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Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and related notes included elsewhere in this Form 10-K. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Certain risks, uncertainties and other factors, including but not limited to those set forth under “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors” and elsewhere in this Form 10-K, may cause actual results to differ materially from those projected in the forward looking statements.

The emphasis of this discussion will be on changes in the year ended December 31, 2024 with respect to 2023. See our Annual Report on Form 10-K for the year ended December 31, 2023 for additional details on the Company’s financial condition and results of operations in 2023 and changes in the Company’s financial condition and results of operations from 2022 to 2023.

Overview

Our Company

We are a bank holding company headquartered in Coral Gables, FL. We provide individuals and businesses a comprehensive array of deposit, credit, investment, wealth management, retail banking, mortgage services, and fiduciary services. We serve customers in our United States markets and select international customers. These services are offered through the Bank, which is also headquartered in Coral Gables, FL, and its subsidiaries. Fiduciary, investment, wealth management and mortgage lending services are provided by the Bank’s securities broker-dealer, Amerant Investments, and the mortgage company, Amerant Mortgage. The Bank’s primary markets are South Florida, where we are headquartered and operate 18 banking centers in Miami-Dade, Broward and Palm Beach counties. The Bank also operates one banking center, as well as a regional headquarter, in Tampa, FL. See “Item1-Business” for recent developments.

Primary Factors Used to Evaluate Our Business

Results of Operations. In addition to net income or loss, the primary factors we use to evaluate and manage our results of operations include net interest income, noninterest income and expenses, and indicators of financial performance including return on assets (“ROA”) and return on equity (“ROE”). We also use certain non-GAAP financial measures in the internal evaluation and management of our businesses.

Net Interest Income. Net interest income represents interest income less interest expense. We generate interest income from interest, dividends and fees received on interest-earning assets, including loans and investment securities we own. We incur interest expense from interest paid on interest-bearing liabilities, including interest-bearing deposits, and borrowings such as FHLB advances and other borrowings such as repurchase agreements, notes, debentures and other funding sources we may have from time to time. Net interest income typically is the most significant contributor to our revenues and net income. To evaluate net interest income, we measure and monitor: (i) yields on our loans and other interest-earning assets; (ii) the costs of our deposits and other funding sources; (iii) our net interest spread; (iv) our net interest margin, or NIM; and (v) our provisions for credit losses. Net interest spread is the difference between rates earned on interest-earning assets and rates paid on interest-bearing liabilities. NIM is calculated by dividing net interest income for the period by average interest-earning assets during that same period. Because noninterest-bearing sources of funds, such as noninterest-bearing deposits and stockholders’ equity, also fund interest-earning assets, NIM includes the benefit of these noninterest-bearing sources of funds. Non-refundable loan origination fees, net of direct costs of originating loans, as well as premiums or

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discounts paid on loan purchases, are deferred and recognized over the life of the related loan as an adjustment to interest income in accordance with generally accepted accounting principles (“GAAP”).

Changes in market interest rates and the interest we earn on interest-earning assets, or which we pay on interest-bearing liabilities, as well as the volumes and the types of interest-earning assets, interest-bearing and noninterest-bearing liabilities and stockholders’ equity, usually have the largest impact on periodic changes in our net interest spread, NIM and net interest income. We measure net interest income before and after the provision for credit losses.

Noninterest Income. Noninterest income consists of, among other revenue streams: (i) service fees on deposit accounts; (ii) income from brokerage, advisory and fiduciary activities; (iii) benefits from and changes in cash surrender value of bank-owned life insurance, or BOLI, policies; (iv) card and trade finance servicing fees; (v) securities gains or losses; (vi) net gains and losses on early extinguishment of FHLB advances which we may execute from time to time as part of asset/liability management activities; (vii) income from derivative transaction with customers; (viii) derivative gains or losses; (ix) gains or losses on the sale of properties ; and (x) other noninterest income which includes mortgage banking revenue. See “Item 1- Business” for more details.

Our income from service fees on deposit accounts is affected primarily by the volume, growth and mix of deposits we hold and volume of transactions initiated by customers (i.e. wire transfers). These are affected by prevailing market pricing of deposit services, interest rates, our marketing efforts and other factors.

Our income from brokerage, advisory and fiduciary activities consists of brokerage commissions related to our customers’ trading volume, fiduciary and investment advisory fees generally based on a percentage of the average value of assets under management and custody (“AUM”), and account administrative services and ancillary fees during the contractual period.

Income from changes in the cash surrender value of our BOLI policies represents the amounts that may be realized under the contracts with the insurance carriers, which are nontaxable. In the fourth quarter of 2023, the Company restructured certain of its BOLI contracts, by surrendering existing lower-yielding policies and reinvesting the proceeds in higher-yielding policies. This transaction is expected to increase income from this source beginning in 2024.

Interchange fees, other fees and revenue sharing are recognized when earned. Trade finance servicing fees, which primarily include commissions on letters of credit, are generally recognized over the service period on a straight line basis. Card servicing fees include credit and debit card interchange fees and other fees. We have also entered into referral arrangements with recognized U.S.-based card issuers, which permit us to serve our customers and earn referral fees and share interchange revenue without exposure to credit risk. In 2024, the Company discontinued one of these arrangements which served international customers, primarily. This is expected to cause a decrease in this revenue source prospectively.

Our gains and losses on sales of securities are derived from sales from our securities portfolio and are primarily dependent on changes in U.S. Treasury interest rates and asset liability management activities. Generally, as U.S. Treasury rates increase, our securities portfolio decreases in market value, and as U.S. Treasury rates decrease, our securities portfolio increases in value. We also recognize unrealized gains or losses on changes in the valuation of marketable equity securities not held for trading.

Our fee income generated on customer interest rate swaps and other loan level derivatives are primarily dependent on volume of transactions completed with customers and are included in noninterest income.

Derivatives unrealized net gains and derivatives unrealized net losses are primarily derived from changes in market value of uncovered interest rate caps with clients.

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Other noninterest income includes mortgage banking income generated through our subsidiary Amerant Mortgage, and consists of gain on sale of loans, gain on loans market valuation, other fees and smaller sources of income. Mortgage banking income was $6.9 million and $4.5 million in 2024 and 2023, respectively. Other income in 2024 also includes $0.5 million of proceeds from BOLI death benefits.

Noninterest Expense. Noninterest expenses generally increase as our business grows and whenever necessary to implement or enhance policies and procedures for regulatory compliance, and other purposes.

Noninterest expense consists of: (i) salaries and employee benefits; (ii) occupancy and equipment expenses; (iii) professional and other services fees; (iv) loan-level derivative expenses; (v) FDIC deposit and business insurance assessments and premiums; (vi) telecommunication and data processing expenses; (vii) depreciation and amortization; (viii) advertising and marketing expenses; (ix) other real estate and repossessed assets, net; (x) contract termination costs, (xi) losses on sale of assets, and (xii) other operating expenses.

Salaries and employee benefits include compensation (including severance expenses which we generally consider non-routine), employee benefits and employer tax expenses for our personnel. Salaries and employee benefits are partially offset by costs directly related to the origination of loans, which are deferred and amortized over the life of the related loans as adjustments to interest income in accordance with GAAP.

Occupancy expense consists of lease expense on our leased properties, including right-of-use or ROU asset impairment charges, and other occupancy-related expenses. Equipment expense includes furniture, fixtures and equipment related expenses. Rental income associated with subleasing portions of the Company’s headquarters building and the subleasing of the New York office space, primarily, is included as a reduction to rent expense under lease agreements under occupancy and equipment cost.

Professional and other services fees include the cost of outsourced services and other professional consulting fees associated with our transition to a new core banking platform, legal, accounting and related consulting fees, card processing fees, director’s fees, regulatory agency fees, such as OCC examination fees, and other fees related to our business operations.

Loan-level derivative expenses are incurred in back-to-back derivative transactions with commercial loan clients and with brokers. The Company pays a fee upon inception of the back-to-back derivative transactions, corresponding to the spread between a wholesale rate and a retail rate.

Contract termination costs represent estimated expenses to terminate contracts before the end of their terms, and are recognized when the Company terminates a contract in accordance with its terms, generally considered the time when the Company gives written notice to the counterparty within the notification period contractually established, or when Company determines that it no longer derives economic benefits from the contracts. Contract termination costs also include expenses associated with the abandonment of existing capitalized projects which are no longer expected to be completed as a result of a contract termination. Changes to initial estimated expenses to terminate contracts resulting from revisions to timing or the amount of estimated cash flows are recognized in the period of the changes.

Advertising expenses include the costs of promoting the Amerant brand, as well as the costs associated with promoting the Company’s products and services to create positive awareness, or consideration to buy the Company’s products and services. These costs include expenses to produce, deliver and communicate advertisements using available media and technologies, primarily streaming and other digital advertising platforms. Advertising expenses are expensed as incurred, except for media production costs which are expensed upon the first airing of the advertisement.

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FDIC deposit and business insurance assessments and premiums include deposit insurance, net of any credits applied against these premiums, corporate liability and other business insurance premiums.

Telecommunication and data processing expenses include expenses paid to our third-party data processing system providers and other telecommunication and data service providers, as well as expenses related to the disposition of fixed assets due to the write off of in-development software in 2023.

Depreciation and amortization expense includes the value associated with the depletion of the value on our owned properties and equipment, including leasehold improvements made to our leased properties.

OREO and repossessed assets expense includes expenses and revenue (rental income) from the operation of foreclosed property/assets as well as fair value adjustments and gains/losses from the sale of OREO and repossessed assets. In 2023, OREO and repossessed assets expense is presented separately in the Company’s consolidated statement of operations and comprehensive income (loss). In 2022, while OREO valuation expense was presented separately, all other OREO-related expenses were presented as part of other operating expenses in the Company’s consolidated statement of operations and comprehensive (loss) income. We had no other repossessed assets (non-real estate) in 2024 or 2022.

Other operating expenses include community engagement, business development and other operational expenses. In addition, in 2023, other operating expense include an impairment charge of $2.0 million on an investment carried at cost and included as part of other assets, as well as other non-routine items. Other operating expenses are partially offset by other operating expenses directly related to the origination of loans, which are deferred and amortized over the life of the related loans as adjustments to interest income in accordance with GAAP.

Noninterest expenses in 2024 and 2023 include salaries and employee benefits, mortgage lending costs and professional and other service fees in connection with Amerant Mortgage’s ongoing business.

Non-routine noninterest expense items include restructuring expenses and other non-routine noninterest expenses. Restructuring expenses are those 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, promoting the Amerant brand, decommissioning of legacy technologies, enhanced sales tools and training, expanded product offerings and improved customer analytics to identify opportunities. There were no restructuring expenses in 2024. Other non-routine noninterest expenses include the effect of non-routine items such as the valuation of OREO and loans held for sale, the sale of repossessed assets, and impairment of investments, expenses in connection with the Houston Sale Transaction, See “Non-GAAP Financial Measures” for more information on non-routine noninterest expense items.

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Primary Factors Used to Evaluate Our Financial Condition

The primary factors we use to evaluate and manage our financial condition include asset quality, capital and liquidity.

Asset Quality. We manage the diversification and quality of our assets based upon factors that include the level, distribution and risks in each category of assets. Problem assets may be categorized as classified, delinquent, nonaccrual, nonperforming and restructured assets. We also manage the adequacy of our allowance for credit losses, or the allowance, the diversification and quality of loan and investment portfolios, the extent of counterparty risks, credit risk concentrations and other factors.

On January 1, 2022, the Company adopted ASC Topic 326 - Financial Instruments - Credit Losses, which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. See Note 1 to the audited consolidated financial statements in this Form 10-K for more details on the adoption of CECL by the Company. We review and update our allowance for expected credit losses periodically to calibrate loss estimation models based on our loan volumes, and credit and economic conditions in our markets. The models may differ among our loan segments to reflect their different asset types, and includes qualitative factors, which are updated periodically based on the type of loan and other factors.

