Latest news with #FHLB
Business Wire
22-05-2025
- Business
- Business Wire
FHLB Dallas and Bonvenu Bank Award $351K to Habitat for Humanity St. Tammany West
MANDEVILLE, La.--(BUSINESS WIRE)--Representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Bonvenu Bank (Bonvenu) celebrated awarding $351,264 in FHLB Dallas FORTIFIED and Disaster Rebuilding Assistance (DRA) grants at a media event today celebrating the grand opening of Bonvenu's new branch in Mandeville, Louisiana. The funds, which were awarded through FHLB Dallas member Bonvenu, will be used to make repairs for low-income households in Louisiana. 'These funds have the potential to help so many residents ensure that their homes are secure and able to withstand what storms may come." Share Terri Gage, president and CEO of Habitat for Humanity St. Tammany West, says that without the funds, many residents would not be able to afford to repair their homes. 'In Louisiana we are finding more and more need for repairs to homes,' she said. 'I can't stress enough the importance of the funding. Not only do we have a significant insurance crisis in Louisiana, it's also a real struggle for low-income families to maintain their homes. The FHLB Dallas FORTIFIED Fund helps so many families in different ways.' FORTIFIED roofs are installed to withstand damage from high wind, hail and thunderstorms. Homeowners can qualify for FHLB Dallas FORTIFIED Fund grants up to $15,000 for roof replacements and up to $7,500 for roofs on new construction. In 2025, $10 million is available through member institutions within the FHLB Dallas District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. For 2025, FHLB Dallas set aside $4 million of its AHP allocation for the DRA program. As an example of how the DRA funds are used, an elderly local homeowner whose home was damaged by Hurricane Ida three and a half years ago was awarded $14,974 in DRA funds to repair significant roof and window damage. The FHLB Dallas DRA program provides grants for the repair, rehabilitation and reconstruction of owner-occupied housing affected by a disaster event in a federally declared disaster area within the FHLB Dallas District. 'This funding is extremely important for low-income homeowners in St. Tammany Parish and throughout Louisiana,' said Michael Colston, vice president and community development officer at Bonvenu Bank. 'We are excited to be a part of this program and stand ready to help communities with our available resources.' 'Bonvenu has been a strong partner of FHLB Dallas,' said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. 'These funds have the potential to help so many residents ensure that their homes are secure and able to withstand what storms may come.' Visit the FHLB Dallas FORTIFIED Fund and Disaster Recovery Assistance pages at to learn more. About Bonvenu Bank Bonvenu Bank is a community bank in Louisiana that offers a variety of banking services for individuals and businesses. Formerly Citizens National Bank, Bonvenu Bank was established in 1985, and has 14 full-service branch locations throughout Louisiana. Committed to offering an elevated banking experience, Bonvenu strives to build a prosperous future for the communities it serves. Bonvenu Bank has been a leading financial partner for businesses and individuals in Northwest Louisiana for 40 years. About the Federal Home Loan Bank of Dallas The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $109.9 billion as of March 31, 2025, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit
Business Wire
23-04-2025
- Business
- Business Wire
Amerant Reports First Quarter 2025 Results
CORAL GABLES, Fla.--(BUSINESS WIRE)--Amerant Bancorp Inc. (NYSE: AMTB) (the 'Company' or 'Amerant') today reported a net income attributable to the Company of $12.0 million in the first quarter of 2025, or $0.28 income per diluted share, compared to net income of $16.9 million, or $0.40 income per diluted share, in the fourth quarter of 2024. 'Our results for the first quarter showed solid deposit growth as well as strong pre-provision net revenue, as net interest income and net interest margin were higher than expected. In addition, we exercised prudent expense management, even while continuing to execute on our strategy to add new locations and business development and risk management team members' stated Jerry Plush, Chairman and CEO. 'However, loans were relatively flat quarter over quarter, as a result of increased payoffs and paydowns offsetting production in the first quarter. While loan demand going into the second quarter remains strong, borrowers may take a cautious approach given recent market volatility and uncertainty.' Total assets were $10.2 billion, an increase of $268.0 million, or 2.7%, compared to $9.9 billion in 4Q24. Total gross loans were $7.2 billion, a decrease of $52.2 million, or 0.7%, compared to $7.3 billion in 4Q24. Cash and cash equivalents were $648.4 million, up $58.0 million, or 9.8%, compared to $590.4 million in 4Q24. Total deposits were $8.2 billion, up $300.4 million, or 3.8%, compared to $7.9 billion in 4Q24. Core deposits were $6.0 billion, up $372.9 million, or 6.6%, compared to $5.6 billion in 4Q24. Total advances from the Federal Home Loan Bank ('FHLB') were $715.0 million, down $30.0 million, or 4.0%, compared to $745.0 million in 4Q24. The Bank had an aggregate borrowing capacity of $3.0 billion from the FED or FHLB as of March 31, 2025. Net Interest Margin ('NIM') was 3.75%, unchanged from 4Q24. Average yield on loans was 6.84%, compared to 7.00% at 4Q24. Average cost of total deposits was 2.60%, compared to 2.77% in 4Q24. Loan to deposit ratio was 88.5%, compared to 92.6% in 4Q24. Total non-performing assets were $140.8 million, up $18.6 million, or 15.2%, compared to $122.2 million as of 4Q24. As of 1Q25, non-performing assets consist of $123.2 million in non-performing loans and $17.5 million in real estate owned. Non-performing loans increased by $19.1 million from $104.1 million as of 4Q24, while classified loans increased from $166.5 million as of 4Q24 to $206.1 million as of 1Q25. The Company has provided additional details regarding asset quality in the 1Q25 earnings presentation ( The allowance for credit losses ("ACL") was $98.3 million, an increase of $13.3 million, or 15.7%, compared to $85.0 million as of 4Q24. The increase in the ACL was attributable to the macroeconomic environment and the addition of specific reserves for several commercial credits based on receipt of 2024 year end financials for these borrowers. Assets Under Management and custody ('AUM') totaled $2.93 billion, up $42.6 million, 1.5% from $2.89 billion in 4Q24. Pre-provision net revenue ('PPNR') (1) was $33.9 million, an increase of $5.9 million, or 21.3%, compared to PPNR of $27.9 million in 4Q24. Net Interest Income ('NII') was $85.9 million, down $1.7 million, or 2.0%, from $87.6 million in 4Q24. Provision for credit losses was $18.4 million, up $8.5 million, or 86.1% compared to $9.9 million in 4Q24. Non-interest income was $19.5 million, a decrease of $4.2 million, or 17.6% from $23.7 million in 4Q24. Non-interest expense was $71.6 million, down $11.8 million, or 14.2% from $83.4 million in 4Q24. The efficiency ratio was 67.9%, compared to 74.9% in 4Q24. Return on average assets ('ROA') was 0.48%, compared to 0.67% in 4Q24. Return on average equity ('ROE') was 5.32%, compared to 7.38% in 4Q24. On April 23, 2025, the Company's Board of Directors declared a cash dividend of $0.09 per share of common stock. The dividend is payable on May 30, 2025, to shareholders of record on May 15, 2025. In tomorrow's earnings call, the Company will also provide an update on its decision to scale back its residential mortgage operations from a national origination platform to a Florida-focused business model. Additional details on the first quarter 2025 results can be found in the Exhibits and Glossary of Terms and Definitions to this earnings release, and the earnings presentation available under the Investor Relations section of the Company's website at See Glossary of Terms and Definitions for definitions of financial terms. 1 Non-GAAP measure, see 'Non-GAAP Financial Measures' for more information and Exhibit 2 for a reconciliation to GAAP measures. First Quarter 2025 Earnings Conference Call The Company will hold an earnings conference call on Thursday, April 24, 2025 at 8:30 a.m. (Eastern Time) to discuss its first quarter 2025 results. The conference call and presentation materials can be accessed via webcast by logging on from the Investor Relations section of the Company's website at The online replay will remain available for approximately one month following the call through the above link. About Amerant Bancorp Inc. (NYSE: AMTB) Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its main subsidiary, Amerant Bank, N.A. (the 'Bank'), as well as its other subsidiaries: Amerant Investments, Inc., and Amerant Mortgage, LLC. The Company provides individuals and businesses with deposit, credit and wealth management services. The Bank, which has operated for over 40 years, is headquartered in Florida and operates 20 banking centers – 19 in South Florida and 1 in Tampa, Florida. For more information, visit Cautionary Notice Regarding Forward-Looking Statements This press release contains 'forward-looking statements' including statements with respect to the Company's objectives, expectations and intentions and other statements that are not historical facts. Examples of forward-looking statements include but are not limited to: our future operating or financial performance, including revenues, expenses, expense savings, income or loss and earnings or loss per share, and other financial items; statements regarding expectations, plans or objectives for future operations, products or services, and our expectations on our investment portfolio repositioning and loan recoveries or reaching positive resolutions on problem loans. