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

Amerant Bancorp Inc. (NYSE:AMTB) (the "Company" or "Amerant") today reported net income attributable to the Company of $10.6 million in the first quarter of 2024, or $0.31 per diluted share, compared to a net loss attributable to the Company of $17.1 million, or $0.51 per diluted share, in the fourth quarter of 2023.

"We continued to invest in our future in the first quarter of 2024, opening new locations in Tampa and Ft. Lauderdale, while adding 12 new team members to our already talented business development teams across south Florida," stated Jerry Plush, Chairman and CEO. "In addition to our recently announced sale of our Houston franchise, we also executed on our strategic initiatives, resulting in strong organic loan and deposit growth."

Total assets were $9.8 billion, an increase of $101.4 million, or 1.0%, compared to 4Q23.

Total gross loans were $7.01 billion, a decrease of $258.5 million, or 3.6%, compared to $7.26 billion in 4Q23. This decrease reflects the completion of the sale of $401 million of Houston-based multifamily loans, offsetting $142.5 million in organic production for the quarter.

Cash and cash equivalents were $659.7 million, up $337.8 million, or 104.9%, compared to $321.9 million in 4Q23.

Total deposits were $7.88 billion, down $16.6 million, or 0.2%, compared to $7.89 billion in 4Q23. Organic deposit growth, which includes all deposits except institutional and brokered deposits, was $331.8 million, partially offset by declines in brokered deposits of $86.4 million and institutional deposits of $262 million.

Total advances from Federal Home Loan Bank ("FHLB") were $715.0 million, up $70.0 million, or 10.9%, compared to $645.0 million in 4Q23. The Bank had an additional $2.2 billion in availability from the FHLB as of March 31, 2024.

Average yield on loans decreased to 7.05% in 1Q24, compared to 7.09% in 4Q23.

Total non-performing assets were $50.5 million, down $4.1 million, or 7.5%, compared to $54.6 million as of 4Q23.

The allowance for credit losses ("ACL") was $96.1 million, an increase of $0.5 million, or 0.6%, compared to $95.5 million as of 4Q23.

Core deposits were $5.63 billion, up $35.4 million, or 0.6%, compared to $5.60 billion in 4Q23. This increase includes the net reduction of $262 million in institutional deposits.

Average cost of total deposits increased to 3.00% in 1Q24 compared to 2.88% in 4Q23.

Loan to deposit ratio was 88.93% in 1Q24 compared to 92.02% in 4Q23.

Assets Under Management and custody ("AUM") totaled $2.36 billion, up $68.5 million, or 3.0%, from $2.29 billion in 4Q23.

Pre-provision net revenue ("PPNR")⁽¹⁾ was $25.9 million in 1Q24 compared to negative $7.6 million in 4Q23.

Net Interest Margin ("NIM") was 3.51% in 1Q24 compared to 3.72% in 4Q23, which included 16 basis points from a loan recovery received in the previous period.

Net Interest Income ("NII") was $78.0 million, down $3.7 million, or 4.5%, from $81.7 million in 4Q23.

Provision for credit losses was $12.4 million in 1Q24, down $0.1 million, or 0.8%, compared to $12.5 million in 4Q23.

Non-interest income was $14.5 million in 4Q23, down $5.1 million, or 26.1%, from $19.6 million in 4Q23.

Non-interest expense was $66.6 million, down $43.1 million, or 39.3%, from $109.7 million in 4Q23.

The efficiency ratio was 72.0% in 1Q24 compared to 108.3% in 4Q23.

Return on average assets ("ROA") was 0.44% in 1Q24 compared to negative 0.71% in 4Q23.

Return on average equity ("ROE") was 5.69% in 1Q24 compared to negative 9.22% in 4Q23.

The Company's Board of Directors declared a cash dividend of $0.09 per share of common stock on April 24, 2024. The dividend is payable on May 30, 2024, to shareholders of record on May 15, 2024.

Additional details on first quarter 2024 results can be found in the Exhibits to this earnings release, and the earnings presentation available under the Investor Relations section of the Company's website at https://investor.amerantbank.com.

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

First Quarter 2024 Earnings Conference Call

The Company will hold an earnings conference call on Thursday, April 25, 2024 at 9:00 a.m. (Eastern Time) to discuss its first 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 24 banking centers – 17 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. 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, 2023 filed on March 7, 2024 (the "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 months ended March 31, 2024, December 31, 2023, and March 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 expenses", "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.

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 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.