Capital. Financial institution regulators have established minimum capital ratios for banks and bank holding companies. We manage capital based upon factors that include: (i) the level and quality of capital and our overall financial condition; (ii) the trend and volume of problem assets; (iii) the adequacy of reserves; (iv) the level and quality of earnings; (v) the risk exposures in our balance sheet under various scenarios, including stressed conditions; (vi) the Tier 1 capital ratio, the total capital ratio, the Tier 1 leverage ratio, and the CET1 capital ratio; (vii) the tangible equity ratio, and (viii) other factors, including market conditions.

Liquidity. Our deposit base consists primarily of personal and commercial accounts maintained by individuals and businesses in our primary markets and select international core depositors. The Company is focused on relationship-driven core deposits. The Company may also use third party providers of domestic sources of deposits as part of its balance sheet management strategies. We define core deposits as total deposits excluding all time deposits. This definition of core deposits differs from the Federal Financial Institutions Examination Council’s (the “FFIEC”) Uniform Bank Performance Report (the “UBPR”) definition of “core deposits,” which exclude brokered time deposits and retail time deposits of more than $250,000. See “Core Deposits” discussion for more details.

We manage liquidity based upon factors that include the amount of core deposit relationships as a percentage of total deposits, the level of diversification of our funding sources, the allocation and amount of our deposits among deposit types, the short-term funding sources used to fund assets, the amount of non-deposit funding used to fund assets, the availability of unused funding sources, off-balance sheet obligations, the amount of cash and liquid securities we hold, the availability of assets readily convertible into cash without undue loss, the characteristics and maturities of our assets when compared to the characteristics of our liabilities and other factors.

Seasonality. Our loan production, generally, is subject to seasonality, with the lowest volume typically in the first quarter of each year.

Summary Results

Results for the year ended December 31, 2024 were as follows:

•Total assets were $9.9 billion at December 31, 2024, up $185.4 million, or 1.9%, compared to $9.7 billion at December 31, 2023.

•Total gross loans, which include loans held for sale, were $7.3 billion at December 31, 2024, an increase of $6.4 million since December 31, 2023.

•Cash and cash equivalents were $590.4 million at December 31, 2024, up $268.5 million, or, 83.4%, compared to $321.9 million at December 31, 2023.

•Total deposits were $7.9 billion at December 31, 2024, down $40.3 million, or 0.5%, compared to December 31, 2023.

•Total advances from Federal Home Loan Bank (“FHLB”) were $745.0 million as of December 31, 2024, up $100.0 million, or 15.5%, compared to $645.0 million as of December 31, 2023.

•Average yield on loans in 2024 was 7.06%, up compared to 6.78% in 2023.

•Total non-performing assets were $122.2 million as of December 31, 2024, up $67.6 million, or 124%, compared to $54.6 million as of December 31, 2023.

•Allowance for credit losses (“ACL”) was $85.0 million as of December 31, 2024 down $10.5 million, or 11.0%, compared to $95.5 million as of December 31, 2023.

•Core deposits were $5.6 billion, at December 31, 2024, up $22.4 million, or 0.4%, compared to $5.6 billion at December 31, 2023.

•Average cost of total deposits in 2024 was 2.94% compared to 2.47% in 2023.

•Loan to deposit ratio was 92.6% as of December 31, 2024 compared to 92.0% as of December 31, 2023.

•Assets Under Management and custody (“AUM”) totaled $2.9 billion as of December 31, 2024 an increase of $600.9 million, or 26.3%, compared to $2.3 billion as of December 31, 2023.

•Pre-provision net revenue (“PPNR”)1 was $36.4 million in 2024, a decrease of $67.9 million, or 65.1%, compared to $104.3 million in 2023. Core PPNR1 was $125.6 million in 2024, a decrease of $16.4 million, or 11.6%, compared to $142.0 million in 2023.

•Net interest margin was 3.58% in 2024, down 18 basis points from 3.76% in 2023.

•Net interest income was $326.0 million in 2024, down $0.5 million, or 0.2%, from $326.5 million in 2023.

•The Company recorded a provision for credit losses of $60.5 million in 2024, compared to $61.3 million in 2023.

•Noninterest income was $9.9 million in 2024, down $77.6 million, or 88.7%, from $87.5 million in 2023.

•Noninterest expense was $299.5 million in 2024, down $11.9 million, or 3.8%, from $311.4 million in 2023.

•The efficiency ratio was 89.17% for the full-year 2024 compared to 75.21% for the full-year 2023.

•Return on average assets (“ROA”) was negative 0.16% for the full-year 2024 compared to 0.34% for the full-year 2023.

•Return on average equity (“ROE”) was negative 1.99% for the full-year 2024 compared to 4.39% for the full-year 2023.

1 Non-GAAP measure, see “Non-GAAP Financial Measures” for a reconciliation to GAAP.

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Results of Operations - Comparison of Results of Operations for the Years Ended December 31, 2024and 2023

Net (loss) income

The table below sets forth certain results of operations data for the years ended December 31, 2024, 2023 and 2022:

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(1) At December 31, 2024, 2023 and 2022, potential dilutive instruments consist of unvested shares of restricted stock, restricted stock units and performance stock units. See Note 23 to our audited annual consolidated financial statements in this Form 10-K for details on the dilutive and anti-dilutive effects of the issuance of restricted stock, restricted stock units and performance stock units on earnings per share in 2024, 2023 and 2022. There were no dilutive shares included in earnings per share calculation in 2024 as the Company reported a net loss from operations and their inclusion would have had an anti-dilutive effect.

2024 compared to 2023

In 2024, net loss attributable to the Company was $15.8 million, or $0.44 loss per diluted share, compared to net income of $32.5 million, or $0.96 per diluted share, in 2023. The decrease of $48.2 million, or 148.5% , in 2024 compared to 2023 was primarily due to lower noninterest income and lower net interest income. The decrease was partially offset by lower noninterest expense and lower provision for credit losses in the year compared to 2023.

Net interest income was $326.0 million in 2024, a decrease of $0.5 million, or 0.2%, from $326.5 million in 2023. This was primarily due to (i) higher average balances of total deposits, mainly in money market accounts and time deposits, as well as, (ii) higher average rates on both total deposits and FHLB advances. These results were partially offset by: (i) an increase of 22 basis points in the yield on total interest earning assets, which was partially offset by the effect of higher non-performing assets during the period; (ii) increases of $238.9 million, or 22.7%, $151.1 million, or 2.2%, and $100.3 million, or 31.1%, in the average balances of debt securities available for sale, loans and deposits with banks, respectively, and (iii) lower average balances of FHLB advances. See “-Net interest Income” for more details.

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Noninterest income was $9.9 million in 2024, a decrease of $77.6 million, or 88.7%, compared to $87.5 million in 2023. These results were mainly due to: (i) higher securities losses as a result of the Securities Repositioning in 2024; (ii) lower gains on the early extinguishment of advances from the FHLB in 2024 compared to 2023; and (iii) having derivative losses in 2024 compared to having gains in 2023. These decreases were partially offset by: (i) the gain on sale of the Houston Franchise; (ii) higher additional income stemming from BOLI policies following the restructuring completed in the fourth quarter of 2023; (iii) higher other noninterest income; (iv) higher loan-level derivative income; (v) higher cards and trade servicing fees; (vi) higher brokerage, advisory and fiduciary fees, and (vii) higher deposits and service fees. See “-Noninterest Income” for more details.

Noninterest expense was $299.5 million in 2024, a decrease of $11.9 million, or 3.8%, from $311.4 million in 2023. These results were mainly due to: (i) lower losses on loans held for sale in 2024 compared to 2023; (ii) lower telecommunications and data processing expenses; (iii) lower other operating expenses; (iv) lower contract termination costs; and (v) lower occupancy and equipment expenses. These decreases were partially offset by: (i) higher professional and other service fees; (ii) higher salary and employee benefits; (iii) an increase in OREO expenses due to a $5.7 million valuation expense in 2024; (iv) higher advertising expenses; (v) higher FDIC assessments and insurance expenses; and (vi) higher loan-level derivative expenses. See “-Noninterest Expense”for more details.

In 2024, noninterest expense included non-routine items of $26.4 million, compared to $66.2 million in 2023. Non-routine items in noninterest expense in 2024 include: (i) $13.9 million in losses in loans held for sale carried at the lower cost or fair value; (ii) $5.7 million in other real estate owned valuation expense; and (iii) Houston Sale Transaction expenses including: $3.4 million in fixed assets impairment as a result of market value adjustments; $3.1 million in legal, broker fees and other costs, and $0.3 million in other intangible impairment charges. In 2023, non-routine items in noninterest expense in 2023 included: (i) losses on loans held for sale which includes a valuation expense of $35.5 million related to the transfer of the Houston CRE loan portfolio from loans held for investment to loans held for sale and a total loss of $7.6 million, including a $5.6 million valuation expense and a $2.0 million loss on sale, related to a New York-based CRE loan held for sale; (ii) a $2.6 million loss on sale of repossessed assets in connection with our equipment-financing activities; (iii) a $2.0 million impairment charge on an investment carried at cost and included as part of other assets; (iv) a $1.7 million goodwill and intangible impairment charge in 2023; and (iv) $1.1 million in expenses related to the enhancement of BOLI during the fourth quarter of 2023. There were no restructuring costs in 2024 while there were $15.6 million in 2023. See “Our Company - Primary Factors Used to Evaluate Our Business” for detailed information on non-routine items in noninterest expense.

In 2024 and 2023, we incurred $14.1 million and $14.4 million, respectively, in total noninterest expenses related to Amerant Mortgage. These expenses included: (i) $10.7 million and $10.7 million in 2024 and 2023, respectively, related to salaries and employee benefits expenses and (ii) $3.4 million and $3.7 million in 2024 and 2023, respectively, related to mortgage lending costs, professional fees and other noninterest expenses. As of December 31, 2024, Amerant Mortgage had 80 FTEs compared to 67 FTEs at December 31, 2023.

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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 years ended December 31, 2024, 2023 and 2022. 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 as well as the amortization of net premiums/discounts on loan purchases, accounted for as yield adjustments. Average balances represent the daily average balances for the periods presented.

Years Ended December 31,

Interest-earning assets:

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Years Ended December 31,

Interest-bearing liabilities:

Checking and saving accounts:

Non-interest-bearing liabilities:

Average non-performing loans/ average total loans 1.03 % 0.48 % 0.51 %

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(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 $90.0 million, $90.0 million and $57.5 million in the years ended December 31, 2024, 2023 and 2022, respectively. The average balance of total loans held for sale was $353.9 million, $77.8 million and $117.6 million in the years ended December 31, 2024, 2023 and 2022, respectively.

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(2) Includes average non-performing loans of $74.9 million, $34.3 million and $30.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. Interest income that would have been recognized on outstanding non-performing loans at December 31, 2024, 2023 and 2022, was $3.9 million, $4.9 million and $0.8 million, 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 $84.5 million, $118.5 million and $62.3 million in December 31, 2024, 2023, and 2022 respectively.

(4) Includes nontaxable securities with average balances of $29.4 million, $17.8 million and $18.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. The tax equivalent yield for these nontaxable securities was 4.45%, 4.83% and 3.00% for the years ended December 31, 2024, 2023 and 2022, respectively. In 2024, 2023 and 2022, the tax equivalent yield was calculated by assuming a 21% tax rate and dividing the actual yield by 0.79.

