% Adjustable 52% Interest Rate Sensitivity By Interest TypeBy Rate Type By Repricing Term (1) NII and percentage change represents the base scenario of net interest income. The base scenario assumes (i) flat interest rates over the next 12 months, (ii) that total financial instrument balances are kept constant over time and (iii) that interest rate shocks are instant and parallel to the yield curve. Loan Portfolio & Repricing Detail Impact on NII from Interest Rate Change (1) Net Interest Income Change from base <1 year 62% 1-3 years 6% 4-5 years 6% 5+ years 26% ($ in M ill io ns ) (As of September 30, 2022) Swap 2% Fixed 48% UST 2% Libor 24% Prime 11% SOFR 13% NII Sensitivity Over Time (1) -6.4% -2.6% 0% 6.0% 3.1% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Rates UP 100 9,192 7,471 7,009 9,441 17,480 25,662 19,443 UP 100 % Change 4% 4% 3% 4% 8% 10% 6% Rates UP 200 14,387 11,243 9,411 14,442 29,214 42,223 29,222 UP 200 % Change 7% 5% 4% 7% 13% 16% 9%

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14 $14.0 $16.0 $13.4 $12.9 $4.3 $4.5 $4.6 $4.6 $4.6 $4.6 $5.0 $4.6 $4.3 $4.6 $0.8 $(2.6) $1.5 $4.0 $3.4 $2.1 $4.7 $2.5 $0.5 $3.2 $1.0 $2.8 $(1.3) $0.9 3Q21 4Q21 1Q22 2Q22 3Q22 0 10 20 30 11% 89% 12.5% 87.5% Noninterest Income Mix Noninterest Income Mix Commentary Noninterest income increase in 3Q22 was driven by: • Net unrealized gains on marketable securities holdings of $1.5 million in 3Q22, compared to net unrealized losses of $2.6 million in 2Q22 • An increase of $1.8 million in fee income from client derivatives • An increase of $0.2 million in total brokerage and advisory and fiduciary fees, primarily driven by higher securities trading revenues given market volatility Assets Under Management/Custody Deposits and service fees Brokerage, advisory and fiduciary activities Other noninterest income $1.8B Domestic International 3Q223Q21 $2.2B ($ in millions) Securities gains (losses), net (1) In 4Q21, we had a $62.4 million gain on the sale of the Company’s headquarters building. (2) Income from interest rate swaps and other derivative transactions with customers. In 3Q22 and 2Q22, the Company incurred in expenses related to derivative transactions with customers of $1.8 million and $2.0 million, respectively. (3) Unrealized gains (losses) related to the valuation of uncovered interest rate swaps with clients. In 3Q22, we had derivative losses of $0.1 million compared to derivative gains of $0.9 million in 2Q22. Gain on sale of Headquarters Building (1)Loan-related derivative income (2) Derivative (losses) gains, net (3) $77.3 $2.0 $62.4

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15 • Noninterest expense decreased in 3Q22 primarily due to the absence of: – $3.2 million related to an OREO valuation in New York – $1.6 million impairment charge related to the closing of a banking center and lower: – expenses in connection with the upcoming transition to FIS by $2.5 million – advertising expenses by $1.2 million – severance and other compensation expenses by $0.8MM • Core noninterest expense(1), excluding $2.0 million in non-routine items, was $54.2 million in 3Q22 $48.4 $55.1 $60.8 $62.2 $56.1 $29.1 $31.3 $30.4 $30.2 $30.1 $19.3 $23.8 $30.4 $32.0 $26.0 733 763 677 680 681 3Q21 4Q21 1Q22 2Q22 3Q22 10 20 30 40 50 60 70 Noninterest Expense Noninterest Expense Mix Commentary Other operating expenses Salaries and employee benefits FTE ($ in millions, except for FTEs) FTEs by company 3Q21 4Q21 1Q22 2Q22 3Q22 Amerant Bank and other subisdiaries 681 691 598 613 614 Amerant Mortgage 52 72 79 67 67 TOTAL 733 763 677 680 681 Effective January 1, 2022, 80 employees were transferred to FIS (1) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP.