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as 'may,' 'will,' 'anticipate,' 'assume,' 'should,' 'indicate,' 'would,' 'believe,' 'contemplate,' 'expect,' 'estimate,' 'continue,' 'plan,' 'point to,' 'project,' 'could,' 'intend,' 'target,' 'goals,' 'outlooks,' 'modeled,' 'dedicated,' 'create,' and other similar words and expressions of the future. Forward-looking statements, including those relating to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the Company's actual results, performance, achievements, or financial condition to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not rely on any forward-looking statements as predictions of future events. You should not expect us to update any forward-looking statements, except as required by law. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in 'Risk factors' in our annual report on Form 10-K for the fiscal year ended December 31, 2024 filed on March 5, 2025, and in our other filings with the U.S. Securities and Exchange Commission (the 'SEC'), which are available at the SEC's website Interim Financial Information Unaudited financial information as of and for interim periods, including the three month periods ended March 31, 2025, December 31, 2024 and March 31, 2024 may not reflect our results of operations for our fiscal year ending, or financial condition, as of December 31, 2025, or any other period of time or date. Non-GAAP Financial Measures The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America ('GAAP') with non-GAAP financial measures, such as 'pre-provision net revenue (PPNR)', 'core pre-provision net revenue (Core PPNR)', 'core noninterest income', 'core noninterest expense', 'core net income', 'core earnings per share (basic and diluted)', 'core return on assets (Core ROA)', 'core return on equity (Core ROE)', 'core efficiency ratio', 'tangible stockholders' equity (book value) per common share', 'tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity', and 'tangible stockholders' equity (book value) per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity'. This supplemental information is not required by, or is not presented in accordance with GAAP. The Company refers to these financial measures and ratios as 'non-GAAP financial measures'. We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our business. Management believes that these supplementary non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies. Exhibit 2 reconciles these non-GAAP financial measures to GAAP reported results. Exhibit 1- Selected Financial Information The following table sets forth selected financial information derived from our interim unaudited and annual audited consolidated financial statements. Three Months Ended (in thousands, except percentages, share data and per share amounts) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Consolidated Results of Operations Net interest income $ 85,904 $ 87,635 $ 80,999 $ 79,355 $ 77,968 Provision for credit losses (7) 18,446 9,910 19,000 19,150 12,400 Noninterest income (loss) 19,525 23,684 (47,683 ) 19,420 14,488 Noninterest expense 71,554 83,386 76,208 73,302 66,594 Net income (loss) attributable to Amerant Bancorp Inc. 11,958 16,881 (48,164 ) 4,963 10,568 Effective income tax rate 22.50 % 6.34 % 22.18 % 21.51 % 21.50 % Common Share Data Stockholders' book value per common share $ 21.60 $ 21.14 $ 21.44 $ 21.88 $ 21.90 Tangible stockholders' equity (book value) per common share (8) $ 21.03 $ 20.56 $ 20.87 $ 21.15 $ 21.16 Tangible stockholders' equity (book value) per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity (8) $ 21.03 $ 20.56 $ 20.87 $ 20.54 $ 20.60 Basic earnings (loss) per common share $ 0.28 $ 0.40 $ (1.43 ) $ 0.15 $ 0.32 Diluted earnings (loss) per common share (9) $ 0.28 $ 0.40 $ (1.43 ) $ 0.15 $ 0.31 Basic weighted average shares outstanding 42,015,507 42,069,098 33,784,999 33,581,604 33,538,069 Diluted weighted average shares outstanding (9) 42,186,759 42,273,778 33,784,999 33,780,666 33,821,562 Cash dividend declared per common share (5) $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.09 Expand Three Months Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Other Financial and Operating Data (12) Profitability Indicators (%) Net interest income / Average total interest earning assets (NIM) (1) 3.75 % 3.75 % 3.49 % 3.56 % 3.51 % Net income (loss)/ Average total assets (ROA) (1) 0.48 % 0.67 % (1.92 )% 0.21 % 0.44 % Net income (loss)/ Average stockholders' equity (ROE) (1) 5.32 % 7.38 % (24.98 )% 2.68 % 5.69 % Noninterest income (loss) / Total revenue (1) 18.52 % 21.28 % (143.12 )% 19.66 % 15.67 % Capital Indicators (%) Total capital ratio (1) 13.45 % 13.43 % 12.72 % 11.88 % 12.49 % Tier 1 capital ratio (1) 11.84 % 11.95 % 11.36 % 10.34 % 10.87 % Tier 1 leverage ratio (1) 9.73 % 9.66 % 9.56 % 8.74 % 8.73 % Common equity tier 1 capital ratio (CET1) (1) 11.11 % 11.21 % 10.65 % 9.60 % 10.10 % Tangible common equity ratio (1)(8) 8.69 % 8.77 % 8.51 % 7.30 % 7.28 % Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity (1)(8) 8.69 % 8.77 % 8.51 % 7.11 % 7.10 % Liquidity Ratios (%) Loans to Deposits (1) 88.52 % 92.57 % 93.23 % 93.69 % 88.93 % Asset Quality Indicators (%) Non-performing assets / Total assets (1) 1.38 % 1.23 % 1.25 % 1.24 % 0.51 % Non-performing loans / Total gross loans (1) 1.71 % 1.43 % 1.52 % 1.38 % 0.43 % Allowance for credit losses / Total non-performing loans 79.75 % 81.62 % 69.51 % 93.51 % 317.01 % Allowance for credit losses / Total loans held for investment 1.37 % 1.18 % 1.15 % 1.41 % 1.38 % Net charge-offs / Average total loans held for investment (1)(10) 0.22 % 0.26 % 1.90 % 1.13 % 0.69 % Efficiency Indicators (% except FTE) Noninterest expense / Average total assets 2.89 % 3.29 % 3.04 % 3.03 % 2.75 % Salaries and employee benefits / Average total assets 1.35 % 1.39 % 1.39 % 1.40 % 1.36 % Other operating expenses/ Average total assets (1) 1.54 % 1.90 % 1.64 % 1.63 % 1.39 % Efficiency ratio (1) 67.87 % 74.91 % 228.74 % 74.21 % 72.03 % Full-Time-Equivalent Employees (FTEs) (11) 726 698 735 720 696 Expand __________________ (1) See Glossary of Terms and Definitions for definitions of financial terms. (2) All periods include mortgage loans held for sale carried at fair value, while March 31, 2025, September 30, 2024 and June 30, 2024 also include loans held for sale carried at the lower of estimated cost or fair value. As of December 31, 2024, there were no loans carried at the lower cost or fair value. (3) On March 03, 2025, the Company gave notice of its election to redeem all outstanding Senior Notes and they were redeemed on April 1, 2025. (4) In the fourth quarter of 2022, the Company announced that the Board of Directors authorized a new repurchase program pursuant to which the Company may purchase, from time to time, up to an aggregate amount of $25 million of its shares of Class A common stock (the '2023 Class A Common Stock Repurchase Program'). In the first quarter of 2025 the Company repurchased an aggregate of 215,427 shares of Class A common stock at a weighted average price of $23.21 per share under the 2023 Class A Common Stock Repurchase Program. The aggregate purchase price for these transactions was approximately $5.0 million which includes transaction costs. For all other periods, see December 31, 2024 Form 10-K, September 30, 2024 Form 10-Q, June 30, 2024 Form 10-Q and March 31, 2024 Form 10-Q. (5) For the three months ended March 31, 2025, and December 31, 2024, the Company's Board of Directors declared cash dividends of $0.09 per share of the Company's common stock and paid an aggregate amount of $3.8 million per quarter in connection with these dividends. The dividend declared in the first quarter of 2025 was paid on February 28, 2025 to shareholders of record at the close of business on February 14, 2025. See December 31, 2024 Form 10-K for more information on dividend payments during the previous quarters. (6) On September 27, 2024, the Company completed a public offering of 8,684,210 shares of its Class A voting common stock, at a price to the public of $19.00 per share. (7) In all periods shown, includes reserves on loans and contingent loans. In the first quarter of 2025, and the fourth, third, second and first quarters of 2024, includes $17.2 million, $9.7 million, $17.9 million, $17.7 million, and $12.4 million of provision for credit losses on loans. Provision for unfunded commitments (contingencies) in the first quarter of 2025 and the fourth, third and second quarters of 2024, were $1.3 million, $0.2 million, $1.1 million, and $1.5 million, respectively, while there was none in the first quarter of 2024. (8) This presentation contains adjusted financial information determined by methods other than GAAP. This adjusted financial information is reconciled to GAAP in Exhibit 2 - Non-GAAP Financial Measures Reconciliation. (9) See 2024 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation. (10) See 2024 Form 10-K for more details on charge-offs for all previous periods. (11) As of March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, includes 77, 80, 81, 83 and 65 FTEs for Amerant Mortgage, respectively. (12) Operating data for the periods presented have been annualized. Expand