(5) Includes nontaxable securities with average balances of $35.2 million, $49.8 million and $43.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. The tax equivalent yield for these nontaxable securities was 4.29%, 4.22% and 3.46% for the years ended December 31, 2024, 2023 and 2022, respectively. In 2024, 2023 and 2022, the tax equivalent yield was calculated assuming a 21% tax rate and dividing the actual yield by 0.79.

(6) Excludes the allowance for credit losses.

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

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

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

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Interest Rates and Operating Interest Differential

Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. In this table, we present for the periods indicated, the changes in interest income and the changes in interest expense attributable to the changes in interest rates and the changes in the volume of interest-earning assets and interest-bearing liabilities. For each category of assets and liabilities, information is provided on changes attributable to: (i) change in volume (change in volume multiplied by prior year rate); (ii) change in rate (change in rate multiplied by prior year volume); and (iii) change in both volume and rate which is allocated to rate. See “Risk Factors— Our profitability is subject to interest rate risk.”

Increase in Net Interest Income

Attributable to Attributable to

(in thousands) Volume Rate Total Volume Rate Total

Interest income attributable to:

Debt securities held for trading (7) — (7) 33 (30) 3

Interest expense attributable to:

Checking and saving accounts:

Securities sold under agreements to repurchase (4) — (4) 3 3 6

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In March 2022, the Federal Reserve increased its benchmark interest rate by 25 basis points as a key tool to help reduce inflationary pressures. This first increase was followed by six additional increases in the Federal Reserve’s benchmark interest rate which resulted in a total increase of 425 basis in 2022. In 2023, there were four additional increases in the Federal Reserve benchmark interest rate, which resulted in a total increase of 100 basis points in 2023. Meanwhile, in 2024, the Federal Reserve cut the benchmark interest rate three times during the year which resulted in a decrease of 100 basis points in 2024.

In 2024 we had higher average balance of loans compared to the same period last year, which we attribute to our relationship-driven culture. In addition, although we have an asset sensitive position, we partially offset the decrease in rates via repricing of the deposits and the loan production during 2024. See discussions further below for more details.

Net interest income

2024 compared to 2023

In 2024, net interest income was $326.0 million, a decrease of $0.5 million, or 0.2%, from $326.5 million in 2023. This was mainly driven by: (i) higher average balances of total deposits, mainly in money market accounts and time deposits; and (ii) higher average rates on both total deposits and FHLB advances. These results were partially offset by: (i) an increase of 22 basis points in the yield on total interest earning assets; (ii) increases of $238.9 million, or 22.7%, $151.1 million, or 2.2%, and $100.3 million, or 31.1%, in the average balances of debt securities available for sale, loans and deposits with banks, respectively, and (iii) lower average balances of FHLB advances. Net interest margin was 3.58% in 2024, a decrease of 18 basis points from 3.76% in 2023. See discussions further below for more details.

Interest Income. Total interest income was $595.6 million in 2024, an increase of $47.0 million, or 8.6% compared to $548.6 million in 2023. This was primarily driven by a 22 basis points increase in the average yield on total interest earning assets. In addition, there were increases of $238.9 million, or 22.7%, $151.1 million, or 2.2% and $100.3 million, or 31.1% in the average balances of debt securities available for sale, loans and deposits with banks, respectively. The increases were partially offset by a decrease in the average balance of debt securities held to maturity. See “—Average Balance Sheet, Interest and Yield/Rate Analysis” for detailed information.

Interest income on loans in 2024 was $505.5 million, an increase of $30.1 million, or 6.3%, compared to $475.4 million in 2023. This result was primarily due to (i) a 28 basis points increase in average yields, mainly attributable to higher market rates, partially offset by higher non-performing loans in the period, and (ii) an increase of $151.1 million, or 2.2%, in the average balance of loans compared to 2023. The increase in the average balance of loans includes: (i) originations of and purchases of single-family residential and construction loans through Amerant Mortgage and (ii) origination of commercial loans. The increase in average balance of loans was partially offset by the decrease in higher yielding indirect consumer loans. See “-Average Balance Sheet, Interest and Yield/Rate Analysis” for detailed information.

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Interest income on debt securities available for sale was $57.6 million in 2024, an increase of $14.5 million, or 33.7%, compared to $43.1 million in 2023. This was mainly due to: (i) an increase of 37 basis points in average yields, primarily driven by higher market rates obtained through new purchases during the year and (ii) an increase of $238.9 million, or 22.7%, in the average balance of these securities. In 2024, the average balance of accumulated net unrealized loss included in the carrying value of these securities was $84.5 million compared to $118.5 million in 2023. As of December 31, 2024, we no longer have corporate debt securities as part of the available-for-sale portfolio, compared to 26.5% at December 31, 2023. We continue with our strategy to insulate the investment portfolio from prepayment risk. As of December 31, 2024, floating rate investments represent 16.8% of our total investment portfolio compared to 13.3% at December 31, 2023. In addition, the overall duration slightly increased to 5.2 years at December 31, 2024 from 5.0 years at December 31, 2023, which was primarily due to our model anticipating slower mortgage-backed securities prepayments due to higher market rates. See “Average Balance Sheet, Interest and Yield/Rate Analysis” for detailed information.

Interest income on debt securities held to maturity was $5.6 million in 2024, a decrease of $2.4 million, or 30.0%, compared to $8.0 million in 2023. This was mainly due to a decrease of $71.5 million, or 30.5% in the average balance of these securities in 2024 compared to 2023, as the Company no longer carried these types of debt securities following the Securities Repositioning in 2024. The decrease was partially offset by an increase of 2 basis points in average yields, primarily driven by higher market rates.

Interest Expense. Interest expense was $269.6 million in 2024, an increase of $47.5 million, or 21.4%, compared to $222.1 million in 2023. This was primarily due to: (i) higher cost of total deposits and FHLB advances. In addition, there was an increase of $283.2 million, or 4.0% in the average balance of total interest bearing liabilities, mainly money market accounts and time deposits.

Interest expense on interest-bearing deposits was $230.9 million in 2024, an increase of $47.2 million or 25.7%, compared to $183.7 million in 2023. This increase was mainly driven by an increase of 58 basis points in the average rates paid on total interest-bearing deposits, and an increase of $330.4 million, or 5.4%, in their average balance. See below for a detailed explanation of changes by major deposit category:

•Time deposits. Interest expense on total time deposits increased $27.0 million, or 34.2%, in 2024 compared to 2023. This was mainly driven by an increase of 79 basis points in the average cost of total time deposits. In addition, there was an increase of $228.2 million, or 11.0%, in the average balance of these deposits, which includes an increase of $210.1 million in customer certificates of deposits (“CDs”) and $18.1 million in brokered time deposits.

•Interest bearing checking and savings accounts. Interest expense on total interest bearing checking and savings accounts increased $20.2 million, or 19.3%, in 2024 compared to 2023, mainly due to an increase of 43 basis points in the average costs of these deposits. In addition, there was an increase of $102.1 million, or 2.6% in the average balance of total interest bearing checking and savings accounts in 2024 compared to 2023, mainly driven by higher average domestic personal accounts. These increases in average balances were partially offset by a net decrease of $27.1 million, or 1.4%, in the average balance of international core deposit accounts, including a decrease of $138.9 million or 9.1% in international personal accounts, partially offset by an increase of $111.8 million, or 24.5%, in international commercial accounts.

Interest expense on FHLB advances increased $0.5 million, or 1.7%, in 2024 compared to 2023, mainly due to an increase of 29 basis points in the average rate paid on these borrowings. The increase was offset by $47.6 million or 5.9%, lower average balance on this funding source. In 2024, the Company borrowed $1.5 billion and repaid $1.4 billion of advances from the FHLB, including early repayments. See "Capital Resources and Liquidity Management” for more details on the early repayment of advances from the FHLB.

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Analysis of the Allowance for Credit Losses

Set forth in the table below are the changes in the allowance for loan losses for each of the periods presented.

Years Ended December 31,

Cumulative effect of adoption of accounting principle (1) — — 18,674 — —

Charge-offs

Real estate loans

Commercial real estate (CRE)

Multi-family residential (599) (10,328) — — —

Single-family residential — (39) (14) (218) (27)

Owner occupied — — — — (75)

Recoveries

Real estate loans

Commercial real estate (CRE)

Nonowner occupied $ — $ 119 $ — $ — $ —

Multi-family residential 112 — — — —

Land development and construction loans 62 177 47 125 —

Owner occupied 17 — — — —

______________

(1) Amounts reflect impact of the adoption of CECL effective January 1, 2022. See Note 1 to our audited annual consolidated financial statements in the 2023 Form 10-K for details on the adoption of the new accounting standard on estimating expected credit losses on financial instruments (CECL).

(2) In the year ended December 31, 2020, includes total charge-offs of $0.3 million related to international loans. There were no significant charge-offs related to international loans in all of the other periods shown.

(3) Total recoveries related to international loans in the years ended December 31, 2023, 2022, 2021, 2020 were $5.1 million, $1.0 million, $0.9 million, $0.4 million, respectively. There were no recoveries related to international loans in the year ended December 31, 2024.

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2024 compared to 2023

The Company recorded a provision for credit losses on loans of $57.6 million in 2024, compared to $60.2 million in 2023. The $57.6 million provision for credit losses on loans includes $41.1 million to cover charge-offs, $16.7 million in new specific reserves for non-performing loans and $8.1 million due to loan composition and volume changes. These provision requirements were partially offset by a release of $3.9 million due to credit quality and macroeconomic factor updates and a $4.4 million release due to the Houston loan portfolio classification as held-for-sale.

In 2024, total charge-offs totaled $76.4 million, an increase of $16.5 million, or 27.5% compared to $59.9 million in 2023. Charge-offs in 2024 included: (i) $39.6 million related to seven commercial loans; (ii) $24.4 million related to multiple consumer and overdraft loans, primarily purchased indirect consumer loans, and (iii) $12.4 million in connection with multiple smaller commercial and real estate loans. Charge-offs in 2024 were partially offset by $8.2 million in recoveries, which include $4.2 million related to three commercial loans, $2.6 million related to purchased indirect consumer loans, and $1.4 million related to multiple commercial and consumer loan recoveries.

In 2023, charge-offs included: (i) $28.1 million related to multiple consumer loans, primarily purchased indirect consumer loans; (ii) $10.3 million related to one CRE New York-based multifamily loan; (iii) $7.0 million related to a transportation industry commercial loan relationship that was transferred to other repossessed assets in the first quarter of 2023 and subsequently sold in the second quarter of 2023; (iv) $8.0 million related to four commercial loans ranging between $1 million to $3 million; and (v) $6.5 million in connection with multiple smaller commercial and real estate loans. Charge-offs in 2023 were partially offset primarily by: (i) $5.1 million recovery from a commodity trader charged-off in 2017; (ii) a $3.1 million recovery from a Miami-based U.S. coffee trader (“the Coffee Trader”) charged-off in the previous year; (iii) $1.4 million recovery from purchased consumer loans; and (iv) the remaining $2.1 million is due to smaller multiple recoveries. The ratio of net charge-offs over the average total loan portfolio held for investment was 0.99% in 2024 compared to 0.69% in 2023.

We proactively and carefully monitor the Company’s credit quality practices, including examining and responding to patterns or trends that may arise across certain industries or regions.

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Noninterest Income

The table below sets forth a comparison for each of the categories of noninterest income for the periods presented.

Years Ended December 31, Change

Amount % Amount % Amount % Amount % Amount %

Gain on sale of Houston Franchise 12,636 127.5 % — — % — — % 12,636 — % — — %

__________________

(1) Income from interest rate swaps and other derivative transactions with customers. The Company incurred expenses related to derivative transactions with customers which are included as part of noninterest expenses under loan-level derivative expense. See Noninterest Expense section for more details.

