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CONTACTS:
Investors
Laura Rossi
InvestorRelations@amerantbank.com
(305) 460-8728
Media
Alexis Dominguez
MediaRelations@amerantbank.com
(305) 441-8412


AMERANT REPORTS SECOND QUARTER 2024 RESULTS
Board of Directors Declares Quarterly Cash Dividend of $0.09 per Common Share

CORAL GABLES, FLORIDA, July 24, 2024. Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today reported net income attributable to the Company of $5.0 million in the second quarter of 2024, or $0.15 per diluted share, compared to $10.6 million, or $0.31 per diluted share, in the first quarter of 2024.
“The Company had strong loan growth in the second quarter, as well as significantly higher pre-provision net revenue, excluding the impact of previously disclosed deal charges from the sale of our Houston franchise” stated Jerry Plush, Chairman and CEO. “However, the provision for credit losses was higher than the first quarter, primarily related to a legacy commercial credit that, while paying as agreed, was downgraded based on the receipt of updated financial information. We are actively working toward reaching a positive resolution on this credit, as we remain focused on executing on our strategic plan.”

Total assets were $9.7 billion, a decrease of $70.0 million, or 0.7%, compared to $9.8 billion in 1Q24.

Cash and cash equivalents were $310.3 million, down $349.4 million, or 53.0%, compared to $659.7 million in 1Q24.

Total gross loans were $7.32 billion, an increase of $316.5 million, or 4.5%, compared to $7.01 billion in 1Q24, driven by organic production during the quarter.

Average yield on loans increased to 7.08%, compared to 7.05% in 1Q24.

Total deposits were $7.82 billion, down $62.2 million, or 0.8%, compared to $7.88 billion in 1Q24, as continued organic growth was offset by a reduction in higher-cost municipal and commercial deposits.

Core deposits were $5.51 billion, down $127.8 million, or 2.3%, compared to $5.63 billion in 1Q24, driven by the previously referenced reduction in higher-cost municipal and commercial deposits.

Average cost of total deposits slightly decreased to 2.98%, compared to 3.00% in 1Q24.
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Loan to deposit ratio was 93.69%, compared to 88.93% in 1Q24.

Total advances from Federal Home Loan Bank (“FHLB”) were $765.0 million, up $50.0 million, or 7.0%, compared to $715.0 million in 1Q24. The Bank had $2.1 billion in availability remaining from the FHLB as of June 30, 2024.

Total non-performing assets were $121.1 million, up $70.6 million, or 139.9%, compared to $50.5 million as of 1Q24. The increase was primarily driven by three credits previously classified as special mention and two newly downgraded loans to substandard based on receipt of updated financial information from borrowers in the second quarter.

The allowance for credit losses ("ACL") was $94.4 million, a decrease of $1.7 million, or 1.7%, compared to $96.1 million as of 1Q24.

Assets Under Management and custody (“AUM”) totaled $2.45 billion, up $94.2 million, or 4.0%, from $2.36 billion in 1Q24.

Pre-provision net revenue (“PPNR”)(1) was $25.5 million, compared to $25.9 million in 1Q24. PPNR, excluding non-routine items in connection with the sale of the Company’s Houston franchise which were disclosed on a Form 8-K on July 1, 2024 (the “Houston Transaction”), was $31.0 million, compared to PPNR of $26.1 million in 1Q24, excluding non-routine items of non-interest income and expense(2).

Net Interest Margin (“NIM”), was 3.56%, up compared to 3.51% in 1Q24

Net Interest Income (“NII”) was $79.4 million, up $1.4 million, or 1.8%, from $78.0 million in 1Q24.

Provision for credit losses was $19.2 million, up $6.8 million, or 54.4%, compared to $12.4 million in 1Q24.

Non-interest income was $19.4 million, up $4.9 million, or 34.0%, from $14.5 million in 1Q24.

Non-interest expense was $73.3 million, up $6.7 million, or 10.1%, from $66.6 million in 1Q24. Non-interest expense, excluding non-routine items in connection with the Houston Transaction(2) were $67.7 million.

The efficiency ratio was 74.2%, compared to 72.0% in 1Q24. The efficiency ratio excluding non-routine items in connection with the Houston Transaction was 68.6%(2).

Return on average assets (“ROA”) was 0.21%, compared to 0.44% in 1Q24. ROA excluding non-routine items in connection with the Houston Transaction was 0.38%(2).

Return on average equity (“ROE”) was 2.68%, compared to 5.69% in 1Q24. ROE excluding non-routine items in connection with the Houston Transaction was 5.03%(2).

The Company’s Board of Directors declared a cash dividend of $0.09 per share of common stock on July 24, 2024. The dividend is payable on August 30, 2024, to shareholders of record on August 15, 2024.
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Additional details on second quarter 2024 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.
2 Represents core PPNR, core noninterest expense, core efficiency ratio, core ROA or Core ROE, as applicable, which are Non-GAAP measures. See “Non-GAAP Financial Measures” for more information and Exhibit 2 for a reconciliation to GAAP measures.


Second Quarter 2024 Earnings Conference Call

The Company will hold an earnings conference call on Thursday, July 25, 2024 at 9:00 a.m. (Eastern Time) to discuss its second quarter 2024 results. The conference call and presentation materials can be accessed via webcast by logging on from the Investor Relations section of the Company’s website at https://investor.amerantbank.com. The online replay will remain available for approximately one month following the call through the above link.

About Amerant Bancorp Inc. (NYSE: AMTB)

Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its main subsidiary, Amerant Bank, N.A. (the “Bank”), as well as its other subsidiaries: Amerant Investments, Inc., 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 25 banking centers – 18 in South Florida, 1 in Tampa, FL and 6 in the Houston, Texas area. 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 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.
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Forward-looking statements, including those relating to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the Company’s actual results, performance, achievements, or financial condition to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not rely on any forward-looking statements as predictions of future events. You should not expect us to update any forward-looking statements, except as required by law. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in “Risk factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2023 filed on March 7, 2024, in our quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2024 filed on May 3, 2024 and in our other filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website www.sec.gov.