Exhibit 2- Non-GAAP Financial Measures Reconciliation The following table sets forth selected financial information derived from the Company's interim unaudited and annual audited consolidated financial statements, adjusted for the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, the Houston Transaction, the valuation of securities, derivatives, loans held for sale and other real estate owned and repossessed assets, the early repayment of FHLB advances, impairment of investments, and other non-routine actions intended to improve customer service and operating performance. The Company believes these adjusted numbers are useful for understanding its performance excluding these transactions and events. (in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Net income (loss) attributable to Amerant Bancorp Inc. $ 11,958 $ 16,881 $ (48,164 ) $ 4,963 $ 10,568 Plus: provision for credit losses (1) 18,446 9,910 19,000 19,150 12,400 Plus: provision for income tax expense (benefit) 3,471 1,142 (13,728 ) 1,360 2,894 Pre-provision net revenue (loss) (PPNR) 33,875 27,933 (42,892 ) 25,473 25,862 Plus: non-routine noninterest expense items 534 15,148 5,672 5,562 — (Less) plus: non-routine noninterest income items (2,863 ) (5,864 ) 68,484 (28 ) 206 Core pre-provision net revenue (Core PPNR) $ 31,546 $ 37,217 $ 31,264 $ 31,007 $ 26,068 Total noninterest income (loss) $ 19,525 $ 23,684 $ (47,683 ) $ 19,420 $ 14,488 Less (plus): Non-routine noninterest income (loss) items: Derivatives (losses), net — — — (44 ) (152 ) Securities gains (losses), net (2) 64 (8,200 ) (68,484 ) (117 ) (54 ) Gain on sale of loans (3) 2,799 — — — — Gain on sale of Houston Franchise (4) — 12,636 — — — Gains on early extinguishment of FHLB advances, net — 1,428 — 189 — Total non-routine noninterest income (loss) items $ 2,863 $ 5,864 $ (68,484 ) $ 28 $ (206 ) Core noninterest income $ 16,662 $ 17,820 $ 20,801 $ 19,392 $ 14,694 Total noninterest expense $ 71,554 $ 83,386 $ 76,208 $ 73,302 $ 66,594 Less: non-routine noninterest expense items Non-routine noninterest expense items: Losses on loans held for sale carried at the lower cost or fair value (4)(5) — 12,642 — 1,258 — Other real estate owned valuation expense (6) 534 — 5,672 — — Goodwill and intangible assets impairment — — — 300 — Fixed assets impairment (4)(7) — — — 3,443 — Legal, broker fees and other costs (4) — 2,506 — 561 — Total non-routine noninterest expense items $ 534 $ 15,148 $ 5,672 $ 5,562 $ — Core noninterest expense $ 71,020 $ 68,238 $ 70,536 $ 67,740 $ 66,594 Three Months Ended, (in thousands, except percentages and per share amounts) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Net income (loss) attributable to Amerant Bancorp Inc. $ 11,958 $ 16,881 $ (48,164 ) $ 4,963 $ 10,568 Plus after-tax non-routine items in noninterest expense: Non-routine items in noninterest expense before income tax effect 534 15,148 5,672 5,562 — Income tax effect (8) (120 ) (3,409 ) (1,332 ) (1,196 ) — Total after-tax non-routine items in noninterest expense 414 11,739 4,340 4,366 — (Less) plus after-tax non-routine items in noninterest income: Non-routine items in noninterest income (loss) before income tax effect (2,863 ) (5,864 ) 68,484 (28 ) 206 Income tax effect (8) 644 (1,596 ) (15,411 ) 6 (44 ) Total after-tax non-routine items in noninterest income (loss) (2,219 ) (7,460 ) 53,073 (22 ) 162 Core net income $ 10,153 $ 21,160 $ 9,249 $ 9,307 $ 10,730 Basic earnings (loss) per share $ 0.28 $ 0.40 $ (1.43 ) $ 0.15 $ 0.32 Plus: after tax impact of non-routine items in noninterest expense 0.01 0.28 0.13 0.13 — (Less) plus: after tax impact of non-routine items in noninterest income (loss) (0.05 ) (0.18 ) 1.57 — — Total core basic earnings per common share $ 0.24 $ 0.50 $ 0.27 $ 0.28 $ 0.32 Diluted earnings (loss) per share (9) $ 0.28 $ 0.40 $ (1.43 ) $ 0.15 $ 0.31 Plus: after tax impact of non-routine items in noninterest expense 0.01 0.28 0.13 0.13 — (Less) plus: after tax impact of non-routine items in noninterest income (loss) (0.05 ) (0.18 ) 1.57 — 0.01 Total core diluted earnings per common share $ 0.24 $ 0.50 $ 0.27 $ 0.28 $ 0.32 Net income (loss) / Average total assets (ROA) 0.48 % 0.67 % (1.92 )% 0.21 % 0.44 % Plus: after tax impact of non-routine items in noninterest expense 0.02 % 0.46 % 0.18 % 0.17 % — % (Less) plus: after tax impact of non-routine items in noninterest income (loss) (0.09 )% (0.30 )% 2.11 % — % — % Core net income / Average total assets (Core ROA) 0.41 % 0.83 % 0.37 % 0.38 % 0.44 % Net income (loss)/ Average stockholders' equity (ROE) 5.32 % 7.38 % (24.98 )% 2.68 % 5.69 % Plus: after tax impact of non-routine items in noninterest expense 0.19 % 5.13 % 2.25 % 2.36 % — % (Less) plus: after tax impact of non-routine items in noninterest income (loss) (0.99 )% (3.26 )% 27.53 % (0.01 )% 0.09 % Core net income / Average stockholders' equity (Core ROE) 4.52 % 9.25 % 4.80 % 5.03 % 5.78 % Efficiency ratio 67.87 % 74.91 % 228.74 % 74.21 % 72.03 % Less: impact of non-routine items in noninterest expense and noninterest income (loss) 1.37 % (10.20 )% (159.45 )% (5.61 )% (0.16 )% Core efficiency ratio 69.24 % 64.71 % 69.29 % 68.60 % 71.87 % Expand (in thousands, except percentages, share data and per share amounts) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Stockholders' equity $ 906,263 $ 890,467 $ 902,888 $ 734,342 $ 738,085 Less: goodwill and other intangibles (10) (24,135 ) (24,314 ) (24,366 ) (24,581 ) (24,935 ) Tangible common stockholders' equity $ 882,128 $ 866,153 $ 878,522 $ 709,761 $ 713,150 Total assets 10,169,688 9,901,734 10,353,127 9,747,738 9,817,772 Less: goodwill and other intangibles (10) (24,135 ) (24,314 ) (24,366 ) (24,581 ) (24,935 ) Tangible assets $ 10,145,553 $ 9,877,420 $ 10,328,761 $ 9,723,157 $ 9,792,837 Common shares outstanding 41,952,590 42,127,316 42,103,623 33,562,756 33,709,395 Tangible common equity ratio 8.69 % 8.77 % 8.51 % 7.30 % 7.28 % Stockholders' book value per common share $ 21.60 $ 21.14 $ 21.44 $ 21.88 $ 21.90 Tangible stockholders' equity book value per common share $ 21.03 $ 20.56 $ 20.87 $ 21.15 $ 21.16 Tangible common stockholders' equity $ 882,128 $ 866,153 $ 878,522 $ 709,761 $ 713,150 Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (11) — — — (20,304 ) (18,729 ) Tangible common stockholders' equity, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 882,128 $ 866,153 $ 878,522 $ 689,457 $ 694,421 Tangible assets $ 10,145,553 $ 9,877,420 $ 10,328,761 $ 9,723,157 $ 9,792,837 Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (11) — — — (20,304 ) (18,729 ) Tangible assets, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 10,145,553 $ 9,877,420 $ 10,328,761 $ 9,702,853 $ 9,774,108 Common shares outstanding 41,952,590 42,127,316 42,103,623 33,562,756 33,709,395 Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity 8.69 % 8.77 % 8.51 % 7.11 % 7.10 % Tangible stockholders' book value per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 21.03 $ 20.56 $ 20.87 $ 20.54 $ 20.60 Expand ____________ (1) Includes provision for credit losses on loans and provision for loan contingencies. See Footnote 7 in Exhibit 1 - Selected Financial Information for more details. (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 the three months ended March 31, 2025, includes gain on sale of $3.2 million, related to the sale of a loan that had been charged off in prior periods. (4) In the three months ended December 31, 2024 and June 30, 2024, amounts shown are in connection with the sale of the Company's Houston franchise which were disclosed on a Form 8-K on April 17, 2024 (the 'Houston Transaction'). (5) In the three months ended December 31, 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. (6) Includes $0.5 million of OREO valuation expense in the three months ended March 31, 2025. (7) Related to Houston branches and included as part of occupancy and equipment expenses. (8) In the three months ended March 31, 2025 and 2024, amounts were calculated based upon the effective tax rate for the period of 22.50% and 21.50%, respectively. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect. (9) See 2024 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation. (10) At March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, other intangible assets primarily consist of naming rights of $1.9 million, $2.0 million, $2.1 million, $2.3 million and $2.4 million, respectively, and mortgage servicing rights ('MSRs') of $1.4 million, $1.5 million, $1.4 million, $1.5 million and $1.4 million, respectively. Other intangible assets are included in other assets in the Company's consolidated balance sheets. (11) There were no debt securities held to maturity at March 31, 2025, December 31, 2024 and September 30, 2024. As of June 30, 2024 and March 31, 2024, amounts were calculated based upon the fair value on debt securities held to maturity, and assuming a tax rate of 25.38% and 25.40%, respectively. Expand Exhibit 3 - Average Balance Sheet, Interest and Yield/Rate Analysis The following tables present average balance sheet information, interest income, interest expense and the corresponding average yields earned and rates paid for the periods presented. The average balances for loans include both performing and nonperforming balances. Interest income on loans includes the effects of discount accretion and the amortization of non-refundable loan origination fees, net of direct loan origination costs, accounted for as yield adjustments. Average balances represent the daily average balances for the periods presented. Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 Interest-bearing liabilities: Checking and saving accounts Interest bearing DDA $ 2,133,727 $ 10,454 1.99 % $ 2,233,157 $ 12,859 2.29 % $ 2,445,362 $ 17,736 2.92 % Money market 1,810,172 16,653 3.73 % 1,622,240 15,696 3.85 % 1,431,949 14,833 4.17 % Savings 239,843 22 0.04 % 242,589 24 0.04 % 262,528 28 0.04 % Total checking and saving accounts 4,183,742 27,129 2.63 % 4,097,986 28,579 2.77 % 4,139,839 32,597 3.17 % Time deposits 2,227,932 23,858 4.34 % 2,336,324 26,427 4.50 % 2,290,587 26,124 4.59 % Total deposits 6,411,674 50,987 3.23 % 6,434,310 55,006 3.40 % 6,430,426 58,721 3.67 % Securities sold under agreements to repurchase — — — % 115 1 3.46 % — — — % Advances from the FHLB (7) 723,667 7,200 4.04 % 782,242 7,946 4.04 % 644,753 5,578 3.48 % Senior notes 59,883 942 6.38 % 59,804 941 6.26 % 59,567 943 6.37 % Subordinated notes 29,646 361 4.94 % 29,604 361 4.85 % 29,476 361 4.93 % Junior subordinated debentures 64,178 1,014 6.41 % 64,178 1,030 6.38 % 64,178 1,054 6.61 % Total interest-bearing liabilities 7,289,048 60,504 3.37 % 7,370,253 65,285 3.52 % 7,228,400 66,657 3.71 % Non-interest-bearing liabilities: Non-interest bearing demand deposits 1,544,770 1,469,726 1,435,226 Accounts payable, accrued liabilities and other liabilities 297,491 344,770 344,197 Total non-interest-bearing liabilities 1,842,261 1,814,496 1,779,423 Total liabilities 9,131,309 9,184,749 9,007,823 Stockholders' equity 911,222 910,158 746,743 Total liabilities and stockholders' equity $ 10,042,531 $ 10,094,907 $ 9,754,566 Excess of average interest-earning assets over average interest-bearing liabilities $ 2,005,098 $ 1,926,541 $ 1,713,643 Net interest income $ 85,904 $ 87,633 $ 77,968 Net interest rate spread 3.02 % 3.02 % 2.79 % Net interest margin (7) 3.75 % 3.75 % 3.51 % Cost of total deposits (7) 2.60 % 2.77 % 3.00 % Ratio of average interest-earning assets to average interest-bearing liabilities 127.51 % 126.14 % 123.71 % Average non-performing loans/ Average total loans 1.43 % 1.36 % 0.46 % Expand ___________ (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 $83.5 million, $80.5 million, and $92.3 million in the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The average balance of total loans held for sale was $46.2 million, $357.2 million and $180.5 million in the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. (2) Includes average non-performing loans of $103.6 million, $101.0 million and $32.6 million for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, 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 $47.0 million, $31.7 million and $101.5 million in the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. (4) Includes nontaxable securities with average balances of $54.3 million, $60.4 million and $18.3 million for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The tax equivalent yield for these nontaxable securities was 4.77%, 4.39%, and 4.68% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. In 2025 and 2024, the tax equivalent yields were calculated assuming a 21% tax rate and dividing the actual yield by 0.79. (5) We had no average held to maturity balances in the three months ended March 31, 2025 and December 31, 2024. Includes nontaxable securities with average balances of $48.5 million for the three months ended March 31, 2024. The tax equivalent yield for these nontaxable securities was 4.25% for the three months ended March 31, 2024. In 2024, 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) See Glossary of Terms and Definitions for definitions of financial terms. Expand Exhibit 4 - Noninterest Income This table shows the amounts of each of the categories of noninterest income for the periods presented. ___________ (1) Changes in cash surrender value of BOLI are not taxable. (2) Amounts are primarily in connection with losses and gains on the sale of debt securities available for sale. In the three months ended December 31, 2024, includes a net loss of $8.1 million, as a result of the investment portfolio repositioning. (3) Income from interest rate swaps and other derivative transactions with customers. The Company incurs expenses related to derivative transactions with customers which are included as part of noninterest expenses under loan-level derivative expense. See Exhibit 5 for more details. (4) Net unrealized gains and losses related to uncovered interest rate caps with clients. (5) Includes mortgage banking income of $0.4 million, $1.1 million and $1.1 million in the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, 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. Other sources of income in the periods shown include net gains/(losses) on sales of loans that are originated for investment, foreign currency exchange transactions with customers and valuation income on the investment balances held in the non-qualified deferred compensation plan. In the three months ended March 31, 2025, Other noninterest income includes approximately $2.8 million as a Non-routine noninterest income item. See Exhibit 2- Non-GAAP Financial Measures Reconciliation for more details. Expand Exhibit 5 - Noninterest Expense This table shows the amounts of each of the categories of noninterest expense for the periods presented. ___________ (1) Includes $1.4 million in expenses related to the Houston Transaction in the three months ended December 31, 2024. (2) Includes $0.1 million in legal expenses in connection with the Houston Transaction in the three months ended December 31, 2024. Additionally, includes recurring service fees in connection with the engagement of FIS in all periods shown. (3) In the three months ended December 31, 2024, consists of losses on loans held for sale carried at the lower of fair value or cost. See Footnote 5 in Exhibit 2- Non-GAAP Financial Measures Reconciliation for more details. (4) Includes service fees in connection with our loan-level derivative income generation activities. (5) Includes $0.5 million of OREO valuation expense in the three months ended March 31, 2025. (6) In the three months ended December 31, 2024, includes broker fees of $1.0 million in connection with the Houston Transaction. In all of the periods shown, includes mortgage loan origination and servicing expenses, charitable contributions, community engagement, postage and courier expenses, and debits which mirror valuation income on the investment balances held in the non-qualified deferred compensation plan in order to adjust the liability to participants of the deferred compensation plan and other small expenses. (7) Includes $3.2 million, $3.7 million, $3.1 million in the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively, related to Amerant Mortgage, primarily consisting of salaries and employee benefits, mortgage lending costs and professional and other services fees. Expand Exhibit 6 - Consolidated Balance Sheets (in thousands, except share data) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Assets (audited) Cash and due from banks $ 40,197 $ 39,197 $ 40,538 $ 32,762 $ 41,231 Interest earning deposits with banks 587,728 519,853 614,345 238,346 577,843 Restricted cash 13,432 24,365 10,087 32,430 33,897 Other short-term investments 7,010 6,944 6,871 6,781 6,700 Cash and cash equivalents 648,367 590,359 671,841 310,319 659,671 Securities Debt securities available for sale, at fair value 1,702,111 1,437,170 1,476,378 1,269,356 1,298,073 Debt securities held to maturity, at amortized cost (1) — — — 219,613 224,014 Equity securities with readily determinable fair value not held for trading 2,523 2,477 2,562 2,483 2,480 Federal Reserve Bank and Federal Home Loan Bank stock 57,044 58,278 63,604 56,412 54,001 Securities 1,761,678 1,497,925 1,542,544 1,547,864 1,578,568 Loans held for sale, at the lower of cost or fair value (2) 40,597 — 553,941 551,828 — Mortgage loans held for sale, at fair value 20,728 42,911 43,851 60,122 48,908 Loans held for investment, gross 7,157,837 7,228,411 6,964,171 6,710,961 6,957,475 Less: Allowance for credit losses 98,266 84,963 79,890 94,400 96,050 Loans held for investment, net 7,059,571 7,143,448 6,884,281 6,616,561 6,861,425 Bank owned life insurance 252,997 243,547 241,183 238,851 237,314 Premises and equipment, net 31,803 31,814 32,866 33,382 44,877 Deferred tax assets, net 53,448 53,543 41,138 48,779 48,302 Operating lease right-of-use assets 104,578 100,028 100,158 100,580 117,171 Goodwill 19,193 19,193 19,193 19,193 19,193 Accrued interest receivable and other assets (3)(4) 176,728 178,966 222,131 220,259 202,343 Total assets $ 10,169,688 $ 9,901,734 $ 10,353,127 $ 9,747,738 $ 9,817,772 Liabilities and Stockholders' Equity Deposits Demand Noninterest bearing $ 1,665,468 $ 1,504,755 $ 1,482,061 $ 1,465,140 $ 1,397,331 Interest bearing 2,260,157 2,229,467 2,389,605 2,316,976 2,619,115 Savings and money market 2,067,430 1,885,928 1,835,700 1,723,233 1,616,719 Time 2,161,923 2,234,445 2,403,578 2,310,662 2,245,078 Total deposits 8,154,978 7,854,595 8,110,944 7,816,011 7,878,243 Advances from the Federal Home Loan Bank 715,000 745,000 915,000 765,000 715,000 Senior notes (5) 59,922 59,843 59,764 59,685 59,605 Subordinated notes 29,667 29,624 29,582 29,539 29,497 Junior subordinated debentures held by trust subsidiaries 64,178 64,178 64,178 64,178 64,178 Operating lease liabilities (6) 110,999 106,071 105,875 105,861 122,267 Accounts payable, accrued liabilities and other liabilities (7) 128,681 151,956 164,896 173,122 210,897 Total liabilities 9,263,425 9,011,267 9,450,239 9,013,396 9,079,687 Stockholders' equity Class A common stock 4,195 4,214 4,210 3,357 3,373 Additional