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

(3) Amounts are primarily in connection with net losses and gains on the sale of debt securities available for sale. In 2024, includes a total net loss of $76.7 million as a result of the Securities Repositioning.

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

(5) Includes: (i) mortgage banking income of $6.9 million, $4.5 million and $3.4 million in 2024, 2023 and 2022, 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 and (ii) $0.5 million in BOLI death benefits received in 2024. Other sources of income in the periods shown include income from foreign currency exchange transactions with customers and valuation income on the investment balances held in the non-qualified deferred compensation plan.

2024 compared to 2023

Total noninterest income decreased $77.6 million, or 88.7%, in 2024 compared to 2023. These results were mainly due to: (i) higher securities losses as a result of the Securities Repositioning in 2024; (ii) lower gains on the early extinguishment of advances from the FHLB in 2024 compared to 2023; and (iii) having derivative losses in 2024 compared to having gains in 2023. These decreases were partially offset by: (i) gain on sale of the Houston Franchise; (ii) higher additional income stemming from BOLI policies following the restructuring completed in the fourth quarter of 2023; (iii) higher other noninterest income; (iv) higher loan-level derivative income; (v) higher cards and trade servicing fees; (vi) higher brokerage, advisory and fiduciary fee; and (vii) higher deposits and service fees.

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In 2024, the Company recorded total net gains of $1.6 million on the early extinguishment of approximately $814 million of FHLB advances. In 2023, the Company recorded total net gains of $40.1 million on the early extinguishment of approximately $1.7 billion of FHLB advances.

Other noninterest income increased $3.6 million, or 39.6%, in 2024 compared to 2023, primarily driven by: (i) an increase of $2.3 million or 50.8% in mortgage banking income compared to 2023, and (ii) other combined smaller sources of income of approximately $1.7 million. These increases were offset by lower foreign currency valuation of approximately $0.4 million.

Cards and trade finance servicing fees increased $2.4 million, or 79.8%, in 2024 compared to 2023, mainly driven by higher debit cards interchange fee income.

Deposits and service fees increased $0.8 million, or 4.0%, in 2024 compared to 2023, mainly driven by higher service charge fee income and higher wire transfer fees.

In the third quarter of 2024, the Company initiated a repositioning of the Company’s securities portfolio (the “Securities Repositioning”), which resulted in the Company recording a total pre-tax loss of approximately $68.5 million in the third quarter of 2024. The Company then completed the Securities Repositioning in October 2024, which resulted in an additional pre-tax loss on sale of approximately $8.1 million. See Note 3 - Securities for additional information on the Company’s securities portfolio. In May 2023, the Company sold a portion of its investment in a corporate debt security held for sale issued by a financial institution, to reduce single point exposure. The Company received proceeds of $0.8 million and realized a pre-tax loss of $1.2 million in connection with this transaction. Additionally, on March 27, 2023, the Company sold one corporate debt security held for sale issued by Signature Bank, N.A in an open market transaction, and realized a pretax loss on sale of approximately $9.5 million in connection with this transaction. See “Securities” for additional information.

Loan-level derivative income increased $2.5 million, or 53.8%, in 2024 compared to 2023, mainly driven by higher volume of derivative transactions with clients in 2024 compared to 2023.

Brokerage, advisory and fiduciary activity fees increased $0.9 million, or 5.4%, in 2024 compared to 2023, primarily driven by: (i) higher brokerage fees as a result higher trading volumes and (ii) higher advisory income driven by higher market valuations.

Our AUM totaled $2.9 billion at December 31, 2024, an increase of $600.9 million, or 26.3%, from $2.3 billion at December 31, 2023, primarily driven by net new assets as we added a large trust relationship, as well as to increased market valuations, though to a lesser extent.

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Noninterest Expense

The table below presents a comparison for each of the categories of noninterest expense for the periods presented.

Years Ended December 31, Change

Amount % Amount % Amount % Amount % Amount %

____________

(1) In 2024, includes additional compensation in connection with the Houston Sale Transaction. Includes severance expense of $4.0 million and $3.0 million in 2023 and 2022, respectively, in connection with staff reduction costs primarily related to organizational rationalization.

(2) In 2024, includes fixed assets impairment charge of $3.4 million in connection with the Houston Sale Transaction. In 2023, includes a rent termination fee of $0.3 million in connection with the closure of a branch in Houston, Texas, as well as an aggregate of $1.1 million related to ROU asset impairments in connection with the closure of two branches in 2023 (one branch in Miami, FL and another branch in Houston, Texas). In 2022, includes ROU asset impairment charges of $1.6 million, in connection with the closure of a branch in Pembroke Pines, FL in 2022. In addition, in 2022, includes lease termination expenses associated with the closure of a branch in Fort Lauderdale, FL in 2021.

(3) Beginning in 2022, rental income associated with the subleasing of portions of the Company’s headquarters building is presented as a reduction to rent expense under lease agreements under occupancy and equipment cost. In addition, in 2022 we had additional rental income in connection with the sublease of the NYC office space. Total rental income from subleases was $3.3 million in 2022.

(4) Includes $0.4 million in legal expenses in connection with the Houston Sale Transaction in 2024. In 2023, includes additional, nonrecurrent expenses of $5.8 million related to the engagement of FIS. Also in 2022, includes $0.2 million in connection with certain search and recruitment expenses and $0.1 million of costs associated with the subleasing of the New York office space and an aggregate of $0.4 million in other non-routine expenses in 2022. Lastly, includes recurring service fees in connection with the engagement of FIS in 2024 and 2023.

(5) Includes service fees in connection with our loan-level derivative income generation activities.

(6) In 2023, includes a charge of $0.9 million for the accelerated depreciation of leasehold improvements in connection with the closure of a branch in Miami, FL in 2023.

(7) In 2024 and 2023, consists of losses on loans held for sale carried at the lower of cost or fair value, including valuation allowance as a result of changes in their fair value and losses on the sale of these loans.

(8) In 2023, includes a loss on sale of repossessed assets in connection with our equipment-financing activities of $2.6 million. In 2022, includes $3.4 million related to the fair value adjustments of one other real estate owned (“OREO”) property in New York. In addition, includes OREO rental income of $1.8 million and $1.3 million in 2024 and 2023, respectively.. We had no OREO rental income in 2022.

(9) Beginning in 2023, OREO and repossessed assets expense is presented separately in the Company’s consolidated statement of operations and comprehensive (loss) income. In 2022, while OREO valuation expense was presented separately, all other OREO-related expenses were presented as part of other operating expenses in the Company’s consolidated statement of operations and comprehensive (loss) income. We had no other repossessed assets in 2022.

(10) Contract terminations and related costs associated with third party vendors resulting from the Company’s transition to our new technology provider.

(11) In 2024, includes broker fees of $1.3 million in connection with the Houston Sale Transaction. In 2023, includes goodwill and intangible assets impairments totaling $1.7 million related to two of our subsidiaries (Amerant Mortgage and the Cayman Bank). Also in 2023,

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includes additional costs of $1.1 million in connection with the restructuring of the Company’s BOLI as well as 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, debits which mirror the valuation income on the investment balances held in the non-qualified deferred compensation plan in order to adjust our liability to participants of the deferred compensation plan and other smaller expenses.

(12) Includes $14.1 million, $14.4 million and $12.5 million in 2024, 2023 and 2022, respectively, related to mortgage banking activities, primarily consisting of salaries and employee benefits, mortgage lending costs and professional and other services fees.

NM Means not meaningful

2024 compared to 2023

Noninterest expense decreased $11.9 million, or 3.8%, in 2024 compared to 2023, mainly due to: (i) lower losses on loans held for sale in 2024 compared to 2023; (ii) lower telecommunications and data processing expenses; (iii) lower other operating expenses; (iv) lower contract termination costs; and (v) lower occupancy and equipment expenses. These decreases were partially offset by: (i) higher professional and other service fees; (ii) higher salary and employee benefits; (iii) an increase in OREO expenses due to a $5.7 million valuation expense in 2024; (iv) higher advertising expenses; (v) higher FDIC assessments and insurance expenses; and (vi) higher loan-level derivative expenses.

Professional and other services fees increased $16.5 million, or 47.8%, in 2024 compared to 2023, primarily driven by recurring fees in connection with the current technology provider (FIS), as well as higher legal fees across various projects. This was partially offset by lower consulting and other professional fees that were nonrecurrent related to FIS.

Other operating expenses decreased $2.9 million, or 14.0%, in 2024 compared to 2023 , mainly driven by: (i) lower business development expenses and the absence in 2024 of investments and goodwill impairments that were recorded in 2023. The decrease was partially offset by broker fees of $1.3 million recorded in 2024 related to the Houston Sale Transaction.

Salaries and employee benefits increased $3.6 million, or 2.7%, in 2024 compared to 2023 mainly driven by: (i) salary increases mainly in connection with new hires in 2024; (ii) higher compensation expense in connection with the Houston Sale Transaction, and (iii) higher insurance and benefit plans. These were partially offset by: (i) lower severance expenses in 2024 compared to last year, and (ii) a decrease in long-term incentive compensation.

FDIC assessments and insurance increased $1.0 million, or 9.2%, in 2024 compared to 2023, primarily driven by higher FDIC assessment rates and higher average assets.

Advertising expenses increased $1.7 million, or 13.1%, in 2024 compared to 2023, mainly due to higher expenses resulting from advertising campaigns based on promotional agreements with professional sports teams.

Depreciation and amortization expense decreased $0.2 million, or 3.5%, in 2024 compared to 2023. This was mainly due to 2023 having higher computer hardware, signage and building depreciation expenses.

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Telecommunication and data processing expenses decreased $3.3 million, or 21.1%, in 2024 compared to 2023, primarily due to (i) 2023 having additional expenses related to the write off of in-development software, (ii) less long distance usage in 2024 vs 2023, and (iii) lower ATM processing fees.

Loan-level derivative expense increased $0.5 million, or 26.7%, in 2024 compared to 2023, mainly driven by expenses in connection with the unwinding of the swap on a non-performing loan sold.

Other real estate owned and repossessed assets expense increased $2.7 million, or 131.2%, in 2024 compared to 2023. In 2024, we recorded a valuation allowance on an OREO property of approximately $5.7 million, partially offset by $1.8 million in OREO rental income. In 2023, we had $2.6 million in loss on sale of repossessed assets and other real estate valuation expenses which was offset by $1.3 million in OREO rental income in 2023. .

Income Taxes

The table below sets forth information related to our income taxes for the periods presented.

(in thousands, except percentages) Years Ended December 31, Change

Current tax expense (benefit):

______________

NM - means not meaningful

2024 compared to 2023

We recorded an income tax benefit of $8.3 million in 2024 compared to a $10.5 million expense in 2023. The income tax benefit in 2024 resulted from the net loss reported in 2024, while the expense in 2023 was mainly driven by the net income before income taxes in 2023. However, there was a higher effective tax rate in 2024 compared to 2023, primarily driven by higher state and federal income tax benefit in 2024 as a result of net operating losses in 2024 which are carried forward to future years, as well as higher non-taxable BOLI income in 2024 vs 2023. Income tax expense in 2023 included an additional tax expense of $2.8 million in connection with the BOLI restructuring completed in 2023.

As of December 31, 2024, the Company’s net deferred tax asset was $53.5 million, a decrease of $2.1 million, or 3.8% compared to $55.6 million as of December 31, 2023. This decrease was mainly driven by the tax effects of: (i) a decrease in net unrealized holding losses on debt securities available for sale in 2024 primarily in connection with the Securities Repositioning, and (ii) a decrease of $35.5 million in the valuation allowance of loans held for sale carried at the lower of cost or fair value as loans were sold in 2024. These changes were partially offset primarily by the tax effect of federal and state net operating losses in 2024 which can be carried forward indefinitely and the Company believes it is more likely than not that the tax benefit will be realized.