Interim Financial Information

Unaudited financial information as of and for interim periods, including the three and six month periods ended June 30, 2024 and 2023, and the three months ended March 31, 2024 and December 31, 2023, may not reflect our results of operations for our fiscal year ending, or financial condition, as of December 31, 2024, or any other period of time or date.

Non-GAAP Financial Measures

The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) with non-GAAP financial measures, such as “pre-provision net revenue (PPNR)”, “core pre-provision net revenue (Core PPNR)”, “core noninterest income”, “core noninterest 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 unrealized losses on debt securities held to maturity”, and “tangible stockholders' equity (book value) per common share, adjusted for unrealized losses on debt securities held to maturity. This supplemental information is not required by, or is not presented in accordance with GAAP. The Company refers to these financial measures and ratios as “non-GAAP financial measures” and they should not be considered in isolation or as a substitute for the GAAP measures presented herein.
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We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our businesses. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance, especially in light of the additional costs we have incurred in connection with the Company’s restructuring activities that began in 2018 and continued in 2024, including the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, 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, Bank owned life insurance restructure and other non-routine actions intended to improve customer service and operating performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

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


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Exhibit 1- Selected Financial Information
The following table sets forth selected financial information derived from our interim unaudited and annual audited consolidated financial statements.

(in thousands)
June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Consolidated Balance Sheets(audited)
Total assets$9,747,738$9,817,772$9,716,327$9,345,700$9,519,526
Total investments1,547,8641,578,5681,496,9751,314,3671,315,303
Total gross loans (1)(2)
7,322,9117,006,3837,264,9127,142,5967,216,958
Allowance for credit losses94,40096,05095,50498,773105,956
Total deposits7,816,0117,878,2437,894,8637,546,9127,579,571
Core deposits (1)
5,505,3495,633,1655,597,7665,244,0345,498,017
Advances from the Federal Home Loan Bank765,000715,000645,000595,000770,000
Senior notes 59,68559,60559,52659,44759,368
Subordinated notes29,53929,49729,45429,41229,369
Junior subordinated debentures 64,17864,17864,17864,17864,178
Stockholders' equity (3)(4)
734,342738,085736,068719,787720,956
Assets under management and custody (1)
2,451,8542,357,6212,289,1352,092,2002,147,465


Three Months Ended
(in thousands, except percentages, share data and per share amounts)
June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Consolidated Results of Operations
Net interest income$79,355$77,968$81,677$78,577$83,877
Provision for credit losses (5)
19,15012,40012,5008,00029,077
Noninterest income19,42014,48819,61321,92126,619
Noninterest expense73,30266,594109,70264,42072,500
Net income (loss) attributable to Amerant Bancorp Inc. (6)
4,96310,568(17,123)22,1197,308
Effective income tax rate
21.51%21.50%14.21%22.57%21.00%
Common Share Data
Stockholders' book value per common share$21.88$21.90$21.90$21.43$21.37
Tangible stockholders' equity (book value) per common share (7)
$21.15$21.16$21.16$20.63$20.66
Tangible stockholders' equity (book value) per common share, adjusted for unrealized losses on debt securities held to maturity (7)
$20.54$20.60$20.68$19.86$20.11
Basic earnings (loss) per common share
$0.15$0.32$(0.51)$0.66$0.22
Diluted earnings (loss) per common share (8)
$0.15$0.31$(0.51)$0.66$0.22
Basic weighted average shares outstanding 33,581,60433,538,06933,432,87133,489,56033,564,770
Diluted weighted average shares outstanding (8)
33,780,66633,821,56233,432,87133,696,62033,717,702
Cash dividend declared per common share (3)
$0.09$0.09$0.09$0.09$0.09
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Three Months Ended
June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Other Financial and Operating Data (9)
Profitability Indicators (%)
Net interest income / Average total interest earning assets (NIM) (1)
3.56%3.51%3.72 %3.57 %3.83 %
Net income (loss)/ Average total assets (ROA)(1)
0.21%0.44 %(0.71)%0.92 %0.31 %
Net income (loss) / Average stockholders' equity (ROE) (1)
2.68%5.69 %(9.22)%11.93 %3.92 %
Noninterest income / Total revenue (1)
19.66%15.67%19.36%21.81%24.09%
Capital Indicators (%)
Total capital ratio (1)
12.00%12.49%12.12 %12.70 %12.39 %
Tier 1 capital ratio (1)
10.44%10.87%10.54 %11.08 %10.77 %
Tier 1 leverage ratio (1)
8.74%8.73%8.84 %9.05 %8.91 %
Common equity tier 1 capital ratio (CET1) (1)
9.70%10.10%9.79 %10.30 %10.00 %
Tangible common equity ratio (1)
7.30%7.28%7.34 %7.44 %7.34 %
Tangible common equity ratio, adjusted for unrealized losses on debt securities held to maturity (1)
7.11%7.10%7.18%7.18%7.16%
Liquidity Ratios (%)
Loans to Deposits (1)
93.69%88.93%92.02 %94.64 %95.22 %
Asset Quality Indicators (%)
Non-performing assets / Total assets (1)
1.24%0.51%0.56 %0.57 %0.71 %
Non-performing loans / Total gross loans (1)
1.38%0.43%0.47 %0.46 %0.65 %
Allowance for credit losses / Total non-performing loans
93.51%317.01%277.63 %297.55 %224.51 %
Allowance for credit losses / Total loans held for investment1.41%1.38%1.39 %1.40 %1.48 %
Net charge-offs / Average total loans held for investment (1)(10)
1.13%0.69%0.85 %0.82 %0.42 %
Efficiency Indicators (% except FTE)
Noninterest expense / Average total assets3.03%2.75%4.57 %2.69 %3.06 %
Salaries and employee benefits / Average total assets1.40%1.36%1.38 %1.31 %1.45 %
Other operating expenses/ Average total assets (1)
1.63%1.39%3.20 %1.38 %1.62 %
Efficiency ratio (1)
74.21%72.03%108.30 %64.10 %65.61 %
Full-Time-Equivalent Employees (FTEs) (11)
720696682700710