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)	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Consolidated Balance Sheets			(audited)
Total assets	$	9,817,772	$	9,716,327	$	9,345,700	$	9,519,526	$	9,495,302
Total investments		1,578,568		1,496,975		1,314,367		1,315,303		1,347,697
Total gross loans ⁽¹⁾		7,006,383		7,264,912		7,142,596		7,216,958		7,115,035
Allowance for credit losses		96,050		95,504		98,773		105,956		84,361
Total deposits		7,878,243		7,894,863		7,546,912		7,579,571		7,286,726
Core deposits⁽²⁾		5,633,165		5,597,766		5,244,034		5,498,017		5,357,386
Advances from the Federal Home Loan Bank		715,000		645,000		595,000		770,000		1,052,012
Senior notes		59,605		59,526		59,447		59,368		59,289
Subordinated notes		29,497		29,454		29,412		29,369		29,326
Junior subordinated debentures		64,178		64,178		64,178		64,178		64,178
Stockholders' equity ⁽³⁾⁽⁴⁾		738,085		736,068		719,787		720,956		729,056
Assets under management and custody ⁽⁵⁾		2,357,621		2,289,135		2,092,200		2,147,465		2,107,603

	Three Months Ended
(in thousands, except percentages, share data and per share amounts)	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Consolidated Results of Operations
Net interest income	$	77,968		$	81,677		$	78,577		$	83,877		$	82,333
Provision for credit losses ⁽⁶⁾		12,400			12,500			8,000			29,077			11,700
Noninterest income		14,488			19,613			21,921			26,619			19,343
Noninterest expense		66,594			109,702			64,420			72,500			64,733
Net income (loss) attributable to Amerant Bancorp Inc. ⁽⁷⁾		10,568			(17,123	)		22,119			7,308			20,186
Effective income tax rate		21.50	%		14.21	%		22.57	%		21.00	%		21.00	%

Common Share Data
Stockholders' book value per common share	$	21.90		$	21.90		$	21.43		$	21.37		$	21.56
Tangible stockholders' equity (book value) per common share⁽⁸⁾	$	21.16		$	21.16		$	20.63		$	20.66		$	20.84
Tangible stockholders' equity (book value) per common share, adjusted for unrealized losses on debt securities held to maturity ⁽⁸⁾	$	20.60		$	20.68		$	19.86		$	20.11		$	20.38
Basic earnings (loss) per common share	$	0.32		$	(0.51	)	$	0.66		$	0.22		$	0.60
Diluted earnings (loss) per common share⁽⁹⁾	$	0.31		$	(0.51	)	$	0.66		$	0.22		$	0.60
Basic weighted average shares outstanding		33,538,069			33,432,871			33,489,560			33,564,770			33,559,718
Diluted weighted average shares outstanding⁽⁹⁾		33,821,562			33,432,871			33,696,620			33,717,702			33,855,994
Cash dividend declared per common share ⁽⁴⁾	$	0.09		$	0.09		$	0.09		$	0.09		$	0.09

	Three Months Ended
	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Other Financial and Operating Data ⁽¹⁰⁾

Profitability Indicators (%)
Net interest income / Average total interest earning assets (NIM) ⁽¹¹⁾	3.51	%	3.72	%	3.57	%	3.83	%	3.90	%
Net income (loss) / Average total assets (ROA) ⁽¹²⁾	0.44	%	(0.71	)%	0.92	%	0.31	%	0.88	%
Net income (loss) / Average stockholders' equity (ROE) ⁽¹³⁾	5.69	%	(9.22	)%	11.93	%	3.92	%	11.15	%
Noninterest income / Total revenue⁽¹⁴⁾	15.67	%	19.36	%	21.81	%	24.09	%	19.02	%

Capital Indicators (%)
Total capital ratio ⁽¹⁵⁾	12.50	%	12.12	%	12.70	%	12.39	%	12.36	%
Tier 1 capital ratio ⁽¹⁶⁾	10.88	%	10.54	%	11.08	%	10.77	%	10.88	%
Tier 1 leverage ratio⁽¹⁷⁾	8.73	%	8.84	%	9.05	%	8.91	%	9.04	%
Common equity tier 1 capital ratio (CET1)⁽¹⁸⁾	10.11	%	9.79	%	10.30	%	10.00	%	10.10	%
Tangible common equity ratio ⁽¹⁹⁾	7.28	%	7.34	%	7.44	%	7.34	%	7.44	%
Tangible common equity ratio, adjusted for unrealized losses on debt securities held to maturity ⁽²⁰⁾	7.10	%	7.18	%	7.18	%	7.16	%	7.29	%

Liquidity Ratios (%)
Loans to Deposits ⁽²¹⁾	88.93	%	92.02	%	94.64	%	95.22	%	97.64	%