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Non-GAAP Financial Measures

The Company supplements its financial results that are determined in accordance with Generally Accepted Accounting Principles (GAAP) with non-GAAP financial measures, such as “pre-provision net revenue (PPNR)”, “core pre-provision net revenue (Core PPNR)”, “core noninterest income” and “core noninterest expenses”, “tangible stockholders’ equity (book value) per common share”, “tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity”, and “tangible stockholders' equity (book value) per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity”. This supplemental information is not required by or is not presented in accordance with GAAP. The Company refers to these financial measures and ratios as “non-GAAP financial measures” 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, and including the effect of non-core banking activities such as the sale of loans and securities (including the Securities Repositioning in 2024) 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, as well as certain non-routine items recorded in 2024 in connection with the Houston Sale Transaction. 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.

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The following table is a reconciliation of the Company’s PPNR and Core PPNR, non GAAP financial measures, as of the dates presented:

December 31,

Plus (less): non-routine noninterest income items 62,798 (28,468) (7,367)

Non-routine noninterest income items:

Derivative (losses) gains, net (196) 28 455

Bank owned life insurance charge (3) — (655) —

Gain on sale of Houston Franchise (11) 12,636 — —

Loss on sale of loans $ — $ — $ (77)

Non-routine noninterest expense items:

Restructuring costs (4)

Consulting and other professional fees and software expenses (7) — 6,379 3,625

Digital transformation expenses — — 45

Disposition of fixed assets (8) — 1,419 —

Branch closure and related charges (9) — 2,279 1,612

Other non-routine noninterest expense items:

Goodwill and intangible assets impairment (11) 300 1,713 —

Fixed assets impairment (11)(13) 3,443 — —

Legal, broker fees, and other costs (11) 3,067 — —

Bank owned life insurance enhancement costs (3) — 1,137 —

Impairment charge on investment carried at cost — 1,963 —

(1) In 2024, includes $57.6 million of provision for credit losses on loans and $2.8 million on unfunded commitments (contingencies). In 2023, provision for credit losses on loans was $60.2 million and $1.1 million on unfunded commitments (contingencies). In 2022, provision for credit losses on loans was $13.9 million, while there was no provision on unfunded commitments (contingencies).

(2) In the third quarter of 2024, the Company executed an investment portfolio repositioning which resulted in a total pre-tax net loss of $68.5 million during the same period. The investment portfolio repositioning was completed in early October 2024 resulting in an additional $8.1 million in losses in the fourth quarter of 2024.

(3) In 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. Also in 2023, the Company 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.

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

(5) Staff reduction costs consist of severance expenses related to organizational rationalization.

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

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(7) In 2023, includes an aggregate of $6.4 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. The transition to FIS was completed in 2023, therefore, there were no significant nonrecurrent expenses in connection with the engagement of FIS in 2024. In 2022, includes: (i) $2.9 million in connection with the engagement of FIS, (ii) $0.2 million in connection with certain search and recruitment expenses, (iii) $0.1 million of costs associated with the subleasing of the New York office space, and (iv) an aggregate of $0.4 million in other non-routine expenses.

(8) In 2023, includes expenses in connection with the disposition of fixed assets due to the write-off of in-development software.

(9) In 2023, includes expenses of $0.3 million in connection with the closure of a branch in Houston, Texas in 2023. In addition, in 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. Also in 2023, includes $0.5 million of ROU asset impairment associated with the closure of a branch in Houston, Texas in 2023. In 2022, includes $1.6 million of ROU asset impairment associated with the closure of a branch in Pembroke Pines, Florida in 2022.

(10) In 2024, includes loss on sale of $12.6 million, including transaction costs, related to the sale of a portfolio of 323 business-purpose, investment property, residential mortgage loans with a balance of approximately $71.4 million. In 2023, includes: (i) a 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 fair value or cost. In addition, in 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. Lastly, in 2022, amount represents the fair value adjustment related to the New York loan portfolio held for sale carried at the lower of cost or fair value.

(11) In 2024, amounts shown are in connection with the Houston Sale Transaction.

(12) In 2023, amount represents the loss on sale of repossessed assets in connection with our equipment-financing activities. In 2022, amount represents the fair value adjustment related to one OREO property in New York.

(13) In 2024, related to Houston branches and included as part of occupancy and equipment expenses. See “Noninterest Expenses” for additional information.

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The following table is a reconciliation of the Company’s tangible common equity and tangible assets, non GAAP financial measures, to total equity and total assets, respectively, as of the dates presented:

Less: goodwill and other intangibles (1) (24,314) (25,029)

Tangible common equity ratio 8.77 % 7.34 %

Stockholders' book value per common share $ 21.14 $ 21.90

Tangible stockholders' book value per common share $ 20.56 $ 21.16

(1) At December 31, 2024 and 2023, other intangible assets primarily consist of naming rights of $2.0 million and $2.5 million, respectively, and mortgage servicing rights (“MSRs”) of $1.5 million and $1.4 million, respectively. Other intangible assets are included in other assets in the Company’s consolidated balance sheets.

(2) There were no debt securities held to maturity at December 31, 2024. As of December 31, 2023, amounts were calculated based upon the fair value of debt securities held to maturity, and assuming a tax rate of 25.36%.

Financial Condition - Comparison of Financial Condition as of December 31, 2024 and December 31, 2023

Assets. Total assets were $9.9 billion as of December 31, 2024, an increase of $185.4 million, or 1.9%, compared to $9.7 billion at December 31, 2023. This result was primarily driven by: (i) an increase of $268.5 million, or 83.4%, in cash and cash equivalents; (ii) an increase of $219.7 million, or 18.0%, in debt securities available for sale mainly as a result of the Company’s Securities Repositioning; (iii) a net increase of $17.0 million, or 0.2%, in total loans held for investment, net of the allowance for credit losses, and loans held for sale at the lower of cost or fair value and mortgage loans held for sale; and (iv) an increase in BOLI of $8.6 million mainly due to net increase in cash surrender value of the policies during 2024. These increases were partially offset by: (i) decrease of $226.6 million, or 100.0%, in debt securities held for maturity as a result of the Company’s Securities Repositioning; (ii) a decrease of $77.2 million, or 30.1%, in accrued interest receivable and other assets which includes $62.5 million from the collection of a receivable from an insurance carrier in connection with the restructuring of BOLI in 2023 and $7.5 million related to the sale of the Houston Franchise; (iii) a decrease of $18.5 million, or 15.6%, in operating lease right-of-use assets, which includes $15.3 million related to the sale of Houston franchise; and (iv) a decrease of $11.8 million, or 27.0% , in premises and equipment, net, which includes $11.4 million related to the sale of the Houston Franchise . See “Note 1. Business, Basis of Presentation and Summary of Significant Accounting Policies”, Note 6. Premises and Equipment, Net and Note 13. Leases, for detailed information about assets sold as part of the Houston Sale Transaction. See “-Average Balance Sheet, Interest and Yield/Rate Analysis” for detailed information, including changes in the composition of our interest-earning assets.

Cash and Cash Equivalents

2024 compared to 2023

Cash and cash equivalents totaled $590.4 million at December 31, 2024, an increase of $268.5 million, or 83.4%, from $321.9 million at December 31, 2023, primarily as a result of an increase in interest earning cash balances. At December 31, 2024 and December 31, 2023, interest earning deposits with banks, mainly cash balances held at the Federal Reserve, were $519.9 million and $242.7 million, respectively. In addition, at December 31, 2024 and December 31, 2023, the Company’s cash and cash equivalents included restricted cash of $24.4 million and $25.8 million, respectively, which were held primarily to cover margin calls on derivative transactions with certain brokers. Furthermore, at December 31, 2024 and 2023, the Company’s cash and cash equivalents included other short-term investments of $6.9 million and $6.1 million, respectively, which consists of U.S. Treasury Bills that mature in 90 days or less.

Cash flows provided by operating activities was $82.2 million in the year ended December 31, 2024, primarily driven by: (i) a non-cash adjustment of $76.9 million in connection with losses on securities; (ii) a non-cash adjustment of $60.5 million for the provision for credit losses; and (iii) a net increase in operating assets and liabilities of $0.2 million. This was partially offset by net originations of mortgage loans held for sale at fair value of $38.3 million, the net loss of $15.8 million and other non-cash adjustments totaling $1.2 million,

Net cash used in investing activities was $576.7 million during the year ended December 31, 2024, mainly driven by: (i) a net increase in loans of $1.1 billion; (ii) purchases of investment securities totaling $786.6 million; (iii) net cash transferred on the sale of the Houston Franchise of $73.9 million, and (iv) net purchases of premises and equipment of $7.2 million. These disbursements were partially offset by: (i) maturities, sales, calls and paydowns of investment securities totaling $746.8 million, (ii) proceeds from sale of loans held for investment and loans held for sale at the lower of cost or fair value totaling $543.1 million; (iii) $62.7 million collected from insurance carriers in 2024 in connection with the restructuring of BOLI completed in 2023, and (iv) BOLI death benefits received of $1.2 million. See Note 1 to our audited annual consolidated financial statements in this Form 10-K for more information on the sale of the Houston Franchise.

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In the year ended December 31, 2024, net cash provided by financing activities was $763.0 million. These activities included: (i) a net increase of $270.6 million in time deposits; (ii) a net increase in total demand, savings and money market deposit balances of $256.9 million; (iii) net proceeds from our common stock issuance of $155.8 million, and (iv) net proceeds from FHLB advances of $101.6 million. These proceeds were partially offset by: (i) $12.8 million of dividends declared and paid by the Company in 2024, and (ii) an aggregate of $8 million in connection with the repurchase of shares of Class A common stock in 2024. See “-Capital Resources and Liquidity Management” for more details on changes in FHLB advances in 2024 and the stock repurchase programs.

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Loans

Loans are our largest component of interest-earning assets. The table below depicts the trend of loans as a percentage of total assets and the allowance for loan losses as a percentage of total loans held for investment for the periods presented.

December 31,

Total loans, gross (1) / Total assets 73.4% 74.8% 75.8%

Total loans, net (3) / Total assets 72.6% 73.8% 74.9%

_______________

(1) Total loans, gross is the principal balance of outstanding loans, including loans held for investment, loans held for sale at the lower of cost or fair value, and mortgage loans held for sale, net of unamortized deferred nonrefundable loan origination fees and loan origination costs, and unamortized premiums paid on purchased loans, excluding the allowance credit loan losses. At December 31, 2024 and 2023, there were $42.9 million and $26.2 million, respectively, in loans held for sale carried at fair value in connection with the Company’s mortgage banking activities.

(2) In 2022, the Company adopted a new accounting standard on estimating expected credit losses, or CECL. See Note 1 to our audited consolidated financial statements on this Form 10-K for more details on the adoption of this new accounting standard.

(3) Total loans, net is the principal balance of outstanding loans, including loans held for investment, loans held for sale carried at the lower of cost or fair value, and mortgage loans held for sale, net of unamortized deferred nonrefundable loan origination fees and loan origination costs, and unamortized premiums paid on purchased loans, adjusted by the allowance for credit losses.

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The table below summarizes the composition of loans held for investment by type of loan as of the end of each period presented. International loans include transactions in which the debtor or customer is domiciled outside the U.S., even when the collateral is U.S. property. All international loans are denominated and payable in U.S. Dollars.

December 31,

Domestic Loans:

Real estate loans

Commercial real estate (CRE)

International Loans:

Real estate loans

Loans to institutions and acceptances — — — — 7

__________________

(1) As of December 31, 2024 and 2023, includes approximately $46.4 million and $56.5 million, respectively, in commercial loans and leases originated under a white-label equipment financing solution launched in the second quarter of 2022.