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Three Months Ended
(in thousands, except percentages and per share amounts)
June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Core Selected Consolidated Results of Operations and Other Data (7)
Pre-provision net revenue (loss) (PPNR)
$25,473 $25,862 $(7,595)$36,456 $38,258 
Core pre-provision net revenue (Core PPNR)$31,007 $26,068 $29,811 $35,880 $39,196 
Core net income
$9,307 $10,730 $15,272 $21,664 $8,048 
Core basic earnings per common share
0.28 0.32 0.46 0.65 0.24 
Core earnings per diluted common share (8)
0.28 0.32 0.46 0.64 0.24 
Core net income / Average total assets (Core ROA) (1)
0.38%0.44%0.64 %0.91 %0.34 %
Core net income / Average stockholders' equity (Core ROE) (1)
5.03%5.78%8.23 %11.69 %4.32 %
Core efficiency ratio (12)
68.60%71.87%69.67 %62.08 %60.29 %

__________________
(1)     See Glossary of Terms and Definitions for definitions of financial terms.
(2) As of June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, mortgage loans held for sale carried at fair value totaled $60.1 million, $48.9 million, $26.2 million, $26.0 million and $49.9 million, respectively. In addition, June 30, 2024, December 31, 2023 and September 30, 2023, includes $551.8 million $365.2 million and $43.3 million, respectively, in loans held for sale carried at the lower of estimated cost or fair value.
(3) In the fourth quarter of 2022, the Company announced that the Board of Directors authorized a new repurchase program pursuant to which the Company may purchase, from time to time, up to an aggregate amount of $25 million of its shares of Class A common stock (the “2023 Class A Common Stock Repurchase Program”). In the second quarter of 2024 the Company repurchased an aggregate of 200,652 shares of Class A common stock at a weighted average price of $22.17 per share under the 2023 Class A Common Stock Repurchase Program. The aggregate purchase price for this transactions was approximately $4.4 million which includes transaction costs. For all other periods, see March 31, 2024 Form 10-Q and 2023 Form 10-K.
(4) For the second and first quarters of 2024 as well as each of the fourth, third and second quarters of 2023, the Company’s Board of Directors declared cash dividends of $0.09 per share of the Company’s common stock and paid an aggregate amount of $3.0 million per quarter in connection with these dividends. The dividend declared in the second quarter of 2024 was paid on May 30, 2024 to shareholders of record at the close of business on May 15, 2024. See March 31, 2024 Form 10-Q and 2023 Form 10-K for more information on dividend payments during the previous quarters.
(5) In the second and first quarter of 2024 and in the fourth and third quarter of 2023, includes, $17.7 million, $12.4 million, $12.0 million and $7.4 million of provision for credit losses on loans. Provision for unfunded commitments (contingencies) in the second quarter of 2024 and in the fourth and third quarter of 2023, were $1.5 million, $0.5 million and $0.6 million, respectively, while there was none in the first quarter of 2024. For all other periods shown, includes provision for credit losses on loans. There was no provision for credit losses on unfunded commitments in the second quarter of 2023.
(6)    In the three months ended December 31, 2023, September 30, 2023 and June 30, 2023, net income excludes losses of $0.8 million, $0.4 million and $0.3 million, respectively, attributable to a minority interest in Amerant Mortgage LLC. In the fourth quarter of 2023, the Company increased its ownership interest in Amerant Mortgage to 100% from 80% at September 30, 2023. This transaction had no material impact to the Company’s results of operations in the three months ended December 31, 2023. In connection with the change in ownership interest, which brought the minority interest share to zero, the Company derecognized the equity attributable to noncontrolling interest of $3.8 million at December 31, 2023, with a corresponding reduction to additional paid-in capital.
(7) 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.
(8) See 2023 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation.
(9) Operating data for the periods presented have been annualized.
(10) See 2023 Form 10-K for more details on charge-offs for all previous periods.
(11) As of June 30, 2024, March 31, 2034, December 31, 2023, September 30, 2023 and June 30, 2023, includes 83, 65, 67, 98, and 93 FTEs for Amerant Mortgage LLC, respectively.
(12) Core efficiency ratio is the efficiency ratio less the effect of restructuring costs and other non-routine items, described in Exhibit 2 - Non-GAAP Financial Measures Reconciliation.

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Exhibit 2- Non-GAAP Financial Measures Reconciliation
The following table sets forth selected financial information derived from the Company’s interim unaudited and annual audited consolidated financial statements, adjusted for certain costs incurred by the Company in the periods presented related to tax deductible restructuring costs, provision for (reversal of) credit losses, provision for income tax expense (benefit), the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, the 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, Bank owned life insurance restructure and other non-routine actions intended to improve customer service and operating performance. The Company believes these adjusted numbers are useful to understand the Company’s performance absent these transactions and events.
    