paid in capital 339,038 343,828 342,508 189,601 192,237 Retained earnings 590,304 582,231 569,131 620,299 618,359 Accumulated other comprehensive loss (27,274 ) (39,806 ) (12,961 ) (78,915 ) (75,884 ) Total stockholders' equity 906,263 890,467 902,888 734,342 738,085 Total liabilities and stockholders' equity $ 10,169,688 $ 9,901,734 $ 10,353,127 $ 9,747,738 $ 9,817,772 Expand __________ (1) Estimated fair value of $192,403 and $198,909 at June 30, 2024 and March 31, 2024, respectively. During the third quarter of 2024, the Company executed an investment portfolio repositioning and transferred approximately $220 million in debt securities from held to maturity to the available for sale category. (2) As of March 31, 2025, loans held for sale consisted of one loan carried at cost in which no valuation allowance was deemed necessary. As of September 30, 2024 and June 30, 2024, includes loans held for sale and a valuation allowance of $1.3 million, in connection with the Houston Transaction. (3) As of March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, includes derivative assets with a total fair value of $42.8 million, $48.0 million, $52.3 million, $64.0 million and $64.7 million, respectively. (4) As of September 30, 2024 and June 30, 2024, includes other assets for sale of approximately $21.4 million and $23.6 million, respectively, in connection with the Houston Transaction. (5) On March 03, 2025, the Company gave notice of its election to redeem all outstanding Senior Notes and they were redeemed on April 1, 2025. (6) Consists of total long-term lease liabilities. Total short-term lease liabilities are included in other liabilities. (7) As of March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, includes derivatives liabilities with a total fair value of $42.4 million, $47.6 million, $51.3 million, $62.9 million and $63.8 million, respectively. Expand Exhibit 7 - Loans Loans by Type - Held For Investment The loan portfolio held for investment consists of the following loan classes: Loans by Type - Held For Sale The loan portfolio held for sale consists of the following loan classes: __________ (1) As of September 30, 2024, and June 30, 2024 includes loans transferred from the held for investment to the held for sale category in the second and third quarters of 2024, as a result of the Houston Transaction. In the fourth quarter of 2024, the Company completed the sale of the Houston franchise. (2) Loans held for sale in connection with Amerant Mortgage's ongoing business. Expand Non-Performing Assets This table shows a summary of our non-performing assets by loan class, which includes non-performing loans, other real estate owned, or OREO, and other repossessed assets at the dates presented. Non-performing loans consist of (i) nonaccrual loans, and (ii) accruing loans 90 days or more contractually past due as to interest or principal. Loans by Credit Quality Indicators This table shows the Company's loans by credit quality indicators. The Company has not purchased credit-deteriorated loans. __________ (1) There were no loans categorized as 'loss' as of the dates presented. Expand Exhibit 8 - Deposits by Country of Domicile This table shows the Company's deposits by country of domicile of the depositor as of the dates presented. (in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 (audited) Domestic $ 5,592,575 $ 5,278,289 $ 5,553,336 $ 5,281,946 $ 5,288,702 Foreign: Venezuela 1,862,614 1,889,331 1,887,282 1,918,134 1,988,470 Others 699,789 686,975 670,326 615,931 601,071 Total foreign 2,562,403 2,576,306 2,557,608 2,534,065 2,589,541 Total deposits $ 8,154,978 $ 7,854,595 $ 8,110,944 $ 7,816,011 $ 7,878,243 Expand Glossary of Terms and Definitions Total gross loans: include loans held for investment net of unamortized deferred loan origination fees and costs, as well as loans held for sale. Core deposits: consist of total deposits excluding all time deposits. Assets under management and custody: consists of assets held for clients in an agency or fiduciary capacity which are not assets of the Company and therefore are not included in the consolidated financial statements. Net interest margin, or NIM: defined as net interest income, or NII, divided by average interest-earning assets, which are loans, securities, deposits with banks and other financial assets which yield interest or similar income. ROA and Core ROA are calculated based upon the average daily balance of total assets. ROE and Core ROE are calculated based upon the average daily balance of stockholders' equity. Total revenue is the result of net interest income before provision for credit losses plus noninterest income. Total capital ratio: total stockholders' equity divided by total risk-weighted assets, calculated according to the standardized regulatory capital ratio calculations. Tier 1 capital ratio: Tier 1 capital divided by total risk-weighted assets. Tier 1 capital is composed of Common Equity Tier 1 (CET1) capital plus outstanding qualifying trust preferred securities of $62.3 million at each of all the dates presented. Tier 1 leverage ratio: Tier 1 capital divided by quarter to date average assets. Common equity tier 1 capital ratio, CET1: Tier 1 capital divided by total risk-weighted assets. Tangible common equity ratio: calculated as the ratio of common equity less goodwill and other intangibles divided by total assets less goodwill and other intangible assets. Other intangible assets primarily consist of naming rights and mortgage servicing rights and are included in other assets in the Company's consolidated balance sheets. Tangible common equity ratio, adjusted for unrealized losses on debt securities held to maturity: calculated in the same manner described in tangible common equity but also includes unrealized losses on debt securities held to maturity in the balance of common equity and total assets. Loans to Deposits ratio: calculated as the ratio of total loans gross divided by total deposits. Non-performing assets include all accruing loans past due by 90 days or more, all nonaccrual loans and other real estate owned ('OREO') properties acquired through or in lieu of foreclosure, and other repossessed assets. Non-performing loans include all accruing loans past due by 90 days or more and all nonaccrual loans Ratio for net charge-offs/average total loans held for investments: calculated based upon the average daily balance of outstanding loan principal balance net of unamortized deferred loan origination fees and costs, excluding the allowance for credit losses. Other operating expenses: total noninterest expense less salary and employee benefits. Efficiency ratio: total noninterest expense divided by the sum of noninterest income and NII. Core efficiency ratio is the efficiency ratio less the effect of non-routine items, described in Exhibit 2 - Non-GAAP Financial Measures Reconciliation. The terms of the FHLB advance agreements require the Bank to maintain certain investment securities or loans as collateral for these advances. Cost of total deposits: calculated based upon the average balance of total noninterest bearing and interest bearing deposits, which includes time deposits.
Yahoo
23-04-2025
- Business
- Yahoo
Amerant Reports First Quarter 2025 Results
Board of Directors Declares Quarterly Cash Dividend of $0.09 per Common Share CORAL GABLES, Fla., April 23, 2025--(BUSINESS WIRE)--Amerant Bancorp Inc. (NYSE: AMTB) (the "Company" or "Amerant") today reported a net income attributable to the Company of $12.0 million in the first quarter of 2025, or $0.28 income per diluted share, compared to net income of $16.9 million, or $0.40 income per diluted share, in the fourth quarter of 2024. "Our results for the first quarter showed solid deposit growth as well as strong pre-provision net revenue, as net interest income and net interest margin were higher than expected. In addition, we exercised prudent expense management, even while continuing to execute on our strategy to add new locations and business development and risk management team members" stated Jerry Plush, Chairman and CEO. "However, loans were relatively flat quarter over quarter, as a result of increased payoffs and paydowns offsetting production in the first quarter. While loan demand going into the second quarter remains strong, borrowers may take a cautious approach given recent market volatility and uncertainty." Total assets were $10.2 billion, an increase of $268.0 million, or 2.7%, compared to $9.9 billion in 4Q24. Total gross loans were $7.2 billion, a decrease of $52.2 million, or 0.7%, compared to $7.3 billion in 4Q24. Cash and cash equivalents were $648.4 million, up $58.0 million, or 9.8%, compared to $590.4 million in 4Q24. Total deposits were $8.2 billion, up $300.4 million, or 3.8%, compared to $7.9 billion in 4Q24. Core deposits were $6.0 billion, up $372.9 million, or 6.6%, compared to $5.6 billion in 4Q24. Total advances from the Federal Home Loan Bank ("FHLB") were $715.0 million, down $30.0 million, or 4.0%, compared to $745.0 million in 4Q24. The Bank had an aggregate borrowing capacity of $3.0 billion from the FED or FHLB as of March 31, 2025. Net Interest Margin ("NIM") was 3.75%, unchanged from 4Q24. Average yield on loans was 6.84%, compared to 7.00% at 4Q24. Average cost of total deposits was 2.60%, compared to 2.77% in 4Q24. Loan to deposit ratio was 88.5%, compared to 92.6% in 4Q24. Total non-performing assets were $140.8 million, up $18.6 million, or 15.2%, compared to $122.2 million as of 4Q24. As of 1Q25, non-performing assets consist of $123.2 million in