(2) In 2024, this portfolio includes $157.0 million in loans to non-depository financial institutions, such as mortgage companies and other financial intermediaries. In addition, includes $13.5 million in other loan facilities secured by cash or U.S. Government securities.

(3) Includes customers’ overdraft balances totaling $4.4 million, $2.6 million, $4.7 million, $0.6 million and $0.7 million at each of the dates presented.

(4) Includes indirect consumer lending loans purchased with an outstanding balance of $82.9 million and $210.9 million as of December 31, 2024 and 2023, respectively. In addition, as of December 31, 2024, includes $35.6 million ($52.9 million in 2023) in consumer loans originated under a white-label program launched in the third quarter of 2022.

(5) Secured by real estate properties located in the U.S.

(6) International customers’ overdraft balances were de minimis at each of the dates presented.

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The composition of our CRE loan portfolio held for investment by industry segment at December 31, 2024, 2023 and 2022, 2021 and 2020 is depicted in the following table:

December 31,

_______________

(1) Includes loans generally granted to finance the acquisition or operation of non-owner occupied properties such as retail shopping centers, free-standing single-tenant properties, and mixed-use properties primarily dedicated to retail, where the primary source of repayment is derived from the rental income generated from the use of the property by its tenants. As of December 31, 2021 and 2020, these balances were revised to exclude the Specialty industry segment which is now disclosed separately.

(2) Includes marinas, nursing and residential care facilities, and other specialty type CRE properties.

(3) Includes loans held for investment in the NY loan portfolio, which were $221.8 million at December 31, 2024 and $217 million at December 31, 2023.

At December 31, 2024, our commercial real estate loans held for investment based in South Florida, Tampa and Central Florida, New York, Houston and other regions were $1.8 billion, $189.2 million, $221.8 million, $191.0 million and $121.1 million, respectively.

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The table below summarizes the composition of our loans held for sale by type of loan as of the end of each period presented

Loans held for sale at the lower of cost or fair value

Real estate loans

Commercial real estate

Non-owner occupied $ — $ — $ — $ 110,271 $ —

Land development and construction loans — 55,607 — — —

Owner occupied — — — 1,318 —

Mortgage loans held for sale at fair value

______________

(1) In 2024 and 2023, the Company transferred approximately $22.2 million and $13 million, respectively, in land development and construction loans held for sale to the loans held for investment category.

(2) In 2024 and 2023, the Company transferred approximately $7.7 million and $98.9 million, respectively, in single-family residential loans held for sale to the loans held for investment category.

(3) Mortgage loans held for sale in connection with Amerant Mortgage’s ongoing business.

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

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As of December 31, 2024, total loans held for investment were $7.2 billion, up $354.9 million, or 5.2%, compared to $6.9 billion at December 31, 2023. Domestic loans held for investment increased $401.9 million, or 5.9%, as of December 31, 2024, compared to December 31, 2023. The increase in total domestic loans held for investment includes net increases of: (i) $290.3 million, or, 19.9%, in domestic commercial loans; (ii) $174.1 million, or, 7.5%, in domestic CRE loans; (iii) $157.1 million in loans to financial institutions, as we had new lending activity in connection with non-depository financial institutions in 2024; and (iv) $67.0 million, or, 4.7%, in domestic single-family residential loans. These increases were partially offset by decreases of: (i) $168.3 million, or 14.3%, in domestic owner occupied loans, and (ii) $118.4 million, or 30.4%, in domestic consumer loans, as the Company discontinued the purchases of indirect consumer loans in 2023 and such indirect lending portfolio is set to runoff over time.

Loans to international customers, primarily from Latin America, declined $46.9 million, or 53.6%, as of December 31, 2024, compared to December 31, 2023, mainly driven by $41.7 million in connection with a commercial loan relationship now domiciled in the U.S., and paydowns totaling $5.6 million to existing single-family residential loans, partially offset by a $0.2 million increase in consumer loans.

At December 31, 2024 and 2023, there were $42.9 million and $26.2 million, respectively, of mortgage loans held for sale carried at their estimated fair value. In 2024, in connection with mortgage loans held for sale, we originated and purchased approximately $419.1 million, and had proceeds of approximately $380.8 million, mainly from the sale of these loans.

In 2024, the Company added approximately $418.4 million in single-family residential and construction loans through Amerant Mortgage which includes loans originated and purchased from different channels.

As of December 31, 2024, the Company had no loans held for sale carried at the lower of cost or fair value. In 2024, the Company transferred an aggregate of $497.3 million in connection with the Houston Sale Transaction. The Company recorded a valuation allowance of $1.3 million as a result of the transfer in the same period. In the fourth quarter of 2024, the Houston Sale Transaction closed and as a result, the Company sold, at par, all loans held for sale carried at the lower of cost or fair value at the time of sale. The carrying value of the loans at the time of sale was approximately $473.9 million. In addition, on December 27, 2024, we transferred to held for sale and sold business-purpose, investment property, residential mortgage loans with a carrying value of $71.1 million. These loans had collateral across several states and average interest rate of 7.13%. We recorded a loss on sale of $12.6 million including estimated transaction costs.

As of December 31, 2023, the Company had $365.2 million in loans held for sale carried at the lower of cost or fair value, which were previously recorded as loans held for investment. In the fourth quarter of 2023, the Company transferred an aggregate of $401.0 million in Houston-based CRE loans held for investment to the loans held for sale category, and recognized a valuation allowance of $35.5 million as a result of the fair value adjustment of these loans. The Company sold these loans in the first quarter of 2024 and there was no material impact to the Company’s results of operations as a result of this transaction in 2024. In the third quarter of 2023, the Company transferred a New York-based CRE loan held for investment to the loans held for sale category, with an amortized cost of $48.8 million at the time of transfer and recognized a valuation allowance of $5.6 million as a result of the fair value adjustment of this loan. The Company subsequently sold this loan and there was no material impact to the Company’s results of operations as result of this transaction.

As of December 31, 2024, loans under syndication facilities were $393.7 million, an increase of $121.9 million, or 44.9%, compared to $271.8 million at December 31, 2023. This was mainly driven by a net increase of $127.1 million in club deals partially offset by a net decrease of $5.2 million of Shared National Credit Facilities (“SNC”). As of December 31, 2024, there were no SNC loans that financed highly leveraged transactions, compared to $5.5 million, or 0.1% of total loans, as of December 31, 2023.At December 31, 2024 and December 31, 2023, loans under syndication facilities held for investment include Shared National Credit facilities of $81.5 million and $86.7 million, respectively.

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The following is a brief description of the composition of our loan classes:

Commercial Real Estate (CRE) loans. We provide a mix of variable and fixed rate CRE loans. These are loans secured by non-owner occupied real estate properties and land development and construction loans.

Loans secured by non-owner occupied real estate properties are generally granted to finance the acquisition or operation of CRE properties. The main source of repayment of these real estate loans is derived from cash flows or conversion of productive assets and not from the income generated by the disposition of the property held as collateral. These mainly include rental apartment (multifamily) properties, office, retail, warehouses and industrial facilities, and hospitality (hotels and motels) properties mainly in South and Central Florida, Tampa, the greater Houston, Texas area and the greater New York City area, especially the five New York City boroughs. Concentrations in these non-owner occupied CRE loans are subject to heightened regulatory scrutiny. See “Risk Factors— Our concentration of CRE loans could result in further increased loan losses, and adversely affect our business, earnings, and financial condition.”

Land development and construction loans includes loans for land acquisition, land development, and construction (single or multiple-phase development) of single residential or commercial buildings, loans to reposition or rehabilitate commercial properties, and bridge loans mainly in the South Florida, the greater Houston, Texas area and the greater New York City area, especially the five New York City boroughs. Typically, construction lines of credit are funded based on construction progress and generally have a maturity of three years or less.

Owner-occupied. Loans secured by owner-occupied properties are typically working capital loans made to businesses in the South Florida and the greater Houston, Texas markets. The source of repayment of these commercial owner-occupied loans primarily comes from the cash flow generated by the occupying business and the real estate collateral serves as an additional source of repayment. These loans are assessed, analyzed, and structured essentially in the same manner as commercial loans.

Single-Family Residential. These loans include loans to domestic and foreign individuals and businesses primarily secured by single-family residences in the U.S., including first mortgages on properties mainly located in Florida, home equity and home improvement loans, mainly in South Florida and the greater Houston, Texas markets. These loans have terms common in the industry. However, loans to foreign clients have more conservative underwriting criteria and terms.

Commercial loans. We provide a mix of variable and fixed rate C&I loans. These loans are made to a diverse range of business sizes, from the small-to-medium-sized to middle market and large companies. These businesses cover a diverse range of economic sectors, including manufacturing, wholesale, retail, primary products and services. We provide loans and lines of credit for working capital needs, business expansions and for international trade financing. These loans include working capital loans, asset-based lending, participations in Shared National Credit facilities, or SNCs (loans of $100 million or more that are shared by two or more institutions), purchased receivables and SBA loans, among others. The tenors may be either short term (one year or less) or long term, and they may be secured, unsecured, or partially secured. Typically, lines of credit have a maturity of one year or less, and term loans have maturities of five years or less. In addition, the Company originates equipment loan and leases through a white-label equipment financing solution launched in the second quarter of 2022.

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Commercial loans to borrowers in similar businesses or products with similar characteristics or specific credit requirements are generally evaluated under a standardized commercial credit program. Commercial loans outside the scope of those programs are evaluated on a case-by-case basis, with consideration of any exposure under an existing commercial credit program. The Bank maintains several commercial credit programs designed to standardize underwriting guidelines, and risk acceptance criteria, in order to streamline the granting of credits to businesses with similar characteristics and common needs. Some programs also allow loans that deviate from credit policy underwriting requirements and allocate maximum exposure buckets to those loans. Loans originated through a program are monitored regularly for performance over time and to address any necessary modifications.

Loans to financial institutions and acceptances. These loans primarily include loans to financial institutions and acceptances which are granted mainly to non-depository financial institutions such as mortgage companies and other financial intermediaries. In addition, it includes a cash collateral loan to a depository institution. Loans in this portfolio segment are generally granted for terms not exceeding three years and on a secured basis under the terms of each credit agreement.

Consumer loans and overdrafts. These loans include open and closed-end loans extended to domestic and foreign individuals for household, family and other personal expenditures. These loans include automobile loans, personal loans, or loans secured by cash or securities and revolving credit card agreements. These loans have terms common in the industry for these types of loans, except that loans to foreign clients have more conservative underwriting criteria and terms. Beginning in 2020, consumer loans include indirect unsecured personal loans to well qualified individuals we purchased from recognized third parties personal loan originators. However, we are focusing on organic growth and have not been purchasing any new indirect consumer loan production since the end of 2022. All consumer loans are denominated and payable in U.S. Dollars.

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The tables below set forth the unpaid principal balance of loans held for investment by type, by interest rate type (fixed-rate and variable-rate) and by original contractual loan maturities as of December 31, 2024:

Fixed-Rate

Real estate loans

Commercial real estate (CRE)

Loans to financial institutions and acceptances — — — —

Variable-Rate

Real estate loans

Commercial real estate (CRE)

Total Loans Held For Investment

Real estate loans

Commercial real estate (CRE)

__________________

(1) Includes a total of $683.9 million of fixed-rate loans (mainly comprised of 89% single-family residential and 6% owner occupied), and $705.2 million of variable-rate loans (mainly comprised of 99% single-family residential and 1% owner occupied), maturing in 10 years or more. Fixed-rate and variable-rate loans maturing in 15 years or more represent 96% of total fixed-rate and 95% of total variable-rate loans maturing in 10 years or more, respectively, and correspond primarily to single-family residential loans.