Three Months Ended,
(in thousands)
June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Net income (loss) attributable to Amerant Bancorp Inc.
$4,963 $10,568 $(17,123)$22,119 $7,308 
Plus: provision for credit losses (1)
19,150 12,400 12,500 8,000 29,077 
Plus: provision for income tax (benefit) expense1,360 2,894 (2,972)6,337 1,873 
Pre-provision net revenue (loss) (PPNR)
25,473 25,862 (7,595)36,456 38,258 
Plus: non-routine noninterest expense items5,562 — 43,094 6,303 13,383 
Less: non-routine noninterest income items(28)206 (5,688)(6,879)(12,445)
Core pre-provision net revenue (Core PPNR)$31,007 $26,068 $29,811 $35,880 $39,196 
Total noninterest income$19,420 $14,488 $19,613 $21,921 $26,619 
Less: Non-routine noninterest income items:
Derivatives (losses) gains, net
(44)(152)(151)(77)242 
Securities (losses) gains, net(117)(54)33 (54)(1,237)
Bank owned life insurance charge (2)
— — (655)— — 
Gains on early extinguishment of FHLB advances, net189 — 6,461 7,010 13,440 
Total non-routine noninterest income items$28 $(206)$5,688 $6,879 $12,445 
Core noninterest income$19,392 $14,694 $13,925 $15,042 $14,174 
Total noninterest expense
$73,302 $66,594 $109,702 $64,420 $72,500 
Less: non-routine noninterest expense items
Restructuring costs (3):
Staff reduction costs (4)
— — 1,120 489 2,184 
Contract termination costs (5)
— — — — 1,550 
Consulting and other professional fees and software expenses(6)
— — 1,629 — 2,060 
Disposition of fixed assets (7)
— — — — 1,419 
Branch closure expenses and related charges (8)
— — — 252 1,558 
Total restructuring costs$— $— $2,749 $741 $8,771 
Other non-routine noninterest expense items:
Losses on loans held for sale carried at the lower cost or fair value (9)(11)
1,258 — 37,495 5,562 — 
 Loss on sale of repossessed assets and other real estate owned valuation expense (10)
— — — — 2,649 
Goodwill and intangible assets impairment (11)
300 — 1,713 — — 
Fixed assets impairment (11)(12)
3,443 — — — — 
Legal and broker fees (11)
561 — — — — 
Bank owned life insurance enhancement costs (2)
— — 1,137 — — 
 Impairment charge on investment carried at cost— — — — 1,963 
Total non-routine noninterest expense items$5,562 $— $43,094 $6,303 $13,383 
Core noninterest expense
$67,740 $66,594 $66,608 $58,117 $59,117 
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Three Months Ended,
(in thousands, except percentages and per share amounts)
June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Net income (loss) attributable to Amerant Bancorp Inc.
$4,963$10,568$(17,123)$22,119$7,308
Plus after-tax non-routine items in noninterest expense:
Non-routine items in noninterest expense before income tax effect5,56243,0946,30313,383
Income tax effect (13)
(1,196)(8,887)(1,486)(2,811)
Total after-tax non-routine items in noninterest expense4,36634,2074,81710,572
Less after-tax non-routine items in noninterest income:
Non-routine items in noninterest income before income tax effect(28)206(5,688)(6,879)(12,445)
Income tax effect (13)
6(44)1,0321,6072,613
Total after-tax non-routine items in noninterest income(22)162(4,656)(5,272)(9,832)
BOLI enhancement tax impact (2)
2,844
Core net income
$9,307$10,730$15,272$21,664$8,048
Basic earnings (loss) per share
$0.15$0.32$(0.51)$0.66$0.22
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14)
0.131.110.140.31
(Less): after tax impact of non-routine items in noninterest income(0.14)(0.15)(0.29)
Total core basic earnings per common share
$0.28$0.32$0.46$0.65$0.24
Diluted earnings (loss) per share (15)
$0.15$0.31$(0.51)$0.66$0.22
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14)
0.131.110.140.31
(Less): after tax impact of non-routine items in noninterest income0.01(0.14)(0.16)(0.29)
Total core diluted earnings per common share
$0.28$0.32$0.46$0.64$0.24
Net income (loss) / Average total assets (ROA)
0.21 %0.44 %(0.71)%0.92 %0.31 %
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14)
0.17 %— %1.55 %0.20 %0.45 %
Plus (less): after tax impact of non-routine items in noninterest income
— %— %(0.20)%(0.21)%(0.42)%
Core net income / Average total assets (Core ROA)
0.38 %0.44 %0.64 %0.91 %0.34 %
Net income (loss) / Average stockholders' equity (ROE)
2.68 %5.69 %(9.22)%11.93 %3.92 %
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14)
2.36 %— %19.96 %2.60 %5.68 %
Plus (less): after tax impact of non-routine items in noninterest income
(0.01)%0.09 %(2.51)%(2.84)%(5.28)%
Core net income / Average stockholders' equity (Core ROE)
5.03 %5.78 %8.23 %11.69 %4.32 %
Efficiency ratio74.21 %72.03 %108.30 %64.10 %65.61 %
(Less): impact of non-routine items in noninterest expense(5.63)%— %(42.54)%(6.27)%(12.11)%
(Less) plus: impact of non-routine items in noninterest income
0.02 %(0.16)%3.91 %4.25 %6.79 %
Core efficiency ratio68.60 %71.87 %69.67 %62.08 %60.29 %
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Three Months Ended,
(in thousands, except percentages, share data and per share amounts)
June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Stockholders' equity$734,342$738,085$736,068$719,787$720,956
Less: goodwill and other intangibles (16)
(24,581)(24,935)(25,029)(26,818)(24,124)
Tangible common stockholders' equity$709,761$713,150$711,039$692,969$696,832
Total assets9,747,7389,817,7729,716,3279,345,7009,519,526
Less: goodwill and other intangibles (16)
(24,581)(24,935)(25,029)(26,818)(24,124)
Tangible assets$9,723,157$9,792,837$9,691,298$9,318,882$9,495,402
Common shares outstanding33,562,75633,709,39533,603,24233,583,62133,736,159
Tangible common equity ratio7.30 %7.28 %7.34 %7.44 %7.34 %
Stockholders' book value per common share$21.88$21.90$21.90$21.43$21.37
Tangible stockholders' equity book value per common share$21.15$21.16$21.16$20.63$20.66
Tangible common stockholders' equity$709,761$713,150$711,039$692,969$696,832
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (17)
(20,304)(18,729)(16,197)(26,138)(18,503)
Tangible common stockholders' equity, adjusted for net unrealized accumulated losses on debt securities held to maturity$689,457$694,421$694,842$666,831$678,329
Tangible assets$9,723,157$9,792,837$9,691,298$9,318,882$9,495,402
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (17)
(20,304)(18,729)(16,197)(26,138)(18,503)
Tangible assets, adjusted for net unrealized accumulated losses on debt securities held to maturity$9,702,853$9,774,108$9,675,101$9,292,744$9,476,899
Common shares outstanding33,562,75633,709,39533,603,24233,583,62133,736,159
Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity7.11 %7.10 %7.18 %7.18 %7.16 %
Tangible stockholders' book value per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity$20.54$20.60$20.68$19.86$20.11
____________
(1)     In the second and first quarter of 2024 and in the fourth and third quarter of 2023, includes $17.7 million, $12.4 million, $12.0 million and $7.4 million of provision for credit losses on loans, respectively. Provision for unfunded commitments (contingencies) in the second quarter of 2024, and in the fourth and third quarter of 2023, were $1.5 million, $0.5 million and $0.6 million, respectively, while there was none in the first quarter of 2024. For all other periods shown, includes provision for credit losses on loans. There was no provision for credit losses on unfunded commitments in the second quarter of 2023.
(2) In the fourth quarter of 2023, the Company completed a restructuring of its bank-owned life insurance (“BOLI”) program. This was executed through a combination of a 1035 exchange and a surrender and reinvestment into higher-yielding general account with a new investment grade insurance carrier. This transaction allowed for higher team member participation through an enhanced split-dollar plan. Estimated improved yields resulting from the enhancement have an earn-back period of approximately 2 years. In the fourth quarter of 2023, we recorded total additional expenses and charges of $4.6 million in connection with this transaction, including: (i) a reduction of $0.7 million to the cash surrender value of BOLI; (ii) transaction costs of $1.1 million, and (iii) income tax expense of $2.8 million.
(3)     Expenses incurred for actions designed to implement the Company’s business strategy. These actions include, but are not limited to reductions in workforce, streamlining operational processes, rolling out the Amerant brand, implementation of new technology system applications, decommissioning of legacy technologies, enhanced sales tools and training, expanded product offerings and improved customer analytics to identify opportunities.
(4) Staff reduction costs consist of severance expenses related to organizational rationalization.
(5) Contract termination and related costs associated with third party vendors resulting from the Company’s engagement of FIS.
(6) In the three months ended December 31, 2023, includes an aggregate of $1.6 million of nonrecurrent expenses in connection with the engagement of FIS and, to a lesser extent, software expenses related to legacy applications running in parallel to new core banking applications. There were no significant nonrecurrent expenses in connection with engagement of FIS in the three months ended June 30, 2024, March 31, 2024 and September 30, 2023. In the three months ended June 30, 2023, includes expenses of $2.0 million in connection with the engagement of FIS.
(7) Includes expenses in connection with the disposition of fixed assets due to the write off of in-development software in the three months ended June 30, 2023.
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(8) In the three months ended September 30, 2023, consists of expenses in connection with the closure of a branch in Houston, Texas in 2023. In addition, in the three months ended June 30, 2023 includes $0.9 million of accelerated amortization of leasehold improvements and $0.6 million of right-of-use, or ROU asset impairment, associated with the closure of a branch in Miami, FL in 2023.
(9) In the three months ended December 31, 2023, includes (i) fair value adjustment of $35.5 million related to an aggregate of $401 million in Houston-based CRE loans held for sale which are carried at the lower of cost or fair value, and (ii) a loss on sale of $2.0 million related to a New York-based CRE loan previously carried at the lower of cost or fair value. In the three months ended September 30, 2023, includes a fair value adjustment of $5.6 million related to a New York-based CRE loan held for sale carried at the lower of cost or fair value.
(10) In the three months ended June 30, 2023, amount represents the loss on sale of repossessed assets in connection with our equipment-financing activities.
(11) In the three months ended June 30, 2024, amounts shown are in connection with the Houston Transaction.
(12) Related to Houston branches and included as part of occupancy and equipment expenses. See Exhibit 5 for additional information.
(13) In the three months ended March 31, 2024, amounts were calculated based upon the effective tax rate for the period of 21.51%. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect.
(14) In the three months ended December 31, 2023, per share amounts and percentages were calculated using the after-tax impact of non-routine items in noninterest expense of $34.2 million and BOLI tax impact of $2.8 million in the same period. In all other periods shown, per share amounts and percentages were calculated using the after tax impact of non-routine items in noninterest expense.
(15) See 2023 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation.
(16) At June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, other intangible assets primarily consist of naming rights of $2.3 million, $2.4 million, $2.5 million and $2.7 million, respectively, and mortgage servicing rights (“MSRs”) of $1.5 million, $1.4 million, $1.4 million and $1.3 million, respectively. At June 30, 2023 and March 31, 2023, other intangible assets primarily consist of MSRs of $1.3 million and $1.4 million, respectively. Other intangible assets are included in other assets in the Company’s consolidated balance sheets.
(17) As of June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, amounts were calculated based upon the fair value on debt securities held to maturity, and assuming a tax rate of 25.38%, 25.40%, 25.36%, 25.51%, 25.46% and 25.53%, respectively.
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Exhibit 3 - Average Balance Sheet, Interest and Yield/Rate Analysis
The following tables present average balance sheet information, interest income, interest expense and the corresponding average yields earned and rates paid for the periods presented. The average balances for loans include both performing and nonperforming balances. Interest income on loans includes the effects of discount accretion and the amortization of non-refundable loan origination fees, net of direct loan origination costs, accounted for as yield adjustments. Average balances represent the daily average balances for the periods presented.
Three Months Ended
June 30, 2024March 31, 2024June 30, 2023
(in thousands, except percentages) Average
Balances
Income/
Expense
Yield/
Rates
Average BalancesIncome/ ExpenseYield/ RatesAverage
 Balances
Income/
Expense
Yield/
Rates
Interest-earning assets:
Loan portfolio, net (1)(2)$7,049,109 $124,117 7.08 %$6,995,974 $122,705 7.05 %$7,068,034 $119,570 6.79 %
Debt securities available for sale (3) (4)1,267,828 14,104 4.47 %1,239,762 13,186 4.28 %1,041,039 10,397 4.01 %
Debt securities held to maturity (5)221,106 1,878 3.42 %224,877 1,967 3.52 %236,297 1,976 3.35 %
Debt securities held for trading — — — %— — — %262 4.59 %
Equity securities with readily determinable fair value not held for trading2,466 13 2.12 %2,477 55 8.93 %27 — — %
Federal Reserve Bank and FHLB stock54,664 955 7.03 %50,180 883 7.08 %52,917 857 6.50 %
Deposits with banks364,466 5,260 5.80 %422,841 5,751 5.47 %379,123 5,694 6.02 %
Other short-term investments6,399 82 5.15 %5,932 78 5.29 %— — — %
Total interest-earning assets8,966,038 146,409 6.57 %8,942,043 144,625 6.50 %8,777,699 138,497 6.33 %
Total non-interest-earning assets (6)763,628 812,523 710,404 
Total assets$9,729,666 $9,754,566 $9,488,103 

