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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________

Commission File Number: 001-38534
amerantimagea03.jpg
Amerant Bancorp Inc.
(Exact name of registrant as specified in its charter)
Florida65-0032379
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
220 Alhambra Circle
Coral Gables,
Florida
33134
(Address of principal executive offices)
(Zip Code)
(305)460-4728
(Registrant’s telephone number, including area code)
 N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Class A Common StockAMTBNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   ☒  No ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   ☒  No ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
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. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐       No
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Class
Outstanding as of July 29, 2024
Class A Common Stock, $0.10 par value per share33,493,162 shares of Class A Common Stock
1


AMERANT BANCORP INC. AND SUBSIDIARIES
FORM 10-Q
June 30, 2024
INDEX
Page

2

Table of Contents


Part 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
Amerant Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share data)(Unaudited)
June 30, 2024
December 31, 2023
Assets
Cash and due from banks$32,762 $47,234 
Interest earning deposits with banks238,346 242,709 
Restricted cash32,430 25,849 
Other short-term investments6,781 6,080 
Cash and cash equivalents310,319 321,872 
Securities
Debt securities available for sale, at fair value1,269,356 1,217,502 
Debt securities held to maturity, at amortized cost (estimated fair value of $192,403 and $204,945 at June 30, 2024 and December 31, 2023, respectively)
219,613 226,645 
Equity securities with readily determinable fair value not held for trading2,483 2,534 
Federal Reserve Bank and Federal Home Loan Bank stock56,412 50,294 
Securities1,547,864 1,496,975 
Loans held for sale, at lower of cost or fair value551,828 365,219 
Mortgage loans held for sale, at fair value60,122 26,200 
Loans held for investment, gross6,710,961 6,873,493 
Less: Allowance for credit losses94,400 95,504 
Loans held for investment, net6,616,561 6,777,989 
Bank owned life insurance238,851 234,972 
Premises and equipment, net33,382 43,603 
Deferred tax assets, net48,779 55,635 
Operating lease right-of-use assets100,580 118,484 
Goodwill19,193 19,193 
Accrued interest receivable and other assets220,259 256,185 
Total assets$9,747,738 $9,716,327 
Liabilities and Stockholders' Equity
Deposits
Demand
Noninterest bearing$1,465,140 $1,426,919 
Interest bearing2,316,976 2,560,629 
Savings and money market1,723,233 1,610,218 
Time2,310,662 2,297,097 
Total deposits7,816,011 7,894,863 
Advances from the Federal Home Loan Bank 765,000 645,000 
Senior notes59,685 59,526 
Subordinated notes29,539 29,454 
Junior subordinated debentures held by trust subsidiaries64,178 64,178 
Operating lease liabilities105,861 123,167 
Accounts payable, accrued liabilities and other liabilities173,122 164,071 
Total liabilities9,013,396 8,980,259 
Contingencies (Note 11)
Stockholders’ equity
Class A common stock, $0.10 par value, 250 million shares authorized; 33,562,756 shares issued and outstanding at June 30, 2024 (33,603,242 shares issued and outstanding at December 31, 2023)
3,357 3,361 
Additional paid in capital189,601 192,701 
Retained earnings620,299 610,802 
Accumulated other comprehensive loss(78,915)(70,796)
Total stockholders' equity734,342 736,068 
Total liabilities and stockholders' equity$9,747,738 $9,716,327 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
3