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The tables below set forth the unpaid principal balance of total loans held for sale by type, by interest rate type (fixed-rate and variable-rate) and by original contractual loan maturities as of December 31, 2024:

Fixed-Rate

Real estate loans

Commercial real estate (CRE)

Nonowner occupied $ — $ — $ — $ —

Multi-family residential — — — —

Owner occupied — — — —

Variable-Rate

Real estate loans

Commercial real estate (CRE)

Multi-family residential — — — —

Land development and construction loans — — 619 619

Single-family residential — — 1,491 1,491

Owner occupied — — — —

Commercial loans — — — —

Loans to financial institutions and acceptances — — — —

Consumer loans and overdrafts — — — —

Total Loans Held For Sale

Real estate loans

Commercial real estate (CRE)

Nonowner occupied $ — $ — $ — $ —

Multi-family residential — — — —

Owner occupied — — — —

__________________

(1) Loans held for sale carried at their estimated fair value.

(2) Remained current and in accrual status as of December 31, 2024.

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Foreign Outstanding

The table below summarizes the composition of our international loan portfolio by country of risk for the periods presented. All of our foreign loans are denominated in U.S. dollars, and bear fixed or variable rates of interest based upon different market benchmarks plus a spread.

December 31,

_________________

(1) Collateralized with cash, cash equivalents or other financial instruments totaling $7.8 million, $7.2 million and $6.3 million as of December 31, 2024, 2023 and 2022 respectively.

(2) Includes mortgage loans for single-family residential properties located in the U.S. totaling $32.0 million, $37.7 million and $47.0 million as of December 31, 2024, 2023 and 2022, respectively.

(3) Includes loans to borrowers in other countries which do not individually exceed one percent of total assets in 2024, 2023 and 2022.

As of December 31, 2024, the maturities of our outstanding international loans were as follows:

(in thousands) Less than 1 year 1-3 Years More than 3 years Total

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Loans by Economic Sector

The table below summarizes the concentration in our loans held for investment by economic sector as of the end of the periods presented.

December 31,

Amount % of Total Amount % of Total Amount % of Total

Manufacturing:

Services:

Non-financial public sector 13,946 0.2 % — — % 1,300 — %

Primary Products:

Agriculture, Livestock, Fishing, and forestry 6,596 0.1 % 8,699 0.1 % — — %

_________________

(1) Consists mainly of domestic non-bank financial services companies.

(2) Comprised mostly of CRE loans throughout South and Central Florida, Tampa, the greater Houston, Texas area, and New York.

(3) Gasoline stations represented approximately 37%, 57% and 57% of the retail trade sector at year-end 2024, 2023 and 2022, respectively.

(4) Primarily loans belonging to industrial sectors not included in the above sectors, which do not individually represent more than 1 percent of the total loan portfolio, and consumer loans which represented approximately 23.2%, 20.6% and 28.6% of the total in 2024, 2023 and 2022, respectively.

As of December 31, 2024, the Company had $10.8 million of loans held for sale in the construction and real estate economic sector and $32.1 million of loans held for sale in other sectors. At December 31, 2023, the Company had $378.0 million of loans held for sale in the construction and real estate economic sector and $13.4 million of loans held for sale in other sectors. There were no loans held for sale at December 31, 2022.

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Loan Quality

We use what we believe is a comprehensive methodology to monitor credit quality and manage credit concentrations within our loan portfolio. Our underwriting policies and practices govern the risk profile and credit and geographic concentrations of our loan portfolio. We also believe we employ a comprehensive methodology to monitor our intrinsic credit quality metrics, including a risk classification system that identifies possible problem loans based on risk characteristics by loan type, as well as the early identification of deterioration at the individual loan level. We also consider the evaluation of loan quality by the OCC, our primary regulator.

Analysis of the Allowance for Credit Losses

In 2022, the Company adopted Accounting Standards Codification Topic 326 - Financial Instruments - Credit Losses (ASC Topic 326), which replaced the incurred loss methodology for estimated probable loan losses with an expected credit loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. See “Critical Accounting Policies and Estimates” later in this document for more details on the methodology for measuring credit losses under the CECL guidance.

The allowance for credit losses, or ACL, is a valuation account that is deducted from the amortized cost basis of loans held for investment to present the net that is expected to be collected throughout the life of the loan. The estimated ACL is recorded through a provision for credit losses charged against income. Management periodically evaluates the adequacy of the ACL to maintain it at a level it believes to be reasonable.

The Company develops and documents its methodology to determine the ACL at the portfolio segment level. The Company determines its loan portfolio segments based on the type of loans it carries and their associated risk characteristics. The measurement of expected credit losses considers information about historical events, current conditions, reasonable and supportable forecasts and other relevant information. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods, in light of changes in composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods.

Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. Factors that may be considered in aggregating loans for this purpose include but are not necessarily limited to, product or collateral type, industry, geography, internal risk rating, credit characteristics such as credit scores or collateral values, and historical or expected credit loss patterns. For loans that do not share similar risk characteristics with other loans such as collateral dependent loans and modifications to borrowers experiencing financial difficulties, expected credit losses are estimated on an individual basis.

With respect to modifications made to borrowers experiencing financial difficulty, a change to the ACL is generally not recorded upon modification since the effect of these modifications is already included in the ACL given the measurement methodologies used to estimate the ACL. From time to time, the Company may modify loans related to borrowers experiencing financial difficulties by providing multiple types of concessions. Typically, one type of concession, such as a term extension, may be granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. When and if principal forgiveness is provided, the amortized cost basis of the asset is written off against the ACL. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the ACL.

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Problem Loans. Loans are considered delinquent when principal or interest payments are past due 30 days or more. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. Once a loan to a single borrower has been placed in nonaccrual status, management reviews all loans to the same borrower to determine their appropriate accrual status. When a loan is placed in nonaccrual status, accrual of interest and amortization of net deferred loan fees or costs are discontinued, and any accrued interest receivable is reversed against interest income. Typically, the accrual of interest on loans is discontinued when principal or interest payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to collectability in the normal course of business. When loans are placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Payments received on a loan in nonaccrual status are generally applied to its outstanding principal amount, unless there are no doubts on the full collection of the remaining recorded investment in the loan. When there are no doubts on the full collection of the remaining recorded investment in the loan, and there is sufficient documentation to support the collectability of that amount, payments of interest received may be recorded as interest income. A loan in nonaccrual status is returned to accrual status when none of the conditions noted when first placed in nonaccrual status are currently present, none of its principal and interest is past due, and management believes there are reasonable prospects of the loan performing in accordance with its terms. For this purpose, management generally considers there are reasonable prospects of performance in accordance with the loan terms when at least six months of principal and interest payments or principal curtailments have been received, and current financial information of the borrower demonstrates that the borrower has the capacity to continue to perform into the near future.

Allocation of Allowance for Credit Losses

In the following table, we present the allocation of the ACL by loan segment at the end of the periods presented. The amounts shown in this table should not be interpreted as an indication that charge-offs in future periods will occur in these amounts or percentages. These amounts represent our best estimates of expected credit losses to be collected throughout the life of the loans, at the reported dates, derived from historical events, current conditions and reasonable and supportable forecasts at the dates reported. Our allowance for credit losses is established using estimates and judgments, which also consider the views of our regulators in their periodic examinations. Re-evaluation of the ACL estimate in future periods, in light of changes in composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods. We also show the percentage of each loan class, which includes loans in nonaccrual status.

December 31,

Total Loans

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__________________

(1) Includes (i) indirect consumer loans purchased, and (ii) mortgage loans secured by single-family residential properties located in the U.S in all years presented.

In 2024, the changes in the allocation of the ACL were primarily attributed to reserve requirements for loan charge-offs, loan composition and credit quality changes as well as updated macroeconomic factors.

The ratio of ACL to total loans held for investment decreased in 2024 primarily due to lower reserve requirements on non-performing loans as of December 31, 2024 compared to December 31, 2023, and changes in loan composition and macroeconomic factors on performing loans.

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Non-Performing Assets

In the following table, we present a summary of our non-performing assets by loan class, which includes non-performing loans by portfolio segment, both domestic and international, and OREO, at the dates presented. Non-performing loans consist of (1) nonaccrual loans where the accrual of interest has been discontinued; (2) accruing loans ninety days or more contractually past due as to interest or principal; and (3) restructured loans that are considered Troubled Debt Restructurings, or TDR.

December 31,

Non-Accrual Loans(1)

Real estate loans

Commercial real estate (CRE)

Multifamily residential — 8 — — 11,340

Land development and construction loans 4,119 — — — —

Past Due Accruing Loans

Real estate loans

Consumer loans and overdrafts 8 49 35 8 1

________________

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

(2) Prior to 2023 and before adoption of guidance related to CECL, included loan modifications that met the definition of TDRs, which may be performing in accordance with their modified loan terms. As of December 31, 2021 and 2020, non-performing TDRs include $9.1 million and $8.4 million, respectively, in a multiple loan relationship to a South Florida borrower. In the third quarter of 2022, this loan relationship was upgraded and placed back in accrual status.

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The following table presents the activity of non-performing assets in 2024:

Less: loans returned to accrual status — — — — — — — —

OREO valuation expense — — — — — — (5,672) (5,672)

__________________

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

The increase in nonperforming loans during 2024 was primarily due to certain loans that were downgraded based on updated borrowers’ financial statements received in 2024. See discussion on Classified and Special Mention Loans below for more details.

We recognized no interest income on nonaccrual loans during 2024, 2023 and 2022.

We utilize an asset risk classification system in compliance with guidelines established by the U.S. federal banking regulators as part of our efforts to monitor and improve asset quality. In connection with examinations of insured institutions, examiners have the authority to identify problem assets and, if appropriate, classify them or require a change to the rating assigned by our risk classification system. There are four classifications for problem assets: “special mention,” “substandard,” “doubtful,” and “loss.” Special mention loans are loans identified as having potential weakness that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects of the loan. Substandard assets have one or more defined weaknesses and are characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Doubtful assets have the weaknesses of substandard assets with the additional characteristic that the weaknesses make collection or liquidation in full questionable and there is a high probability of loss based on currently existing facts, conditions and values. An asset classified as loss is not considered collectable and is of such little value that the continuance of carrying a value on the books is not warranted.

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We use the term “classified loans” to describe loans that are substandard and doubtful, and we use the term “criticized loans” to describe loans that are special mention and classified loans.

The Company’s loans by credit quality indicators at December 31, 2024, 2023 and 2022 are summarized in the following table. We have no purchased credit-impaired loans.

Real estate loans

Commercial real estate (CRE)

Multi-family residential — — — — — 8 — 8 — — — —

Land development and construction loans — 4,119 — 4,119 — — — — — — — —

_________

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

For more information on the activity of Classified loans in 2024, please refer to non-performing assets discussions above. All nonaccrual loans are classified as Substandard.

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Classified Loans. Classified loans includes substandard and doubtful loans. The following table presents the activity of classified loans in 2024:

(in thousands) Year Ended December 31, 2024

—

Less: loans upgraded — (176) — (723) — — (899)

CRE and owner-occupied classified loans include a total of $62.3 million in loans that are current and accruing, including: (i) a $40.8 million owner-occupied loan to a customer in the restaurant service sector in Florida, and (ii) a $21.5 million CRE loan to customer in the accommodation service sector in Florida with an additional $5 million with cash collateral kept in ‘pass’.

In February 2025, the Company decided to sell the $40.8 million substandard owner-occupied loan to a customer in the restaurant service sector in Florida. The Company transferred the loan from loans held for investment to loans held for sale, at the lower of cost or fair value, and determined no valuation allowance was required at the time of the transfer.