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Three Months Ended
June 30, 2024March 31, 2024June 30, 2023
(in thousands, except percentages) Average
Balances
Income/
Expense
Yield/
Rates
Average BalancesIncome/ ExpenseYield/ RatesAverage
 Balances
Income/
Expense
Yield/
Rates
Interest-bearing liabilities:
Checking and saving accounts
Interest bearing DDA $2,408,979$16,779 2.80 %$2,445,362$17,736 2.92 %$2,641,746$16,678 2.53 %
Money market1,411,28714,973 4.27 %1,431,94914,833 4.17 %1,169,0479,401 3.23 %
Savings253,62526 0.04 %262,52828 0.04 %287,49336 0.05 %
Total checking and saving accounts4,073,89131,778 3.14 %4,139,83932,597 3.17 %4,098,28626,115 2.56 %
Time deposits2,258,97325,971 4.62 %2,290,58726,124 4.59 %2,045,74718,528 3.63 %
Total deposits6,332,86457,749 3.67 %6,430,42658,721 3.67 %6,144,03344,643 2.91 %
Securities sold under agreements to repurchase124 6.49 %— — — %606.68 %
Advances from the FHLB (7)737,6586,946 3.79 %644,7535,578 3.48 %828,3017,621 3.69 %
Senior notes59,646941 6.35 %59,567943 6.37 %59,330941 6.36 %
Subordinated notes29,519361 4.92 %29,476361 4.93 %29,348362 4.95 %
Junior subordinated debentures64,1781,055 6.61 %64,1781,054 6.61 %64,1781,052 6.57 %
Total interest-bearing liabilities7,223,98967,054 3.73 %7,228,40066,657 3.71 %7,125,25054,620 3.07 %
Non-interest-bearing liabilities:
Non-interest bearing demand deposits1,452,921 1,435,226 1,332,189
Accounts payable, accrued liabilities and other liabilities309,298 344,197 283,653
Total non-interest-bearing liabilities1,762,219 1,779,423 1,615,842
Total liabilities8,986,208 9,007,823 8,741,092
Stockholders’ equity743,458 746,743 747,011
Total liabilities and stockholders' equity$9,729,666 $9,754,566 $9,488,103
Excess of average interest-earning assets over average interest-bearing liabilities$1,742,049 $1,713,643 $1,652,449
Net interest income$79,355 $77,968 $83,877 
Net interest rate spread2.84 %2.79 %3.26 %
Net interest margin (7)
3.56 %3.51 %3.83 %
Cost of total deposits (7)
2.98 %3.00 %2.40 %
Ratio of average interest-earning assets to average interest-bearing liabilities124.11 %123.71 %123.19 %
Average non-performing loans/ Average total loans0.60 %0.46 %0.54 %