Table of Contents
Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2024202320242023
Interest income
Loans$124,117 $119,570 $246,822 $228,071 
Investment securities16,950 13,233 33,041 26,532 
Interest earning deposits with banks and other interest income5,342 5,694 11,171 9,024 
Total interest income146,409 138,497 291,034 263,627 
Interest expense
Interest bearing demand deposits16,779 16,678 34,515 29,533 
Savings and money market deposits14,999 9,437 29,860 17,364 
Time deposits25,971 18,528 52,095 31,362 
Advances from the Federal Home Loan Bank6,946 7,621 12,524 14,384 
Senior notes941 941 1,884 1,883 
Subordinated notes361 362 722 723 
Junior subordinated debentures1,055 1,052 2,109 2,167 
Securities sold under agreements to repurchase2 1 2 1 
Total interest expense67,054 54,620 133,711 97,417 
Net interest income79,355 83,877 157,323 166,210 
Provision for credit losses19,150 29,077 31,550 40,777 
Net interest income after provision for credit losses60,205 54,800 125,773 125,433 
Noninterest income
Deposits and service fees5,281 4,944 9,606 9,899 
Brokerage, advisory and fiduciary activities4,538 4,256 8,865 8,438 
Change in cash surrender value of bank owned life insurance2,242 1,429 4,584 2,841 
Loan-level derivative income2,357 476 2,823 2,547 
Cards and trade finance servicing fees1,331 562 2,554 1,095 
Gain on early extinguishment of advances from the Federal Home Loan Bank, net189 13,440 189 26,613 
Derivative (losses) gains, net
(44)242 (196)256 
Securities losses, net(117)(1,237)(171)(10,968)
Other noninterest income3,643 2,507 5,654 5,241 
Total noninterest income19,420 26,619 33,908 45,962 
Noninterest expense
Salaries and employee benefits33,857 34,247 66,815 69,123 
Professional and other services fees12,110 7,415 23,073 15,043 
Occupancy and equipment9,041 6,737 15,517 13,535 
Telecommunication and data processing2,732 5,027 6,265 8,091 
Advertising expenses4,243 4,332 7,321 6,918 
FDIC assessments and insurance2,772 2,739 5,780 5,476 
Depreciation and amortization1,652 2,275 3,129 3,567 
Loan-level derivative expense580 110 584 1,710 
Other real estate owned and repossessed assets (income) expense, net(148)2,431 (502)2,431 
Contract termination costs 1,550  1,550 
Losses on loans held for sale carried at the lower cost or fair value
1,258  1,258  
Other operating expenses5,205 5,637 10,656 9,789 
Total noninterest expenses73,302 72,500 139,896 137,233 
Income before income tax expense6,323 8,919 19,785 34,162 
Income tax expense(1,360)(1,873)(4,254)(7,174)
Net income before attribution of noncontrolling interest4,963 7,046 15,531 26,988 
Noncontrolling interest (262) (506)
Net income attributable to Amerant Bancorp Inc.$4,963 $7,308 $15,531 $27,494 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
4

Table of Contents
Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except per share data)2024202320242023
Other comprehensive loss, net of tax
Net unrealized holding losses on debt securities available for sale arising during the period$(2,978)$(13,487)$(8,082)$(7,370)
Net unrealized holding gains on cash flow hedges arising during the period70 276 297 88 
Reclassification adjustment for items included in net income(123)604 (334)991 
Other comprehensive loss(3,031)(12,607)(8,119)(6,291)
Comprehensive income (loss)
$1,932 $(5,299)$7,412 $21,203 
Earnings Per Share (Note 13):
Basic earnings per common share$0.15 $0.22 $0.46 $0.82 
Diluted earnings per common share
$0.15 $0.22 $0.46 $0.81 