non-performing loans and $17.5 million in real estate owned. Non-performing loans increased by $19.1 million from $104.1 million as of 4Q24, while classified loans increased from $166.5 million as of 4Q24 to $206.1 million as of 1Q25. The Company has provided additional details regarding asset quality in the 1Q25 earnings presentation ( The allowance for credit losses ("ACL") was $98.3 million, an increase of $13.3 million, or 15.7%, compared to $85.0 million as of 4Q24. The increase in the ACL was attributable to the macroeconomic environment and the addition of specific reserves for several commercial credits based on receipt of 2024 year end financials for these borrowers. Assets Under Management and custody ("AUM") totaled $2.93 billion, up $42.6 million, 1.5% from $2.89 billion in 4Q24. Pre-provision net revenue ("PPNR")(1) was $33.9 million, an increase of $5.9 million, or 21.3%, compared to PPNR of $27.9 million in 4Q24. Net Interest Income ("NII") was $85.9 million, down $1.7 million, or 2.0%, from $87.6 million in 4Q24. Provision for credit losses was $18.4 million, up $8.5 million, or 86.1% compared to $9.9 million in 4Q24. Non-interest income was $19.5 million, a decrease of $4.2 million, or 17.6% from $23.7 million in 4Q24. Non-interest expense was $71.6 million, down $11.8 million, or 14.2% from $83.4 million in 4Q24. The efficiency ratio was 67.9%, compared to 74.9% in 4Q24. Return on average assets ("ROA") was 0.48%, compared to 0.67% in 4Q24. Return on average equity ("ROE") was 5.32%, compared to 7.38% in 4Q24. On April 23, 2025, the Company's Board of Directors declared a cash dividend of $0.09 per share of common stock. The dividend is payable on May 30, 2025, to shareholders of record on May 15, 2025. In tomorrow's earnings call, the Company will also provide an update on its decision to scale back its residential mortgage operations from a national origination platform to a Florida-focused business model. Additional details on the first quarter 2025 results can be found in the Exhibits and Glossary of Terms and Definitions to this earnings release, and the earnings presentation available under the Investor Relations section of the Company's website at See Glossary of Terms and Definitions for definitions of financial terms. 1 Non-GAAP measure, see "Non-GAAP Financial Measures" for more information and Exhibit 2 for a reconciliation to GAAP measures. First Quarter 2025 Earnings Conference Call The Company will hold an earnings conference call on Thursday, April 24, 2025 at 8:30 a.m. (Eastern Time) to discuss its first quarter 2025 results. The conference call and presentation materials can be accessed via webcast by logging on from the Investor Relations section of the Company's website at The online replay will remain available for approximately one month following the call through the above link. About Amerant Bancorp Inc. (NYSE: AMTB) Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its main subsidiary, Amerant Bank, N.A. (the "Bank"), as well as its other subsidiaries: Amerant Investments, Inc., and Amerant Mortgage, LLC. The Company provides individuals and businesses with deposit, credit and wealth management services. The Bank, which has operated for over 40 years, is headquartered in Florida and operates 20 banking centers – 19 in South Florida and 1 in Tampa, Florida. For more information, visit Cautionary Notice Regarding Forward-Looking Statements This press release contains "forward-looking statements" including statements with respect to the Company's objectives, expectations and intentions and other statements that are not historical facts. Examples of forward-looking statements include but are not limited to: our future operating or financial performance, including revenues, expenses, expense savings, income or loss and earnings or loss per share, and other financial items; statements regarding expectations, plans or objectives for future operations, products or services, and our expectations on our investment portfolio repositioning and loan recoveries or reaching positive resolutions on problem loans. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target," "goals," "outlooks," "modeled," "dedicated," "create," and other similar words and expressions of the future. Forward-looking statements, including those relating to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the Company's actual results, performance, achievements, or financial condition to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not rely on any forward-looking statements as predictions of future events. You should not expect us to update any forward-looking statements, except as required by law. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in "Risk factors" in our annual report on Form 10-K for the fiscal year ended December 31, 2024 filed on March 5, 2025, and in our other filings with the U.S. Securities and Exchange Commission (the "SEC"), which are available at the SEC's website Interim Financial Information Unaudited financial information as of and for interim periods, including the three month periods ended March 31, 2025, December 31, 2024 and March 31, 2024 may not reflect our results of operations for our fiscal year ending, or financial condition, as of December 31, 2025, or any other period of time or date. Non-GAAP Financial Measures The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP") with non-GAAP financial measures, such as "pre-provision net revenue (PPNR)", "core pre-provision net revenue (Core PPNR)", "core noninterest income", "core noninterest expense", "core net income", "core earnings per share (basic and diluted)", "core return on assets (Core ROA)", "core return on equity (Core ROE)", "core efficiency ratio", "tangible stockholders' equity (book value) per common share", "tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity", and "tangible stockholders' equity (book value) per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity". This supplemental information is not required by, or is not presented in accordance with GAAP. The Company refers to these financial measures and ratios as "non-GAAP financial measures". We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our business. Management believes that these supplementary non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies. Exhibit 2 reconciles these non-GAAP financial measures to GAAP reported results. Exhibit 1- Selected Financial Information The following table sets forth selected financial information derived from our interim unaudited and annual audited consolidated financial statements. (in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Consolidated Balance Sheets (audited) Total assets $ 10,169,688 $ 9,901,734 $ 10,353,127 $ 9,747,738 $ 9,817,772 Total investments 1,761,678 1,497,925 1,542,544 1,547,864 1,578,568 Total gross loans (1)(2) 7,219,162 7,271,322 7,561,963 7,322,911 7,006,383 Allowance for credit losses 98,266 84,963 79,890 94,400 96,050 Total deposits 8,154,978 7,854,595 8,110,944 7,816,011 7,878,243 Core deposits (1) 5,993,055 5,620,150 5,707,366 5,505,349 5,633,165 Advances from the Federal Home Loan Bank 715,000 745,000 915,000 765,000 715,000 Senior notes (3) 59,922 59,843 59,764 59,685 59,605 Subordinated notes 29,667 29,624 29,582 29,539 29,497 Junior subordinated debentures 64,178 64,178 64,178 64,178 64,178 Stockholders' equity (4)(5)(6) 906,263 890,467 902,888 734,342 738,085 Assets under management and custody (1) 2,932,602 2,890,048 2,550,541 2,451,854 2,357,621 Three Months Ended (in thousands, except percentages, share data and per share amounts) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Consolidated Results of Operations Net interest income $ 85,904 $ 87,635 $ 80,999 $ 79,355 $ 77,968 Provision for credit losses (7) 18,446 9,910 19,000 19,150 12,400 Noninterest income (loss) 19,525 23,684 (47,683 ) 19,420 14,488 Noninterest expense 71,554 83,386 76,208 73,302 66,594 Net income (loss) attributable to Amerant Bancorp Inc. 11,958 16,881 (48,164 ) 4,963 10,568 Effective income tax rate 22.50 % 6.34 % 22.18 % 21.51 % 21.50 % Common Share Data Stockholders' book value per common share $ 21.60 $ 21.14 $ 21.44 $ 21.88 $ 21.90 Tangible stockholders' equity (book value) per common share (8) $ 21.03 $ 20.56 $ 20.87 $ 21.15 $ 21.16 Tangible stockholders' equity (book value) per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity (8) $ 21.03 $ 20.56 $ 20.87 $ 20.54 $ 20.60 Basic earnings (loss) per common share $ 0.28 $ 0.40 $ (1.43 ) $ 0.15 $ 0.32 Diluted earnings (loss) per common share (9) $ 0.28 $ 0.40 $ (1.43 ) $ 0.15 $ 0.31 Basic weighted average shares outstanding 42,015,507 42,069,098 33,784,999 33,581,604 33,538,069 Diluted weighted average shares outstanding (9) 42,186,759 42,273,778 33,784,999 33,780,666 33,821,562 Cash dividend declared per common share (5) $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.09 Three Months Ended March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Other Financial and Operating Data (12) Profitability Indicators (%) Net interest income / Average total interest earning assets (NIM) (1) 3.75 % 3.75 % 3.49 % 3.56 % 3.51 % Net income (loss)/ Average total assets (ROA)(1) 0.48 % 0.67 % (1.92 )% 0.21 % 0.44 % Net income (loss)/ Average stockholders' equity (ROE) (1) 5.32 % 7.38 % (24.98 )% 2.68 % 5.69 % Noninterest income (loss) / Total revenue (1) 18.52 % 21.28 % (143.12 )% 19.66 % 15.67 % Capital Indicators (%) Total capital ratio (1) 13.45 % 13.43 % 12.72 % 11.88 % 12.49 % Tier 1 capital ratio (1) 11.84 % 11.95 % 11.36 % 10.34 % 10.87 % Tier 1 leverage ratio (1) 9.73 % 9.66 % 9.56 % 8.74 % 8.73 % Common equity tier 1 capital ratio (CET1) (1) 11.11 % 11.21 % 10.65 % 9.60 % 10.10 % Tangible common equity ratio (1)(8) 8.69 % 8.77 % 8.51 % 7.30 % 7.28 % Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity (1)(8) 8.69 % 8.77 % 8.51 % 7.11 % 7.10 % Liquidity Ratios (%) Loans to Deposits (1) 88.52 % 92.57 % 93.23 % 93.69 % 88.93 % Asset Quality Indicators (%) Non-performing assets / Total assets (1) 1.38 % 1.23 % 1.25 % 1.24 % 0.51 % Non-performing loans / Total gross loans (1) 1.71 % 1.43 % 1.52 % 1.38 % 0.43 % Allowance for credit losses / Total non-performing loans 79.75 % ... 