Asset Quality Indicators (%)
Non-performing assets / Total assets ⁽²²⁾	0.51	%	0.56	%	0.57	%	0.71	%	0.51	%
Non-performing loans / Total gross loans ^{(1) (23)}	0.43	%	0.47	%	0.46	%	0.65	%	0.31	%
Allowance for credit losses / Total non-performing loans⁽²³⁾	317.01	%	277.63	%	297.55	%	224.51	%	380.31	%
Allowance for credit losses / Total loans held for investment	1.38	%	1.39	%	1.40	%	1.48	%	1.20	%
Net charge-offs / Average total loans held for investment ⁽²⁴⁾	0.69	%	0.85	%	0.82	%	0.42	%	0.64	%

Efficiency Indicators (% except FTE)
Noninterest expense / Average total assets	2.75	%	4.57	%	2.69	%	3.06	%	2.82	%
Salaries and employee benefits / Average total assets	1.36	%	1.38	%	1.31	%	1.45	%	1.52	%
Other operating expenses/ Average total assets ⁽²⁵⁾	1.39	%	3.20	%	1.38	%	1.62	%	1.30	%
Efficiency ratio ⁽²⁶⁾	72.03	%	108.30	%	64.10	%	65.61	%	63.67	%
Full-Time-Equivalent Employees (FTEs)⁽²⁷⁾	696		682		700		710		722

	Three Months Ended
(in thousands, except percentages and per share amounts)	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Core Selected Consolidated Results of Operations and Other Data⁽⁸⁾

Pre-provision net revenue (PPNR)	$	25,862		$	(7,595	)	$	36,456		$	38,258		$	37,187
Core pre-provision net revenue (Core PPNR)	$	26,068		$	29,811		$	35,880		$	39,196		$	37,103
Core net income	$	10,730		$	15,272		$	21,664		$	8,048		$	20,120
Core basic earnings per common share		0.32			0.46			0.65			0.24			0.60
Core earnings per diluted common share ⁽⁹⁾		0.32			0.46			0.64			0.24			0.59
Core net income / Average total assets (Core ROA) ⁽¹²⁾		0.44	%		0.64	%		0.91	%		0.34	%		0.88	%
Core net income / Average stockholders' equity (Core ROE) ⁽¹³⁾		5.78	%		8.23	%		11.69	%		4.32	%		11.11	%
Core efficiency ratio ⁽²⁸⁾		71.87	%		69.67	%		62.08	%		60.29	%		62.47	%

__________________
(1)		Total gross loans include loans held for investment net of unamortized deferred loan origination fees and costs, as well as loans held for sale. As of March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, mortgage loans held for sale carried at fair value totaled $48.9 million, $26.2 million, $26.0 million, $49.9 million and $65.3 million, respectively. In addition, December 31, 2023 and September 30, 2023, includes $365.2 million and $43.3 million in loans held for sale carried at the lower of estimated fair value or cost.
(2)		Core deposits consist of total deposits excluding all time deposits.
(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"). There were no repurchases of Class A common stock in the first quarter of 2024 and fourth quarter of 2023. In the third, second and first quarters of 2023, the Company repurchased an aggregate of 142,188 shares of Class A common stock, 95,262 shares of Class A common stock and 22,403 shares of Class A common stock, respectively, at a weighted average price of $19.05 per share, $17.42 per share and $25.25 per share, respectively, under the 2023 Class A Common Stock Repurchase Program. In the third, second and first quarters of 2023, the aggregate purchase price for these transactions was approximately $2.7 million, $1.7 million and $0.6 million, respectively, including transaction costs.
(4)		For the first quarter of 2024 as well as each of the fourth, third, second and first 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 first quarter of 2024 was paid on February 29, 2024 to shareholders of record at the close of business on February 14, 2024. See 2023 Form 10-K for more information on previous dividend payments in 2023.
(5)		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.
(6)		In the first quarter of 2024 and in the fourth and third quarter of 2023, includes, $12.4 million, $12.0 million and $7.4 million of provision for credit losses on loans. Provision for unfunded commitments (contingencies) in the fourth and third quarter of 2023, were $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. In the first quarter of 2023, the provision for credit losses on unfunded commitments was $0.3 million.
(7)		In the three months ended December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, net income excludes losses of $0.8 million, $0.4 million, $0.3 million and $0.2 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.
(8)		This presentation contains adjusted financial information determined by methods other than GAAP. This adjusted financial information is reconciled to GAAP in Exhibit 2 - Non-GAAP Financial Measures Reconciliation.
(9)		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.
(10)		Operating data for the periods presented have been annualized.
(11)		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.
(12)		Calculated based upon the average daily balance of total assets.
(13)		Calculated based upon the average daily balance of stockholders' equity.
(14)		Total revenue is the result of net interest income before provision for credit losses plus noninterest income.
(15)		Total stockholders' equity divided by total risk-weighted assets, calculated according to the standardized regulatory capital ratio calculations.
(16)		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.
(17)		Tier 1 capital divided by quarter to date average assets.
(18)		CET1 capital divided by total risk-weighted assets.
(19)		Tangible common equity 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 primarily consist of naming rights and mortgage servicing rights and are included in other assets in the Company's consolidated balance sheets.
(20)		Calculated in the same manner described in footnote 19 but also includes unrealized losses on debt securities held to maturity in the balance of common equity and total assets.
(21)		Calculated as the ratio of total loans gross divided by total deposits.
(22)		Non-performing assets include all accruing loans past due by 90 days or more, all nonaccrual loans and other real estate owned ("OREO") properties acquired through or in lieu of foreclosure, and other repossessed assets.
(23)		Non-performing loans include all accruing loans past due by 90 days or more and all nonaccrual loans
(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 credit losses. See 2023 Form 10-K for more details on charge-offs for all previous periods.
(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 March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, includes 65, 67, 98, 93, and 94 FTEs for Amerant Mortgage LLC, respectively.
(28)		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.