The accompanying notes are an integral part of these consolidated financial statements (unaudited).
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Table of Contents
Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
Three and Six Month Periods Ended June 30, 2024
Common StockAdditional
Paid
in Capital
Treasury StockRetained
Earnings
Accumulated Other Comprehensive lossTotal
Stockholders'
Equity
(in thousands, except share data)Shares OutstandingIssued Shares - Par Value
Class A
Balance at December 31, 202333,603,242 $3,361 $192,701 $ $610,802 $(70,796)$736,068 
Issuance of common shares for restricted stock unit vesting77,615 8 (8)— — —  
Issuance of common shares for performance shares unit vesting125,271 13 (13)— — —  
Restricted stock, restricted stock units and performance stock units surrendered(92,830)(9)(2,078)— — — (2,087)
Restricted stock forfeited(3,903)— — — — —  
Stock-based compensation expense— — 1,635 — — — 1,635 
Dividends paid— — — — (3,011)— (3,011)
Net income attributable to Amerant Bancorp Inc.— — — — 10,568 — 10,568 
Other comprehensive loss— — — — — (5,088)(5,088)
Balance at March 31, 202433,709,395 $3,373 $192,237 $ $618,359 $(75,884)$738,085 
Repurchase of Class A common stock(200,652)— — (4,448)— — (4,448)
Treasury stock retired— (20)(4,428)4,448 — —  
Restricted stock and restricted stock units surrendered(7,957)(1)(93)— — — (94)
Stock issued for employee stock purchase plan28,510 3 483 — — — 486 
Restricted stock forfeited(15,043)(2)2 — — —  
Restricted stock units vested48,503 4 (4)— — —  
Stock-based compensation expense— — 1,404 — — — 1,404 
Net income attributable to Amerant Bancorp Inc.— — — — 4,963 — 4,963 
Dividends paid— — — — (3,023)— (3,023)
Other comprehensive loss— — — — — (3,031)(3,031)
Balance at June 30, 202433,562,756 $3,357 $189,601 $ $620,299 $(78,915)$734,342 



The accompanying notes are an integral part of these consolidated financial statements (unaudited).
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Table of Contents
Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
Three and Six Month Periods Ended June 30, 2023

Common StockAdditional
Paid
in Capital
Treasury StockRetained
Earnings
Accumulated Other Comprehensive Income (loss)Total
Stockholders'
Equity Before Noncontrolling Interest
Noncontrolling interestTotal
Stockholders'
Equity
(in thousands, except share data)Shares OutstandingIssued Shares - Par Value
Class A
Balance at December 31, 202233,815,161 $3,382 $194,694 $ $590,375 $(80,635)$707,816 $(2,090)$705,726 
Repurchase of Class A common stock
(22,403)— — (566)— — (566)— (566)
Treasury stock retired— (2)(564)566 — —  —  
Restricted stock issued10,440 1 (1)— — —  —  
Restricted stock, restricted stock units and performance stock units surrendered(44,896)(4)(1,166)— — — (1,170)— (1,170)
Restricted stock forfeited(1,394)— — — — —  —  
Performance stock units vested10,621 1 (1)— — —  —  
Restricted stock units vested46,731 5 (5)— — —  —  
Stock-based compensation expense— — 1,825 — — — 1,825 — 1,825 
Net income attributable to Amerant Bancorp Inc.— — — — 20,186 — 20,186 — 20,186 
Dividends paid— — — — (3,017)— (3,017)— (3,017)
Net loss attributable to noncontrolling-interest shareholders— — — — — —  (244)(244)
Other comprehensive income— — — — — 6,316 6,316 — 6,316 
Balance at March 31, 202333,814,260 $3,383 $194,782 $ $607,544 $(74,319)$731,390 $(2,334)$729,056 
Repurchase of Class A common stock
(95,262)— — (1,659)— — (1,659)— (1,659)
Treasury stock retired— (10)(1,649)1,659 — —  —  
Restricted stock and restricted stock units surrendered(4,414)(1)(198)— — — (199)— (199)
Stock issued for employee stock purchase plan30,557 3 683 — — — 686 — 686 
Restricted stock forfeited(26,432)(3)3 — — —  —  
Restricted stock units vested17,450 2 (2)— — —  —  
Stock-based compensation expense— — 1,656 — — — 1,656 — 1,656 
Net income attributable to Amerant Bancorp Inc.— — — — 7,308 — 7,308 — 7,308 
Dividends paid— — — — (3,023)— (3,023)— (3,023)
Net loss attributable to noncontrolling-interest shareholders— — — — — —  (262)(262)
Other comprehensive loss— — — — — (12,607)(12,607)— (12,607)
Balance at June 30, 202333,736,159 $3,374 $195,275 $ $611,829 $(86,926)$723,552 $(2,596)$720,956 