81.62 % 69.51 % 93.51 % 317.01 % Allowance for credit losses / Total loans held for investment 1.37 % 1.18 % 1.15 % 1.41 % 1.38 % Net charge-offs / Average total loans held for investment (1)(10) 0.22 % 0.26 % 1.90 % 1.13 % 0.69 % Efficiency Indicators (% except FTE) Noninterest expense / Average total assets 2.89 % 3.29 % 3.04 % 3.03 % 2.75 % Salaries and employee benefits / Average total assets 1.35 % 1.39 % 1.39 % 1.40 % 1.36 % Other operating expenses/ Average total assets (1) 1.54 % 1.90 % 1.64 % 1.63 % 1.39 % Efficiency ratio (1) 67.87 % 74.91 % 228.74 % 74.21 % 72.03 % Full-Time-Equivalent Employees (FTEs) (11) 726 698 735 720 696 Three Months Ended (in thousands, except percentages and per share amounts) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Core Selected Consolidated Results of Operations and Other Data (8) Pre-provision net revenue (loss) (PPNR) $ 33,875 $ 27,933 $ (42,892 ) $ 25,473 $ 25,862 Core pre-provision net revenue (Core PPNR) $ 31,546 $ 37,217 $ 31,264 $ 31,007 $ 26,068 Core net income $ 10,153 $ 21,160 $ 9,249 $ 9,307 $ 10,730 Core basic earnings per common share 0.24 0.50 0.27 0.28 0.32 Core earnings per diluted common share (9) 0.24 0.50 0.27 0.28 0.32 Core net income / Average total assets (Core ROA) (1) 0.41 % 0.83 % 0.37 % 0.38 % 0.44 % Core net income / Average stockholders' equity (Core ROE) (1) 4.52 % 9.25 % 4.80 % 5.03 % 5.78 % Core efficiency ratio (1) 69.24 % 64.71 % 69.29 % 68.60 % 71.87 % __________________ (1) See Glossary of Terms and Definitions for definitions of financial terms. (2) All periods include mortgage loans held for sale carried at fair value, while March 31, 2025, September 30, 2024 and June 30, 2024 also include loans held for sale carried at the lower of estimated cost or fair value. As of December 31, 2024, there were no loans carried at the lower cost or fair value. (3) On March 03, 2025, the Company gave notice of its election to redeem all outstanding Senior Notes and they were redeemed on April 1, 2025. (4) In the fourth quarter of 2022, the Company announced that the Board of Directors authorized a new repurchase program pursuant to which the Company may purchase, from time to time, up to an aggregate amount of $25 million of its shares of Class A common stock (the "2023 Class A Common Stock Repurchase Program"). In the first quarter of 2025 the Company repurchased an aggregate of 215,427 shares of Class A common stock at a weighted average price of $23.21 per share under the 2023 Class A Common Stock Repurchase Program. The aggregate purchase price for these transactions was approximately $5.0 million which includes transaction costs. For all other periods, see December 31, 2024 Form 10-K, September 30, 2024 Form 10-Q, June 30, 2024 Form 10-Q and March 31, 2024 Form 10-Q. (5) For the three months ended March 31, 2025, and December 31, 2024, the Company's Board of Directors declared cash dividends of $0.09 per share of the Company's common stock and paid an aggregate amount of $3.8 million per quarter in connection with these dividends. The dividend declared in the first quarter of 2025 was paid on February 28, 2025 to shareholders of record at the close of business on February 14, 2025. See December 31, 2024 Form 10-K for more information on dividend payments during the previous quarters. (6) On September 27, 2024, the Company completed a public offering of 8,684,210 shares of its Class A voting common stock, at a price to the public of $19.00 per share. (7) In all periods shown, includes reserves on loans and contingent loans. In the first quarter of 2025, and the fourth, third, second and first quarters of 2024, includes $17.2 million, $9.7 million, $17.9 million, $17.7 million, and $12.4 million of provision for credit losses on loans. Provision for unfunded commitments (contingencies) in the first quarter of 2025 and the fourth, third and second quarters of 2024, were $1.3 million, $0.2 million, $1.1 million, and $1.5 million, respectively, while there was none in the first quarter of 2024. (8) This presentation contains adjusted financial information determined by methods other than GAAP. This adjusted financial information is reconciled to GAAP in Exhibit 2 - Non-GAAP Financial Measures Reconciliation. (9) See 2024 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation. (10) See 2024 Form 10-K for more details on charge-offs for all previous periods. (11) As of March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, includes 77, 80, 81, 83 and 65 FTEs for Amerant Mortgage, respectively. (12) Operating data for the periods presented have been annualized. Exhibit 2- Non-GAAP Financial Measures Reconciliation The following table sets forth selected financial information derived from the Company's interim unaudited and annual audited consolidated financial statements, adjusted for the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, the Houston Transaction, the valuation of securities, derivatives, loans held for sale and other real estate owned and repossessed assets, the early repayment of FHLB advances, impairment of investments, and other non-routine actions intended to improve customer service and operating performance. The Company believes these adjusted numbers are useful for understanding its performance excluding these transactions and events. Three Months Ended, (in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Net income (loss) attributable to Amerant Bancorp Inc. $ 11,958 $ 16,881 $ (48,164 ) $ 4,963 $ 10,568 Plus: provision for credit losses (1) 18,446 9,910 19,000 19,150 12,400 Plus: provision for income tax expense (benefit) 3,471 1,142 (13,728 ) 1,360 2,894 Pre-provision net revenue (loss) (PPNR) 33,875 27,933 (42,892 ) 25,473 25,862 Plus: non-routine noninterest expense items 534 15,148 5,672 5,562 — (Less) plus: non-routine noninterest income items (2,863 ) (5,864 ) 68,484 (28 ) 206 Core pre-provision net revenue (Core PPNR) $ 31,546 $ 37,217 $ 31,264 $ 31,007 $ 26,068 Total noninterest income (loss) $ 19,525 $ 23,684 $ (47,683 ) $ 19,420 $ 14,488 Less (plus): Non-routine noninterest income (loss) items: Derivatives (losses), net — — — (44 ) (152 ) Securities gains (losses), net (2) 64 (8,200 ) (68,484 ) (117 ) (54 ) Gain on sale of loans (3) 2,799 — — — — Gain on sale of Houston Franchise (4) — 12,636 — — — Gains on early extinguishment of FHLB advances, net — 1,428 — 189 — Total non-routine noninterest income (loss) items $ 2,863 $ 5,864 $ (68,484 ) $ 28 $ (206 ) Core noninterest income $ 16,662 $ 17,820 $ 20,801 $ 19,392 $ 14,694 Total noninterest expense $ 71,554 $ 83,386 $ 76,208 $ 73,302 $ 66,594 Less: non-routine noninterest expense items Non-routine noninterest expense items: Losses on loans held for sale carried at the lower cost or fair value (4)(5) — 12,642 — 1,258 — Other real estate owned valuation expense (6) 534 — 5,672 — — Goodwill and intangible assets impairment — — — 300 — Fixed assets impairment (4)(7) — — — 3,443 — Legal, broker fees and other costs (4) — 2,506 — 561 — Total non-routine noninterest expense items $ 534 $ 15,148 $ 5,672 $ 5,562 $ — Core noninterest expense $ 71,020 $ 68,238 $ 70,536 $ 67,740 $ 66,594 Three Months Ended, (in thousands, except percentages and per share amounts) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Net income (loss) attributable to Amerant Bancorp Inc. $ 11,958 $ 16,881 $ (48,164 ) $ 4,963 $ 10,568 Plus after-tax non-routine items in noninterest expense: Non-routine items in noninterest expense before income tax effect 534 15,148 5,672 5,562 — Income tax effect (8) (120 ) (3,409 ) (1,332 ) (1,196 ) — Total after-tax non-routine items in noninterest expense 414 11,739 4,340 4,366 — (Less) plus after-tax non-routine items in noninterest income: Non-routine items in noninterest income (loss) before income tax effect (2,863 ) (5,864 ) 68,484 (28 ) 206 Income tax effect (8) 644 (1,596 ) (15,411 ) 6 (44 ) Total after-tax non-routine items in noninterest income (loss) (2,219 ) (7,460 ) 53,073 (22 ) 162 Core net income $ 10,153 $ 21,160 $ 9,249 $ 9,307 $ 10,730 Basic earnings (loss) per share $ 0.28 $ 0.40 $ (1.43 ) $ 0.15 $ 0.32 Plus: after tax impact of non-routine items in noninterest expense 0.01 0.28 0.13 0.13 — (Less) plus: after tax impact of non-routine items in noninterest income (loss) (0.05 ) (0.18 ) 1.57 — — Total core basic earnings per common share $ 0.24 $ 0.50 $ 0.27 $ 0.28 $ 0.32 Diluted earnings (loss) per share (9) $ 0.28 $ 0.40 $ (1.43 ) $ 0.15 $ 0.31 Plus: after tax impact of non-routine items in noninterest expense 0.01 0.28 0.13 0.13 — (Less) plus: after tax impact of non-routine items in noninterest income (loss) (0.05 ) (0.18 ) 1.57 — 0.01 Total core diluted earnings per common share $ 0.24 $ 0.50 $ 0.27 $ 0.28 $ 0.32 Net income (loss) / Average total assets (ROA) 0.48 % 0.67 % (1.92 )% 0.21 % 0.44 % Plus: after tax impact of non-routine items in noninterest expense 0.02 % 0.46 % 0.18 % 0.17 % — % (Less) plus: after tax impact