Amerant Reports Second Quarter 2025 Results

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

Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today reported net income attributable to the Company of $23.0 million in the second quarter of 2025, or $0.55 income per diluted share, compared to net income of $12.0 million, or $0.28 income per diluted share, in the first quarter of 2025.

“We are pleased to report improved results this quarter, driven by higher core pre-provision net revenue combined with a lower provision for credit losses" stated Jerry Plush, Chairman and CEO. “As we head into the second half of 2025, we remain focused on continuing to execute on our strategy to become the bank of choice in the markets we serve.”

Below are the results for 2Q25 and their comparison to 1Q25:

• Total assets were $10.3 billion, up by $165.0 million, or 1.6%, compared to $10.2 billion.
• Total gross loans were $7.2 billion, down by $30.0 million, or 0.4%, compared to the prior period.
• Cash and cash equivalents were $636.8 million, down by $11.5 million, or 1.8%, compared to $648.4 million.
• Investment securities were $2.0 billion, up by $209.2 million, or 11.9%, compared to $1.8 billion.
• Total deposits were $8.3 billion, up by $151.6 million, or 1.9%, compared to $8.2 billion, primarily driven by customer deposit growth of $202.3 million, partially offset by a planned reduction of $50.7 million in brokered deposits. Core deposits were $6.1 billion, up by $150.6 million, or 2.5%, compared to $6.0 billion.
• Total advances from the Federal Home Loan Bank (“FHLB”) were $765.0 million, up by $50.0 million, or 7.0%, compared to $715.0 million.
• Net Interest Margin (“NIM”) was 3.81%, compared to 3.75%.
• Average yield on loans was 6.88%, compared to 6.84%.
• Average cost of total deposits was 2.53%, compared to 2.60%.
• Loan to deposit ratio was 86.5%, compared to 88.5%.
• Asset Quality and Allowance for Credit Losses (“ACL”):
  
  – Total non-performing assets were $97.9 million, down by $42.9 million, or 30.5%, compared to $140.8 million. As of 2Q25, non-performing assets consist of $82.5 million in non-performing loans and $15.4 million in Other Real Estate Owned (“OREO”).
  
  – The ACL was $86.5 million, down by $11.7 million, or 12.0%, compared to $98.3 million, primarily from charge offs of $12.2 million on previously-reserved loans.
  
  – The Company has provided additional details regarding asset quality in the 2Q25 earnings presentation (https://investor.amerantbank.com).
• Assets Under Management and custody (“AUM”) totaled $3.07 billion, up by $132.4 million, or 4.5% from $2.93 billion.
• Pre-provision net revenue (“PPNR”)⁽¹⁾ was $35.9 million, up by $2.0 million, or 5.9%, compared to PPNR of $33.9 million. Core PPNR⁽¹⁾ was $37.1 million, up by $5.6 million, or 17.7%, compared to $31.5 million. A reconciliation of core PPNR and the impact on key ratios is shown in Exhibit 2 included in this press release.
• Net Interest Income (“NII”) was $90.5 million, up by $4.6 million, or 5.3%, from $85.9 million.
• Provision for credit losses was $6.1 million, down by $12.4 million, or 67.1% compared to $18.4 million.
• Non-interest income was $19.8 million, up by $0.3 million, or 1.3% from $19.5 million.
• Non-interest expense was $74.4 million, up by $2.8 million, or 4.0% from $71.6 million.
• The efficiency ratio was 67.5%, compared to 67.9%.
• Return on average assets (“ROA”) was 0.90%, compared to 0.48%.
• Return on average equity (“ROE”) was 10.06%, compared to 5.32%.
• On July 23, 2025, the Company’s Board of Directors declared a cash dividend of $0.09 per share of common stock. The dividend is payable on August 29, 2025, to shareholders of record on August 15, 2025.

Additional details on the second quarter 2025 results can be found in the Exhibits and Glossary of Terms and Definitions to this earnings release, and the earnings presentation available under the Investor Relations section of the Company’s website at https://investor.amerantbank.com. See Glossary of Terms and Definitions for definitions of financial terms.

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

Second Quarter 2025 Earnings Conference Call

The Company will hold an earnings conference call on Thursday, July 24, 2025 at 8:30 a.m. (Eastern Time) to discuss its second quarter 2025 results. The conference call and presentation materials can be accessed via webcast by logging on from the Investor Relations section of the Company’s website at https://investor.amerantbank.com. The online replay will remain available for approximately one month following the call through the above link.

About Amerant Bancorp Inc. (NYSE: AMTB)

Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its main subsidiary, Amerant Bank, N.A. (the “Bank”), as well as its other subsidiaries: Amerant Investments, Inc., and Amerant Mortgage, LLC. The Company provides individuals and businesses with deposit, credit and wealth management services. The Bank, which has operated for over 40 years, is headquartered in Florida and operates 20 banking centers – 19 in South Florida and 1 in Tampa, Florida. For more information, visit investor.amerantbank.com.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements” including statements with respect to the Company’s objectives, expectations and intentions and other statements that are not historical facts. Examples of forward-looking statements include but are not limited to: our future operating or financial performance, including revenues, expenses, expense savings, income or loss and earnings or loss per share, and other financial items; statements regarding expectations, plans or objectives for future operations, products or services, and our expectations on our investment portfolio repositioning and loan recoveries or reaching positive resolutions on problem loans. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target,” “goals,” “outlooks,” “modeled,” “dedicated,” “create,” and other similar words and expressions of the future.

Forward-looking statements, including those relating to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the Company’s actual results, performance, achievements, or financial condition to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not rely on any forward-looking statements as predictions of future events. You should not expect us to update any forward-looking statements, except as required by law. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in “Risk factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2024 filed on March 5, 2025 (“the 2024 Form 10-K”), and in our other filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website www.sec.gov.

Interim Financial Information

Unaudited financial information as of and for interim periods, including the three and six month periods ended June 30, 2025 and 2024, and the three month periods ended March 31, 2025, December 31 2024, and September 30, 2024 may not reflect our results of operations for our fiscal year ending, or financial condition, as of December 31, 2025, or any other period of time or date.

Non-GAAP Financial Measures

The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) with non-GAAP financial measures, such as “pre-provision net revenue (PPNR)”, “core pre-provision net revenue (Core PPNR)”, “core noninterest income”, “core noninterest expense”, “core net income”, “core earnings per share (basic and diluted)”, “core return on assets (Core ROA)”, “core return on equity (Core ROE)”, “core efficiency ratio”, “tangible stockholders’ equity (book value) per common share”, “tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity”, and “tangible stockholders' equity (book value) per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity”. This supplemental information is not required by, or is not presented in accordance with GAAP. The Company refers to these financial measures and ratios as “non-GAAP financial measures”.

We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our business. Management believes that these supplementary non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

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

Exhibit 1- Selected Financial Information

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

Exhibit 2- Non-GAAP Financial Measures Reconciliation

The following table sets forth selected financial information derived from the Company’s interim unaudited and annual audited consolidated financial statements, adjusted for the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, the Amerant Mortgage downsizing, the Houston Transaction, the valuation of securities, derivatives, loans held for sale and other real estate owned and repossessed assets, the early repayment of FHLB advances, impairment of investments, and other non-routine actions intended to improve customer service and operating performance. The Company believes these adjusted numbers are useful for understanding its performance excluding these transactions and events.

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.