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Six Months Ended
June 30, 2024June 30, 2023
(in thousands, except percentages) Average
Balances
Income/
Expense
Yield/
Rates
Average
 Balances
Income/
Expense
Yield/
Rates
Interest-earning assets:
Loan portfolio, net (1)(2)$7,018,015$246,822 7.07 %$6,985,153$228,071 6.58 %
Debt securities available for sale (3) (4)1,253,79527,290 4.38 %1,049,88620,568 3.95 %
Debt securities held to maturity (5)222,9923,845 3.47 %238,4504,088 3.46 %
Debt securities held for trading— — %1415.72 %
Equity securities with readily determinable fair value not held for trading2,47268 5.53 %2,443— — %
Federal Reserve Bank and FHLB stock52,4221,838 7.05 %55,3461,872 6.82 %
Deposits with banks393,65411,011 5.63 %341,1689,024 5.33 %
Other short-term investments6,165160 5.22 %— — %
Total interest-earning assets8,949,515291,034 6.54 %8,672,587263,627 6.13 %
Total non-interest-earning assets (6)792,602725,675
Total assets$9,742,117$9,398,262
Interest-bearing liabilities:
Checking and saving accounts
Interest bearing DDA $2,427,170$34,515 2.86 %$2,493,009$29,533 2.39 %
Money market1,421,61829,807 4.22 %1,250,80117,281 2.79 %
Savings258,07753 0.04 %293,46483 0.06 %
Total checking and saving accounts4,106,86564,375 3.15 %4,037,27446,897 2.34 %
Time deposits2,274,78052,095 4.61 %1,907,44331,362 3.32 %
Total deposits6,381,645116,470 3.67 %5,944,71778,259 2.65 %
Securities sold under agreements to repurchase626.49 %306.72 %
Advances from the FHLB (7)
691,20612,524 3.64 %893,48414,384 3.25 %
Senior notes59,6061,883 6.35 %59,2901,883 6.40 %
Subordinated notes29,497723 4.93 %29,327723 4.97 %
Junior subordinated debentures64,1782,109 6.61 %64,1782,167 6.81 %
Total interest-bearing liabilities7,226,194133,711 3.72 %6,991,02697,417 2.81 %
Non-interest-bearing liabilities:
Non-interest bearing demand deposits1,444,073 1,354,951
Accounts payable, accrued liabilities and other liabilities326,809 310,716
Total non-interest-bearing liabilities1,770,882 1,665,667
Total liabilities8,997,076 8,656,693
Stockholders’ equity745,041 741,569
Total liabilities and stockholders' equity$9,742,117 $9,398,262
Excess of average interest-earning assets over average interest-bearing liabilities$1,723,321 $1,681,561
Net interest income$157,323 $166,210 
Net interest rate spread2.82 %3.32 %
Net interest margin (7)
3.54 %3.86 %
Cost of total deposits (7)
2.99 %2.16 %
Ratio of average interest-earning assets to average interest-bearing liabilities123.85%124.05%
Average non-performing loans/ Average total loans0.61%0.50%
___________
(1)    Includes loans held for investment net of the allowance for credit losses, and loans held for sale. The average balance of the allowance for credit losses was $95.6  million, $92.3 million, and $84.6 million in the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and $94.0 million and $83.0 million, in the six months ended June 30, 2024 and June 30, 2023, respectively. The average balance of total loans held for sale was $191.7 million, $180.5 million and $85.1 million in the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and $90.0 million, and $75.8 million in the six months period ended June 30, 2024 and June 30, 2023, respectively.
(2) Includes average non-performing loans of $52.7 million, $32.6 million and $38.5 million for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and $42.7 million and $35.2 million in the six months ended June 30, 2024 and June 30, 2023, respectively.
(3)    Includes the average balance of net unrealized gains and losses in the fair value of debt securities available for sale. The average balance includes average net unrealized losses of $115.8 million, $101.5 million and $106.7 million in the three months ended
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June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and average net unrealized net losses of $108.6 million and $105.8 million in the six months ended June 30, 2024 and June 30, 2023, respectively.
(4)    Includes nontaxable securities with average balances of $18.8 million, $18.3 million and $19.5 million for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and$18.8 million and $19.4 million, in the six months ended June 30, 2024 and June 30, 2023, respectively. The tax equivalent yield for these nontaxable securities was 4.47%, 4.68%, 4.53% for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and 4.51% and 4.59% in the six months ended June 30, 2024 and June 30, 2023, respectively. In 2024 and 2023, the tax equivalent yields were calculated assuming a 21% tax rate and dividing the actual yield by 0.79.
(5)    Includes nontaxable securities with average balances of $47.8 million, $48.5 million and $50.1 million for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and $48.1 million and $50.4 million in the six months ended June 30, 2024 and June 30, 2023, respectively. The tax equivalent yield for these nontaxable securities was 4.23%, 4.25% and 4.16% for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and 4.24% and 4.18% in the six months ended June 30, 2024 and June 30, 2023, respectively. In 2024 and 2023, the tax equivalent yields were calculated assuming a 21% tax rate and dividing the actual yield by 0.79.
(6)    Excludes the allowance for credit losses.
(7) See Glossary of Terms and Definitions for definitions of financial terms.