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Closing Remarks

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17Appendix 1 Non-GAAP Financial Measures Reconciliations The following table sets forth selected financial information derived from the Company’s interim unaudited and annual audited consolidated financial statements, adjusted for certain costs incurred by the Company in the periods presented related to tax deductible restructuring costs, provision for (reversal of) loan losses, provision for income tax expense (benefit), the effect of non-core banking activities such as the sale of loans and securities, the valuation of securities, derivatives, loans held for sale and other real estate owned, and other non-routine actions intended to improve customer service and operating performance. The Company believes these adjusted numbers are useful to understand the Company’s performance absent these transactions and events. Three Months Ended, Nine Months Ended September 30, ($ in thousands) September 30, 2022 June 30, 2022 September 30, 2021 2022 2021 Net income attributable to Amerant Bancorp Inc. $ 20,920 $ 7,674 $ 17,031 $ 44,544 $ 47,452 Plus: provision for (reversal of) loan losses 3,000 — (5,000) (7,000) (10,000) Plus: provision for income tax expense 5,864 2,033 5,454 11,875 13,537 Pre-provision net revenue (PPNR) 29,784 9,707 17,485 49,419 50,989 Plus: non-routine noninterest expense items 1,954 7,995 758 16,523 5,162 (Less) Plus: non-routine noninterest income items (1,413) 1,745 54 1,699 (5,155) Core pre-provision net revenue (Core PPNR) $ 30,325 $ 19,447 $ 18,297 $ 67,641 $ 50,996 Total noninterest income $ 15,956 $ 12,931 $ 13,434 $ 42,912 $ 43,331 Less: Non-routine noninterest income items: Derivatives (losses) gains, net (95) 855 — (585) — Securities gains (losses), net 1,508 (2,602) (54) (325) 3,857 Gain (loss) on early extinguishment of FHLB advances, net — 2 — (712) (2,488) Gain (loss) on sale of loans — — — (77) 3,786 Total non-routine noninterest income items $ 1,413 $ (1,745) $ (54) $ (1,699) $ 5,155 Core noninterest income $ 14,543 $ 14,676 $ 13,488 $ 44,611 $ 38,176

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18 Three Months Ended, Nine Months Ended September 30, ($ in thousands) September 30, 2022 June 30, 2022 September 30, 2021 2022 2021 Total noninterest expenses $ 56,113 $ 62,241 $ 48,404 $ 179,172 $ 143,154 Less: non-routine noninterest expense items Restructuring costs (1) Staff reduction costs (2) 358 674 250 1,797 3,578 Contract termination costs (3) 289 2,802 — 7,103 — Legal and Consulting fees (4) 1,073 80 412 2,399 412 Digital transformation expenses — — 96 45 362 Lease impairment charge (5) — 1,565 — 1,579 810 Branch closure expenses (6) — — — 33 — Total restructuring costs $ 1,720 $ 5,121 $ 758 $ 12,956 $ 5,162 Other non-routine noninterest expense items: Other real estate owned valuation expense (7) 234 3,174 — 3,408 — Loans held for sale valuation (reversal) expense (8) — (300) — 159 — Total non-routine noninterest expense items $ 1,954 $ 7,995 $ 758 $ 16,523 $ 5,162 Core noninterest expenses $ 54,159 $ 54,246 $ 47,646 $ 162,649 $ 137,992 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont’d)