The accompanying notes are an integral part of these consolidated financial statements (unaudited).
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Table of Contents
Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)

Six Months Ended June 30,
(in thousands)20242023
Cash flows from operating activities
Net income before attribution of noncontrolling interest$15,531 $26,988 
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Provision for credit losses31,550 40,777 
Net premium amortization on securities2,586 2,440 
Depreciation and amortization3,129 3,567 
Stock-based compensation expense3,039 3,481 
Change in cash surrender value of bank owned life insurance(4,584)(2,841)
Securities losses, net171 10,968 
Derivative losses (gains), net196 (256)
Gains on sale of loans, net(2,294)(2,509)
Losses on loans held for sale carried at the lower cost or fair value1,258  
Loss on sale of other repossessed assets 2,649 
Impairment on investment carried at cost 1,963 
Deferred taxes and others12,018 (3,309)
Gain on early extinguishment of advances from the FHLB, net(189)(26,613)
Proceeds from sales and repayments of loans held for sale (at fair value)113,481 128,478 
Originations and purchases of loans held for sale (at fair value)(168,016)(189,943)
Net changes in operating assets and liabilities:
Accrued interest receivable and other assets(15,009)(8,025)
Accounts payable, accrued liabilities and other liabilities7,580 4,346 
Net cash provided by (used in) operating activities447 (7,839)
Cash flows from investing activities
Purchases of investment securities:
Available for sale(115,935)(36,658)
Equity securities with readily determinable fair value not held for trading (2,500)
Federal Home Loan Bank stock(36,343)(38,660)
(152,278)(77,818)
Maturities, sales, calls and paydowns of investment securities:
Available for sale50,941 46,093 
Held to maturity6,729 7,373 
Federal Home Loan Bank stock30,226 43,775 
Equity securities with readily determinable fair value not held for trading 11,168 
87,896 108,409 
Net increase in loans(470,074)(291,759)
Proceeds from loan sales434,318 14,462 
Cash paid in business acquisition (1,970)
Net purchases of premises and equipment and others(4,995)(7,247)
Proceeds from surrender of bank owned life insurance62,741  
Proceeds from bank owned life insurance death benefit1,232  
Proceeds from sale of repossessed assets 2,464 
Net cash used in investing activities(41,160)(253,459)
Cash flows from financing activities
Net (decrease) increase in demand, savings and money market accounts(92,417)182,073 
Net increase in time deposits13,565 353,299 
Proceeds from Advances from the Federal Home Loan Bank1,212,500 1,130,000 
Repayments of Advances from the Federal Home Loan Bank (1,092,311)(1,240,448)
Repurchase of common stock - Class A(4,448)(2,225)
Dividend paid(6,034)(6,040)
Disbursements arising from stock-based compensation, net(1,695)(901)
Net cash provided by financing activities29,160 415,758 
Net (decrease) increase in cash and cash equivalents and restricted cash(11,553)154,460 
Cash, cash equivalents and restricted cash
Beginning of period321,872 290,601 
End of period$310,319 $445,061 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
8

Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited) (continued)
Six Months Ended June 30, 2024
(in thousands)20242023
Supplemental disclosures of cash flow information
Cash paid:
Interest$133,977 $90,207 
Income taxes4,751 13,874 
Right-of-use assets obtained in exchange for new lease obligations 6,233 
Noncash investing activities:
Mortgage loans held for sale (at fair value) transferred to loans held for investment23,365 77,702 
Loans transferred to other assets 26,534 
Loans held for investment (at lower of cost or fair value) transferred to loans held for sale
553,085  
Premises and equipment transferred to other assets
11,405  
Right-of-use assets transferred to other assets15,368