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 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)	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023


Net income (loss) attributable to Amerant Bancorp Inc.	$	10,568		$	(17,123	)	$	22,119		$	7,308		$	20,186
Plus: provision for credit losses ⁽¹⁾		12,400			12,500			8,000			29,077			11,700
Plus: provision for income tax expense (benefit)		2,894			(2,972	)		6,337			1,873			5,301
Pre-provision net revenue (PPNR)		25,862			(7,595	)		36,456			38,258			37,187
Plus: non-routine noninterest expense items		—			43,094			6,303			13,383			3,372
Less: non-routine noninterest income items		206			(5,688	)		(6,879	)		(12,445	)		(3,456	)
Core pre-provision net revenue (Core PPNR)	$	26,068		$	29,811		$	35,880		$	39,196		$	37,103

Total noninterest income	$	14,488		$	19,613		$	21,921		$	26,619		$	19,343
Less: Non-routine noninterest income items:
Derivatives (losses) gains, net		(152	)		(151	)		(77	)		242			14
Securities gains (losses), net		(54	)		33			(54	)		(1,237	)		(9,731	)
Bank owned life insurance charge ⁽²⁾		—			(655	)		—			—			—
Gains on early extinguishment of FHLB advances, net		—			6,461			7,010			13,440			13,173
Total non-routine noninterest income items	$	(206	)	$	5,688		$	6,879		$	12,445		$	3,456
Core noninterest income	$	14,694		$	13,925		$	15,042		$	14,174		$	15,887

Total noninterest expenses	$	66,594		$	109,702		$	64,420		$	72,500		$	64,733
Less: non-routine noninterest expense items
Restructuring costs ⁽³⁾:
Staff reduction costs⁽⁴⁾		—			1,120			489			2,184			213
Contract termination costs ⁽⁵⁾		—			—			—			1,550			—
Consulting and other professional fees and software expenses⁽⁶⁾		—			1,629			—			2,060			2,690
Disposition of fixed assets ⁽⁷⁾		—			—			—			1,419			—
Branch closure expenses and related charges ⁽⁸⁾		—			—			252			1,558			469
Total restructuring costs	$	—		$	2,749		$	741		$	8,771		$	3,372
Other non-routine noninterest expense items:
Losses on loans held for sale carried at the lower cost or fair value ⁽⁹⁾		—			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		—			1,713			—			—			—
Bank owned life insurance enchancement costs⁽²⁾		—			1,137			—			—			—
Impairment charge on investment carried at cost		—			—			—			1,963			—
Total non-routine noninterest expense items	$	—		$	43,094		$	6,303		$	13,383		$	3,372
Core noninterest expenses	$	66,594		$	66,608		$	58,117		$	59,117		$	61,361

	Three Months Ended,

(in thousands, except percentages and per share amounts)	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023