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Special Mention Loans. The following table presents the activity of special mention loans by type of loan in 2024:

Special Mention loans sold — — (5,038) — — — (5,038)

Balances at end of period $ 361 $ — $ 5,047 $ — $ — $ — $ 5,408

As of December 31, 2024, Special Mention loans include $4.6 million loan balances which were past due between 30 to 59 days. The remainder Special Mention loan balance of $0.8 million was current.

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Potential problem loans, which are accruing loans classified as substandard and are less than 90 days past due, at December 31, 2024, 2023 and 2022 included:

Real estate loans

Commercial real estate (CRE)

Nonowner occupied $ 21,430 $ — $ —

Multi-family residential — — —

Land development and construction loans — — —

Loans to depository institutions and acceptances — — —

Consumer loans and overdrafts (1) — — 226

________

(1) Corresponds to international consumer loans.

At December 31, 2024, total potential problem loans increased $61.2 million compared to 2023. This was mainly due to the downgrade to substandard accrual of a $40.8 million loan to a customer in the restaurant service sector in Florida and a downgrade to accrual of a $21.4 million loan to a customer in the accommodations service sector in Florida, and the addition of two residential loans totaling $0.3 million. These increases were offset by the upgrade of a $1.0 million commercial relationship and a $0.3 million residential loan that became current.

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Securities

Our investment decision process is based on an approved investment policy and several investment programs. We seek a consistent risk adjusted return through consideration of the following four principles:

•investment quality;

•liquidity requirements;

•interest-rate risk sensitivity; and

•potential returns on investment

The Bank’s Board of Directors approves the Bank’s and related companies ALCO investment policy and programs which govern the investment process. The ALCO oversees the investment process monitoring compliance to approved limits and targets. The Company’s investment decisions are based on the above-mentioned four principles, other factors considered relevant to particular investments and strategies, market conditions and the Company’s overall balance sheet position. ALCO regularly evaluates the investments’ performance within the approved limits and targets. The Company proactively manages its investment securities portfolio as a source of liquidity and as an economic hedge against declining interest rates whenever appropriate.

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In 2024, the Company changed the presentation of its debt securities by type to provide more granular information on the nature of the investments. This includes, among other things, new tabular information on mortgage-backed securities (“MBS”). Debt securities by type as of December 31, 2023 and 2022 have been reclassified for comparative purposes.

The following table sets forth the book value and percentage of each category of securities at December 31, 2024, 2023 and 2022. The book value for debt securities classified as available for sale and equity securities with readily determinable fair value not held for trading represents fair value. The book value for debt securities classified as held to maturity represents amortized cost less allowance for credit losses (“ACL”), if any. The Company adopted CECL in 2022 and determined that an ACL on its debt securities held to maturity as of December 31, 2023 and 2022 was not required. The Company held no securities as held to maturity as of December 31, 2024.

Amount % Amount % Amount %

(in thousands, except percentages)

Debt securities available for sale:

Collateralized Loan Obligations — — % 4,957 0.3 % 4,774 0.3 %

_________________

(1) Issued by a financial institution.

(2) In 2024, as a result of the Company’s Securities Repositioning strategy, the Company sold its corporate bonds including subordinated debt securities issued by financial institutions. As of December 31, 2023 and 2022, corporate bonds in the financial services sector represent 1.9% and 2.3% of our total assets, respectively..

(3) As of December 31, 2023 and 2022 corporate bonds include $10.5 million and $9.7 million, respectively, in “investment-grade” quality securities issued by foreign corporate entities. The securities issuers were from Canada in two different sectors in 2023 and 2022. The

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Company limits exposure to foreign investments based on cross border exposure by country, risk appetite and policy. All foreign investments are denominated in U.S. Dollars.

(4) Includes securities issued by U.S. government and U.S. government sponsored agencies. In 2024, the Company executed the Securities Repositioning and transferred all its debt securities held to maturity to the available for sale category.

(5) In 2023, the Company sold its marketable equity securities with a total fair value of $11.2 million at the time of sale, and recognized a net loss of $0.2 million in connection with this transaction. Also in 2023, the Company purchased an investment in an open-end fund incorporated in the U.S with an original cost of $2.5 million. The Fund's objective is to provide a high level of current income consistent with the preservation of capital and investments deemed to be qualified under the Community Reinvestment Act.

(6) Includes investments in FHLB and Federal Reserve Bank stock. Amounts correspond to original cost at the date presented. Original cost approximates fair value because of the nature of these investments.

As of December 31, 2024, total securities slightly increased $1.0 million, or 0.1%, to $1.5 billion compared to $1.5 billion as of December 31, 2023. The increase in 2024 was mainly driven by purchases of: (i) debt securities available for sale and FHLB stock totaling $786.6 million and (ii) net pre-tax unrealized holding gains on debt securities available for sale of $42.2 million primarily attributable to the reclassification into net loss of net accumulated unrealized losses previously included in AOCL on debt securities available for sale as a result of the Securities Repositioning. The increase was partially offset by maturities, sales, calls and pay downs totaling $746.8 million.

Upon successfully completing the Public Offering, the Company initiated the Securities Repositioning aimed at improving yields, increasing liquidity and de-risking the securities portfolio. As part of this strategy, in the third quarter of 2024, the Company: (i) transferred at their fair value (which was below their amortized cost basis) all of the debt securities previously classified as held to maturity and carried at amortized cost to the debt securities available for sale category; (ii) sold all of the Company’s investments in subordinated debt securities, included in corporate debt securities, which resulted in a pre-tax loss on sale of approximately $6.7 million in the third quarter of 2024; and (iii) decided to sell all other corporate debt securities. In addition, as a result of its decision to sell all debt securities available for sale (including those previously classified as held to maturity) which had accumulated unrealized losses and met the criteria for inclusion in the Securities Repositioning, the Company recorded a pre-tax impairment loss totaling approximately $61.8 million on debt securities available for sale which resulted in a write down of their previous amortized cost to their estimated fair value as of September 30, 2024. The Company completed the Securities Repositioning in October 2024, which resulted in an additional pre-tax loss on sale of approximately $8.1 million as a result of the subsequent decline in fair market value of the securities.

Debt securities available for sale had net unrealized holding losses of $55.7 million and net unrealized holding gains of $0.9 million at December 31, 2024, compared to net unrealized holding losses of $100.3 million and net unrealized holding gains of $3.2 million at December 31, 2023. In 2024, the Company recorded pre-tax net unrealized holding gains of $42.2 million which are included in accumulated other comprehensive (loss) income for the period. The improvement in unrealized holding losses was mainly attributed to the reclassification into net loss of net accumulated unrealized losses previously included in AOCL on debt securities available for sale as a result of the Securities Repositioning. The Company does not intend to sell these debt securities and it is more likely than not that it will not be required to sell the securities before their anticipated recovery. The Company believes these securities are not credit-impaired because the change in fair value is attributable to changes in interest rates and investment securities markets, generally, and not credit quality. As a result, the Company did not record an allowance for credit losses on these securities as of December 31, 2024 and 2023.

The Company considers that all debt securities held to maturity issued or sponsored by the U.S. government are considered to be risk-free as they have the backing of the U.S. government. The Company considers there are not current expected credit losses on these securities and, therefore, did not record an ACL on any of its debt securities held to maturity as of December 31, 2024 and 2023. The Company monitors the credit quality of held to maturity securities through the use of credit ratings. Credit ratings are monitored by the Company on at least a quarterly basis. As of December 31, 2024 and 2023, all held to maturity securities held by the Company were rated investment grade.

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The following table sets forth the book value, scheduled maturities and weighted average yields for our securities portfolio at December 31, 2024. Similar to the table above, the book value for debt securities classified as available for sale and equity securities with readily determinable fair value not held for trading is equal to fair market value. The book value for debt securities classified as held to maturity is equal to amortized cost.

Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield

Debt securities available for sale

U.S. Treasury Securities 1,933 4.22 % 1,933 4.22 % — — % — — % — — % — — %

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The investment portfolio’s average effective duration in years was 5.2, 5.0 and 4.9 as of December 31, 2024, 2023 and 2022, respectively. The increase in effective duration in 2024 compared to 2023 was primarily due to lower than expected mortgage-backed securities prepayments. These estimates are computed using multiple inputs that are subject, among other things, to changes in interest rates and other factors that may affect prepayment speeds. Contractual maturities of investment securities are adjusted for anticipated prepayments of amortizing U.S. government sponsored agency debt and enterprise debt securities, which shorten the average lives of these investments.

Goodwill. Goodwill was $19.2 million as of December 31, 2024 and 2023. Goodwill mainly represents the excess of consideration paid over the fair value of the net assets of a savings bank acquired in 2006.

Liabilities

Total liabilities were $9.0 billion at December 31, 2024, an increase of $31.0 million, or 0.3%, compared to $9.0 billion at December 31, 2023. This was primarily driven by an increase of $100.0 million, or 15.5%, in advances from the FHLB, which included the addition of $1.5 billion of these borrowings, and was partially offset by the $1.4 billion repayment of these borrowings in 2024. The increase was partially offset by: (i) $40.3 million, or 0.5%, in total deposits, mainly due to a decrease in interest bearing demand deposits, as well as time deposits which included deposits that were sold in connection with the sale of the Houston Franchise; (ii) a decrease of $17.1 million, or 13.9%, in operating lease liabilities which includes operating liabilities that were sold in connection with the sale of the Houston Franchise; and (iii) a net decrease of $12.1 million, or 7.4% in accounts payable and accrued and other liabilities which includes other liabilities that were sold in connection with the sale of the Houston Franchise. See “Business Development” for more details on liabilities sold in connection with the sale of the Houston Franchise, “Capital Resources and Liquidity Management” for more details on the changes of FHLB advances and subordinated notes and “Deposits” for more details on the changes of total deposits.

Deposits

We continue with our efforts in growing our deposits. Our efforts include the additions of retail, private and commercial banking team members, which contributed to increasing deposit levels in 2024. See “Our Company- Business Developments” for additional information.

Total deposits were $7.9 billion at December 31, 2024, a decrease of $40.3 million, or 0.5%, compared to December 31, 2023. The decrease in deposits was mainly due to: (i) a decrease of $331.2 million, or 12.9%, in interest-bearing deposits, which were due to decreases in higher cost municipalities and institutional deposits; (ii) net decrease of $62.7 million or 2.7%, in time deposits in 2024 compared to 2023, which includes decreases of $45.0 million, or 2.9%, in customer CDs and $17.7 million, or 2.5%, in brokered time deposits. These decreases were partially offset by increases of: (i) $275.7 million, or 17%, in savings and money market accounts and (ii) $77.8 million, or 5%, in noninterest bearing accounts.

Domestic deposits decreased $151.8 million, or 2.8%, to $5.3 billion at December 31, 2024 from $5.4 billion at December 31, 2023, while foreign deposits increased $111.5 million, or 4.5%, in 2024 from $2.5 billion at December 31, 2023. See discussions further below.

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Deposits by Country of Domicile

The following table sets forth the deposits by country of domicile of the depositor as of the dates presented.

December 31,

Foreign:

___________

(1) Includes brokered deposits of $701.9 million, $736.9 million, $629.3 million, $387.3 million and $634.5 million at December 31, 2024, 2023, 2022, 2021, and 2020, respectively.

(2) Based upon the diligence we customarily perform to "know our customers" for anti-money laundering, OFAC and sanctions purposes, we believe that the current U.S. economic embargo on certain Venezuelan persons will not adversely affect our Venezuelan customer relationships, generally.

(3) Our other foreign deposits do not include deposits from Venezuelan resident customers.

AMTB US Equity

AMTB · 10-K · period ended 2024-12-31

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

AMTB US Equity☆

AMTB · 10-K · period ended 2024-12-31

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

AMTB US Equity