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Exhibit 4 - Noninterest Income
    This table shows the amounts of each of the categories of noninterest income for the periods presented.
Three Months Ended Six Months Ended June 30,
June 30, 2024March 31, 2024June 30, 202320242023
(in thousands, except percentages)Amount % Amount % Amount%Amount%Amount%
Deposits and service fees$5,281 27.2 %$4,325 29.9 %$4,944 18.6 %$9,606 28.3 %$9,899 21.5 %
Brokerage, advisory and fiduciary activities4,538 23.4 %4,327 29.9 %4,256 16.0 %8,865 26.1 %8,438 18.4 %
Change in cash surrender value of bank owned life insurance (“BOLI”)(1)
2,242 11.5 %2,342 16.2 %1,429 5.4 %4,584 13.5 %2,841 6.2 %
Cards and trade finance servicing fees1,331 6.9 %1,223 8.4 %562 2.1 %2,554 7.5 %1,095 2.4 %
Gain on early extinguishment of FHLB advances, net189 1.0 %— — %13,440 50.5 %189 0.6 %26,613 57.9 %
Securities (losses) gains, net (2)
(117)(0.6)%(54)(0.4)%(1,237)(4.7)%(171)(0.5)%(10,968)(23.9)%
Loan-level derivative income (3)
2,357 12.1 %466 3.2 %476 1.8 %2,823 8.3 %2,547 5.5 %
Derivative (losses) gains, net (4)
(44)(0.2)%(152)(1.1)%242 0.9 %(196)(0.6)%256 0.6 %
Other noninterest income (5)
3,643 18.7 %2,011 13.9 %2,507 9.4 %5,654 16.8 %5,241 11.4 %
Total noninterest income$19,420 100.0 %$14,488 100.0 %$26,619 100.0 %$33,908 100.0 %$45,962 100.0 %
__________________
(1)    Changes in cash surrender value of BOLI are not taxable.
(2) Includes net loss of $0.1 million in each of the three and six month periods ended June 30, 2024, and $1.2 million and $10.8 million in the three and six month periods ended June 30, 2023 ,respectively, in connection with the sale of debt securities available for sale. There were no sales of debt securities available for sale in the three months ended March 31, 2024. In addition, includes unrealized losses of $0.1 million in the three months ended March 31, 2024 and in the six months ended June 30, 2024, related to the change in fair value of equity securities with readily available fair value not held for trading which are recorded in results of the period. There were no significant unrealized losses related to equity securities with readily available fair value not held for trading in the three months ended June 30, 2024 and in the three and six month periods ended June 30, 2023.
(3) Income from interest rate swaps and other derivative transactions with customers. The Company incurs expenses related to derivative transactions with customers which are included as part of noninterest expenses under loan-level derivative expense. See Exhibit 5 for more details.
(4) Net unrealized gains and losses related to uncovered interest rate caps with clients.
(5)    Includes mortgage banking income of $1.9 million, $1.1 million and $1.6 million in the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and $3.0 million and $3.4 million in the six months ended June 30, 2024 and June 30, 2023, respectively, primarily consisting of net gains on sale, valuation and derivative transactions associated with mortgage loans held for sale activity, and other smaller sources of income related to the operations of Amerant Mortgage. In addition, includes $0.5 million BOLI death benefits received in the three and six months ended June 30, 2024. Other sources of income in the periods shown include foreign currency exchange transactions with customers and valuation income on the investment balances held in the non-qualified deferred compensation plan.