Net income (loss) attributable to Amerant Bancorp Inc.	$	10,568		$	(17,123	)	$	22,119		$	7,308		$	20,186
Plus after-tax non-routine items in noninterest expense:
Non-routine items in noninterest expense before income tax effect		—			43,094			6,303			13,383			3,372
Income tax effect ⁽¹¹⁾		—			(8,887	)		(1,486	)		(2,811	)		(708	)
Total after-tax non-routine items in noninterest expense		—			34,207			4,817			10,572			2,664
Less after-tax non-routine items in noninterest income:
Non-routine items in noninterest income before income tax effect		206			(5,688	)		(6,879	)		(12,445	)		(3,456	)
Income tax effect ⁽¹¹⁾		(44	)		1,032			1,607			2,613			726
Total after-tax non-routine items in noninterest income		162			(4,656	)		(5,272	)		(9,832	)		(2,730	)
BOLI enhancement tax impact ⁽²⁾		—			2,844			—			—			—
Core net income	$	10,730		$	15,272		$	21,664		$	8,048		$	20,120

Basic (loss) earnings per share	$	0.32		$	(0.51	)	$	0.66		$	0.22		$	0.60
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact ⁽¹³⁾		—			1.11			0.14			0.31			0.08
(Less): after tax impact of non-routine items in noninterest income		—			(0.14	)		(0.15	)		(0.29	)		(0.08	)
Total core basic earnings per common share	$	0.32		$	0.46		$	0.65		$	0.24		$	0.60

Diluted (loss) earnings per share⁽¹²⁾	$	0.31		$	(0.51	)	$	0.66		$	0.22		$	0.60
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact ⁽¹³⁾		—			1.11			0.14			0.31			0.08
(Less): after tax impact of non-routine items in noninterest income		0.01			(0.14	)		(0.16	)		(0.29	)		(0.09	)
Total core diluted earnings per common share	$	0.32		$	0.46		$	0.64		$	0.24		$	0.59

Net income (loss) / Average total assets (ROA)		0.44	%		(0.71	)%		0.92	%		0.31	%		0.88	%
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact ⁽¹³⁾		—	%		1.55	%		0.20	%		0.45	%		0.12	%
Plus (less): after tax impact of non-routine items in noninterest income		—	%		(0.20	)%		(0.21	)%		(0.42	)%		(0.12	)%
Core net income / Average total assets (Core ROA)		0.44	%		0.64	%		0.91	%		0.34	%		0.88	%

Net income (loss) / Average stockholders' equity (ROE)		5.69	%		(9.22	)%		11.93	%		3.92	%		11.15	%
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact ⁽¹³⁾		—	%		19.96	%		2.60	%		5.68	%		1.47	%
Plus (less): after tax impact of non-routine items in noninterest income		0.09	%		(2.51	)%		(2.84	)%		(5.28	)%		(1.51	)%
Core net income / Average stockholders' equity (Core ROE)		5.78	%		8.23	%		11.69	%		4.32	%		11.11	%

Efficiency ratio		72.03	%		108.30	%		64.10	%		65.61	%		63.67	%
(Less): impact of non-routine items in noninterest expense		—	%		(42.54	)%		(6.27	)%		(12.11	)%		(3.32	)%
(Less) plus: impact of non-routine items in noninterest income		(0.16	)%		3.91	%		4.25	%		6.79	%		2.12	%
Core efficiency ratio		71.87	%		69.67	%		62.08	%		60.29	%		62.4	%

	Three Months Ended,
(in thousands, except percentages, share data and per share amounts)	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023

Stockholders' equity	$	738,085		$	736,068		$	719,787		$	720,956		$	729,056
Less: goodwill and other intangibles ⁽¹⁴⁾		(24,935	)		(25,029	)		(26,818	)		(24,124	)		(24,292	)
Tangible common stockholders' equity	$	713,150		$	711,039		$	692,969		$	696,832		$	704,764
Total assets		9,817,772			9,716,327			9,345,700			9,519,526			9,495,302
Less: goodwill and other intangibles ⁽¹⁴⁾		(24,935	)		(25,029	)		(26,818	)		(24,124	)		(24,292	)
Tangible assets	$	9,792,837		$	9,691,298		$	9,318,882		$	9,495,402		$	9,471,010
Common shares outstanding		33,709,395			33,603,242			33,583,621			33,736,159			33,814,260
Tangible common equity ratio		7.28	%		7.34	%		7.44	%		7.34	%		7.44	%
Stockholders' book value per common share	$	21.90		$	21.90		$	21.43		$	21.37		$	21.56
Tangible stockholders' equity book value per common share	$	21.16		$	21.16		$	20.63		$	20.66		$	20.84

Tangible common stockholders' equity	$	713,150		$	711,039		$	692,969		$	696,832		$	704,764
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax ⁽¹⁵⁾		(18,729	)		(16,197	)

Amerant Reports First Quarter 2024 Results