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19Appendix 1 Non-GAAP Financial Measures Reconciliations (cont’d) Three Months Ended, Nine Months Ended September 30, (in thousands, except percentages and per share amounts) September 30, 2022 June 30, 2022 September 30, 2021 2022 2021 Net income attributable to Amerant Bancorp Inc. $ 20,920 $ 7,674 $ 17,031 $ 44,544 $ 47,452 Plus after-tax non-routine items in noninterest expense: Non-routine items in noninterest expense before income tax effect 1,954 7,995 758 16,523 5,162 Income tax effect (9) (478) (1,687) (229) (3,552) (1,174) Total after-tax non-routine items in noninterest expense 1,476 6,308 529 12,971 3,988 Plus (less) after-tax non-routine items in noninterest income: Non-routine items in noninterest income before income tax effect (1,413) 1,745 54 1,699 (5,155) Income tax effect (9) 292 (369) 55 (365) 1,172 Total after-tax non-routine items in noninterest income (1,121) 1,376 109 1,334 (3,983) Core net income $ 21,275 $ 15,358 $ 17,669 $ 58,849 $ 47,457 Basic earnings per share $ 0.62 $ 0.23 $ 0.46 $ 1.31 $ 1.27 Plus: after tax impact of non-routine items in noninterest expense 0.04 0.19 0.02 0.38 0.11 (Less) Plus: after tax impact of non-routine items in noninterest income (0.02) 0.04 — 0.04 (0.11) Total core basic earnings per common share $ 0.64 $ 0.46 $ 0.48 $ 1.73 $ 1.27 Diluted earnings per share (10) $ 0.62 $ 0.23 $ 0.45 $ 1.30 $ 1.26 Plus: after tax impact of non-routine items in noninterest expense 0.04 0.18 0.02 0.39 0.11 (Less) Plus: after tax impact of non-routine items in noninterest income (0.03) 0.04 — 0.03 (0.11) Total core diluted earnings per common share $ 0.63 $ 0.45 $ 0.47 $ 1.72 $ 1.26 Net income / Average total assets (ROA) 1.00 % 0.39 % 0.90 % 0.75 % 0.83 % Plus: after tax impact of non-routine items in noninterest expense 0.07 % 0.32 % 0.02 % 0.22 % 0.07 % (Less) Plus: after tax impact of non-routine items in noninterest income (0.06) % 0.07 % 0.01 % 0.02 % (0.07) % Core net income / Average total assets (Core ROA) 1.01 % 0.78 % 0.93 % 0.99 % 0.83 %

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20Appendix 1 Non-GAAP Financial Measures Reconciliations (cont’d) Three Months Ended, Nine Months Ended September 30, (in thousands, except percentages, share data and per share amounts) September 30, 2022 June 30, 2022 September 30, 2021 2022 2021 Net income / Average stockholders' equity (ROE) 11.28 % 4.14 % 8.38 % 7.84 % 8.01 % Plus: after tax impact of non-routine items in noninterest expense 0.80 % 3.40 % 0.26 % 2.28 % 0.67 % (Less) Plus: after tax impact of non-routine items in noninterest income (0.61) % 0.74 % 0.05 % 0.24 % (0.67) % Core net income / Average stockholders' equity (Core ROE) 11.47 % 8.28 % 8.69 % 10.36 % 8.01 % Efficiency ratio 65.36 % 86.59 % 74.18 % 78.79 % 74.29 % Less: impact of non-routine items in noninterest expense (2.28) % (11.12) % (1.16) % (7.26) % (2.68) % Plus (Less): impact of non-routine items in noninterest income 1.06 % (1.79) % (0.07) % (0.53) % 1.97 % Core efficiency ratio 64.14 % 73.68 % 72.95 % 71.00 % 73.58 % Stockholders' equity $ 695,698 $ 711,450 $ 812,662 $ 695,698 $ 812,662 Less: goodwill and other intangibles (11) (22,814) (22,808) (22,529) (22,814) (22,529) Tangible common stockholders' equity $ 672,884 $ 688,642 $ 790,133 $ 672,884 $ 790,133 Total assets 8,739,979 8,151,242 7,489,305 8,739,979 7,489,305 Less: goodwill and other intangibles (11) (22,814) (22,808) (22,529) (22,814) (22,529) Tangible assets $ 8,717,165 $ 8,128,434 $ 7,466,776 $ 8,717,165 $ 7,466,776 Common shares outstanding 33,773,249 33,759,604 37,487,339 33,773,249 37,487,339 Tangible common equity ratio 7.72 % 8.47 % 10.58 % 7.72 % 10.58 % Stockholders' book value per common share $ 20.60 $ 21.07 $ 21.68 $ 20.60 $ 21.68 Tangible stockholders' book value per common share $ 19.92 $ 20.40 $ 21.08 $ 19.92 $ 21.08