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Exhibit 5 - Noninterest Expense

This table shows the amounts of each of the categories of noninterest expense for the periods presented.
Three Months EndedSix Months Ended June 30,
June 30, 2024March 31, 2024June 30, 202320242023
(in thousands, except percentages)Amount % Amount % Amount % Amount%Amount%
Salaries and employee benefits (1)
$33,857 46.2 %$32,958 49.5 %$34,247 47.2 %$66,815 47.8 %$69,123 50.4 %
Occupancy and equipment (2)
9,041 12.3 %6,476 9.7 %6,737 9.3 %15,517 11.1 %13,535 9.9 %
Professional and other services fees (3)
12,110 16.5 %10,963 16.5 %7,415 10.2 %23,073 16.5 %15,043 11.0 %
Loan-level derivative expense (4)
580 0.8 %— %110 0.2 %584 0.4 %1,710 1.3 %
Telecommunications and data processing (5)
2,732 3.7 %3,533 5.3 %5,027 6.9 %6,265 4.5 %8,091 5.9 %
Depreciation and amortization (6)
1,652 2.3 %1,477 2.2 %2,275 3.1 %3,129 2.2 %3,567 2.6 %
FDIC assessments and insurance2,772 3.8 %3,008 4.5 %2,739 3.8 %5,780 4.1 %5,476 4.0 %
Losses on loans held for sale carried at the lower cost or fair value (7)
1,258 1.7 %— — %— — %1,258 0.9 %— — %
Advertising expenses4,243 5.8 %3,078 4.6 %4,332 6.0 %7,321 5.2 %6,918 5.0 %
Other real estate owned and repossessed assets (income) expense, net (8)(9)
(148)(0.2)%(354)(0.5)%2,431 3.4 %(502)(0.4)%2,431 1.8 %
Contract termination costs (9)(10)
— — %— — %1,550 2.1 %— — %1,550 1.1 %
Other operating expenses (11)
5,205 7.1 %5,451 8.2 %5,637 7.8 %10,656 7.7 %9,789 7.0 %
Total noninterest expense (12)
$73,302 100.0 %$66,594 100.0 %$72,500 100.0 %$139,896 100.0 %$137,233 100.0 %

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(1) Includes staff reduction costs of $2.2 million and $2.4 million in the three and six months ended June 30, 2023, respectively, which consist of severance expenses primarily related to organizational rationalization.
(2) In each of the three and six month periods ended June 30, 2024, includes fixed assets impairment charge of $3.4 million in connection with the Houston Transaction. In each of the three and six month periods ended June 30, 2023, includes $0.6 million related to ROU asset impairment in connection with the closure of branch in Miami, Florida in 2023.
(3) Includes $0.3 million in legal expenses in connection with the Houston Transaction in the three and six month periods ended June 30, 2024. Additionally, includes additional non-routine expenses of $2.0 million and $4.6 million in the three months and six months ended June 30, 2023, respectively, related to the engagement of FIS. Lastly, includes recurring service fees in connection with the engagement of FIS in the three months ended March 31, 2024 and June 30, 2024 and in the six months ended June 30, 2024.
(4) Includes services fees in connection with our loan-level derivative income generation activities.
(5) Includes a charge of $1.4 million in each of the three and six month periods ended June 30, 2023 related to the disposition of fixed assets due to the write off of in-development software.
(6) Includes a charge of $0.9 million in each of the three and six month periods ended June 30, 2023 for the accelerated depreciation of leasehold improvements in connection with the closure of a branch in Miami, Florida in 2023.
(7) In each of the three and six month periods ended, amounts shown are in connection with the Houston Transaction
(8) Includes OREO rental income of $0.4 million in the three months ended March 31, 2024, as well as in the three and six month periods ended June 30, 2023. In addition, in each of the three and six month periods ended June 30, 2023, includes a loss on sale of repossessed assets in connection with our equipment-financing activities of $2.6 million.
(9) Beginning in the three months ended June 30, 2023, OREO and repossessed assets expense is presented separately in the Company’s consolidated statement of operations and comprehensive (loss) income.
(10) Contract termination and related costs associated with third party vendors resulting from the Company’s transition to our new technology provider.
(11) In each of the three and six month periods ended June 30, 2024, includes broker fees of $0.3 million in connection with the Houston Transaction. Additionally, in each of the three and six month periods ended June 30, 2023, includes an impairment charge of $2.0 million related to an investment carried at cost and included in other assets. In all of the periods shown, includes mortgage loan origination and servicing expenses, charitable contributions, community engagement, postage and courier expenses, and debits which mirror the valuation income on the investment balances held in the non-qualified deferred compensation plan in order to adjust the liability to participants of the deferred compensation plan and other small expenses.
(12) Includes $3.8 million, $3.1 million and $4.0 million in the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and $6.9 million and $7.9 million in the six months ended June 30, 2024 and June 30, 2023, related to Amerant Mortgage, primarily consisting of salaries and employee benefits, mortgage lending costs and professional and other services fees.

18

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Exhibit 6 - Consolidated Balance Sheets
(in thousands, except share data)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Assets(audited)
Cash and due from banks$32,762 $41,231 $47,234 $48,145 $45,184 
Interest earning deposits with banks238,346 577,843 242,709 202,946 365,673 
Restricted cash32,430 33,897 25,849 51,837 34,204 
Other short-term investments6,781 6,700 6,080 6,024 — 
Cash and cash equivalents310,319 659,671 321,872 308,952 445,061 
Securities
Debt securities available for sale, at fair value1,269,356 1,298,073 1,217,502 1,033,797 1,027,676 
Debt securities held to maturity, at amortized cost (1)219,613 224,014 226,645 230,254 234,369 
Trading securities— — — — 298 
Equity securities with readily determinable fair value not held for trading 2,483 2,480 2,534 2,438 2,500 
Federal Reserve Bank and Federal Home Loan Bank stock56,412 54,001 50,294 47,878 50,460 
Securities1,547,864 1,578,568 1,496,975 1,314,367 1,315,303 
Loans held for sale, at the lower of cost or fair value (2)551,828 — 365,219 43,257 — 
Mortgage loans held for sale, at fair value60,122 48,908 26,200 25,952 49,942 
Loans held for investment, gross6,710,961 6,957,475 6,873,493 7,073,387 7,167,016 
Less: Allowance for credit losses94,400 96,050 95,504 98,773 105,956 
Loans held for investment, net6,616,561 6,861,425 6,777,989 6,974,614 7,061,060 
Bank owned life insurance238,851 237,314 234,972 232,736 231,253 
Premises and equipment, net33,382 44,877 43,603