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21Appendix 1 Non-GAAP Financial Measures Reconciliations (cont’d) (1) Expenses incurred for actions designed to implement the Company’s strategy. These actions include, but are not limited to reductions in workforce, streamlining operational processes, rolling out the Amerant brand, implementation of new technology system applications, decommissioning of legacy technologies, enhanced sales tools and training, expanded product offerings and improved customer analytics to identify opportunities. (2) In the third quarters of 2022 and 2021, includes expenses primarily in connection with the elimination of certain support functions. In the second quarter of 2022, includes expenses primarily in connection with the restructuring of business lines. (3) Contract termination and related costs associated with third party vendors resulting from the Company’s engagement of FIS. (4) Includes: (i) expenses in connection with the engagement of FIS of $1.0 million and $0.2 million in the three months ended September 30, 2022 and September 30, 2021, respectively; and (ii) expenses in connection with the Merger and related transactions of $0.2 million in the three months ended September 30, 2021, respectively. (5) In the three months ended June 30, 2022, includes $1.6 million of ROU asset impairment associated with the closure of a branch in Pembroke Pines, Florida in 2022. (6) Expenses related to the branch lease termination in Wellington, Florida in 2022. (7) Fair value adjustment related to one OREO property in New York. (8) Fair value adjustment related to the New York loan portfolio held for sale carried at the lower of cost or fair value. (9) In the nine months ended September 30, 2022 and 2021, amounts were calculated based upon the effective tax rate for the periods of 21.50% and 22.74%, respectively. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect. (10) In the three months ended September 30, 2022, June 30, 2022, and September 30, 2021, potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance stock units. In all the periods presented, potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share in those periods, fewer shares would have been purchased than restricted shares assumed issued. Therefore, in those periods, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect in per share earnings. (11) Other intangible assets consist of, among other things, mortgage servicing rights (“MSRs”) of $1.0 million, $0.9 million and $0.6 million at September 30, 2022, June 30, 2022, and September 30, 2021, respectively, and are included in other assets in the Company’s consolidated balance sheets.

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Thank you Investor Relations InvestorRelations@amerantbank.com

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Document

CONTACTS:
Investors
Laura Rossi
InvestorRelations@amerantbank.com
(305) 460-8728
Media
Silvia M. Larrieu
MediaRelations@amerantbank.com
(305) 441-8414

AMERANT BANCORP INC. DECLARES DIVIDEND

CORAL GABLES, FLORIDA, October 20, 2022. Amerant Bancorp Inc. (NASDAQ: AMTB) (the “Company” or “Amerant”) today announced that, on October 19, 2022, the Company’s Board of Directors declared a cash dividend of $0.09 per share of Amerant common stock. The dividend is payable on November 30, 2022, to shareholders of record at the close of business on November 15, 2022.

About Amerant Bancorp Inc. (NASDAQ: AMTB)

Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its main subsidiary, Amerant Bank, N.A. (the “Bank”), as well as its other subsidiaries: Amerant Investments, Inc., Elant Bank and Trust Ltd., and Amerant Mortgage, LLC. The Company provides individuals and businesses in the U.S. with deposit, credit and wealth management services. The Bank, which has operated for over 40 years, is the largest community bank headquartered in Florida. The Bank operates 23 banking centers – 16 in South Florida and 7 in the Houston, Texas area, as well as an LPO in Tampa, Florida. For more information, visit investor.amerantbank.com.

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