of non-routine items in noninterest income (loss) (0.09 )% (0.30 )% 2.11 % — % — % Core net income / Average total assets (Core ROA) 0.41 % 0.83 % 0.37 % 0.38 % 0.44 % Net income (loss)/ Average stockholders' equity (ROE) 5.32 % 7.38 % (24.98 )% 2.68 % 5.69 % Plus: after tax impact of non-routine items in noninterest expense 0.19 % 5.13 % 2.25 % 2.36 % — % (Less) plus: after tax impact of non-routine items in noninterest income (loss) (0.99 )% (3.26 )% 27.53 % (0.01 )% 0.09 % Core net income / Average stockholders' equity (Core ROE) 4.52 % 9.25 % 4.80 % 5.03 % 5.78 % Efficiency ratio 67.87 % 74.91 % 228.74 % 74.21 % 72.03 % Less: impact of non-routine items in noninterest expense and noninterest income (loss) 1.37 % (10.20 )% (159.45 )% (5.61 )% (0.16 )% Core efficiency ratio 69.24 % 64.71 % 69.29 % 68.60 % 71.87 % (in thousands, except percentages, share data and per share amounts) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Stockholders' equity $ 906,263 $ 890,467 $ 902,888 $ 734,342 $ 738,085 Less: goodwill and other intangibles (10) (24,135 ) (24,314 ) (24,366 ) (24,581 ) (24,935 ) Tangible common stockholders' equity $ 882,128 $ 866,153 $ 878,522 $ 709,761 $ 713,150 Total assets 10,169,688 9,901,734 10,353,127 9,747,738 9,817,772 Less: goodwill and other intangibles (10) (24,135 ) (24,314 ) (24,366 ) (24,581 ) (24,935 ) Tangible assets $ 10,145,553 $ 9,877,420 $ 10,328,761 $ 9,723,157 $ 9,792,837 Common shares outstanding 41,952,590 42,127,316 42,103,623 33,562,756 33,709,395 Tangible common equity ratio 8.69 % 8.77 % 8.51 % 7.30 % 7.28 % Stockholders' book value per common share $ 21.60 $ 21.14 $ 21.44 $ 21.88 $ 21.90 Tangible stockholders' equity book value per common share $ 21.03 $ 20.56 $ 20.87 $ 21.15 $ 21.16 Tangible common stockholders' equity $ 882,128 $ 866,153 $ 878,522 $ 709,761 $ 713,150 Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (11) — — — (20,304 ) (18,729 ) Tangible common stockholders' equity, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 882,128 $ 866,153 $ 878,522 $ 689,457 $ 694,421 Tangible assets $ 10,145,553 $ 9,877,420 $ 10,328,761 $ 9,723,157 $ 9,792,837 Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (11) — — — (20,304 ) (18,729 ) Tangible assets, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 10,145,553 $ 9,877,420 $ 10,328,761 $ 9,702,853 $ 9,774,108 Common shares outstanding 41,952,590 42,127,316 42,103,623 33,562,756 33,709,395 Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity 8.69 % 8.77 % 8.51 % 7.11 % 7.10 % Tangible stockholders' book value per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 21.03 $ 20.56 $ 20.87 $ 20.54 $ 20.60 ____________ (1) Includes provision for credit losses on loans and provision for loan contingencies. See Footnote 7 in Exhibit 1 - Selected Financial Information for more details. (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 the three months ended March 31, 2025, includes gain on sale of $3.2 million, related to the sale of a loan that had been charged off in prior periods. (4) In the three months ended December 31, 2024 and June 30, 2024, amounts shown are in connection with the sale of the Company's Houston franchise which were disclosed on a Form 8-K on April 17, 2024 (the "Houston Transaction"). (5) In the three months ended December 31, 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. (6) Includes $0.5 million of OREO valuation expense in the three months ended March 31, 2025. (7) Related to Houston branches and included as part of occupancy and equipment expenses. (8) In the three months ended March 31, 2025 and 2024, amounts were calculated based upon the effective tax rate for the period of 22.50% and 21.50%, respectively. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect. (9) See 2024 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation. (10) At March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, other intangible assets primarily consist of naming rights of $1.9 million, $2.0 million, $2.1 million, $2.3 million and $2.4 million, respectively, and mortgage servicing rights ("MSRs") of $1.4 million, $1.5 million, $1.4 million, $1.5 million and $1.4 million, respectively. Other intangible assets are included in other assets in the Company's consolidated balance sheets. (11) There were no debt securities held to maturity at March 31, 2025, December 31, 2024 and September 30, 2024. As of June 30, 2024 and March 31, 2024, amounts were calculated based upon the fair value on debt securities held to maturity, and assuming a tax rate of 25.38% and 25.40%, respectively. Exhibit 3 - Average Balance Sheet, Interest and Yield/Rate Analysis The following tables present average balance sheet information, interest income, interest expense and the corresponding average yields earned and rates paid for the periods presented. The average balances for loans include both performing and nonperforming balances. Interest income on loans includes the effects of discount accretion and the amortization of non-refundable loan origination fees, net of direct loan origination costs, accounted for as yield adjustments. Average balances represent the daily average balances for the periods presented. Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 (in thousands, except percentages) Average Balances Income/ Expense Yield/ Rates Average Balances Income/ Expense Yield/ Rates Average Balances Income/ Expense Yield/ Rates Interest-earning assets: Loan portfolio, net (1)(2) $ 7,174,160 $ 121,021 6.84 % $ 7,322,613 $ 128,910 7.00 % $ 6,995,974 $ 122,705 7.05 % Debt securities available for sale (3) (4) 1,473,170 17,964 4.95 % 1,346,108 16,069 4.75 % 1,239,762 13,186 4.28 % Debt securities held to maturity (5) — — — % — — — % 224,877 1,967 3.52 % Debt securities held for trading 156 — — % — — — % — — — % Equity securities with readily determinable fair value not held for trading 2,497 19 3.09 % 2,509 19 3.01 % 2,477 55 8.93 % Federal Reserve Bank and FHLB stock 57,320 936 6.62 % 58,861 1,035 7.00 % 50,180 883 7.08 % Deposits with banks 580,409 6,401 4.47 % 560,323 6,811 4.84 % 422,841 5,751 5.47 % Other short-term investments 6,434 67 4.22 % 6,380 74 4.61 % 5,932 78 5.29 % Total interest-earning assets 9,294,146 146,408 6.39 % 9,296,794 152,918 6.54 % 8,942,043 144,625 6.50 % Total non-interest-earning assets (6) 748,385 798,113 812,523 Total assets $ 10,042,531 $ 10,094,907 $ 9,754,566 Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 (in thousands, except percentages) Average Balances Income/ Expense Yield/ Rates Average Balances Income/ Expense Yield/ Rates Average Balances Income/ Expense Yield/ Rates Interest-bearing liabilities: Checking and saving accounts Interest bearing DDA $ 2,133,727 $ 10,454 1.99 % $ 2,233,157 $ 12,859 2.29 % $ 2,445,362 $ 17,736 2.92 % Money market 1,810,172 16,653 3.73 % 1,622,240 15,696 3.85 % 1,431,949 14,833 4.17 % Savings 239,843 22 0.04 % 242,589 24 0.04 % 262,528 28 0.04 % Total checking and saving accounts 4,183,742 27,129 2.63 % 4,097,986 28,579 2.77 % 4,139,839 32,597 3.17 % Time deposits 2,227,932 23,858 4.34 % 2,336,324 26,427 4.50 % 2,290,587 26,124 4.59 % Total deposits 6,411,674 50,987 3.23 % 6,434,310 55,006 3.40 % 6,430,426 58,721 3.67 % Securities sold under agreements to repurchase — — — % 115 1 3.46 % — — — % Advances from the FHLB (7) 723,667 7,200 4.04 % 782,242 7,946 4.04 % 644,753 5,578 3.48 % Senior notes 59,883 942 6.38 % 59,804 941 6.26 % 59,567 943 6.37 % Subordinated notes 29,646 361 4.94 % 29,604 361 4.85 % 29,476 361 4.93 % Junior subordinated debentures 64,178 1,014 6.41 % 64,178 1,030 6.38 % 64,178 1,054 6.61 % Total interest-bearing liabilities 7,289,048 60,504 3.37 % 7,370,253 65,285 3.52 % 7,228,400 66,657 3.71 % Non-interest-bearing liabilities: Non-interest bearing demand deposits 1,544,770 1,469,726 1,435,226 Accounts payable, accrued liabilities and other liabilities 297,491 344,770 344,197 Total non-interest-bearing liabilities 1,842,261 1,814,496 1,779,423 Total liabilities 9,131,309 9,184,749 9,007,823 Stockholders' equity 911,222 910,158 746,743 Total liabilities and stockholders' equity $ 10,042,531 $ 10,094,907 $ 9,754,566 Excess of average interest-earning assets over average interest-bearing liabilities $ 2,005,098 $ 1,926,541 $ 1,713,643 Net interest income $ 85,904 $ 87,633 $ 77,968 Net interest rate spread 3.02 % 3.02 % 2.79 % Net interest margin (7) 3.75 % 3.75 % 3.51 % Cost of total deposits (7) 2.60 % 2.77 % 3.00 % Ratio of average interest-earning assets to average interest-bearing liabilities 127.51 % 126.14 % 123.71 % Average non-performing loans/ Average total loans 1.43 % 1.36 % 0.46 % ___________ (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 $83.5 million, $80.5 million, and $92.3 million in the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The average balance of total loans held for sale was $46.2 million, $357.2 million and $180.5 million in the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. (2) Includes average non-performing loans of $103.6 million, $101.0 million and $32.6 million for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, 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 $47.0 million, $31.7 million and $101.5 million in the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. (4) Includes nontaxable securities with average balances of $54.3 million, $60.4 million and $18.3 million for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The tax equivalent yield for these nontaxable securities was 4.77%, 4.39%, and 4.68% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. In 2025 and 2024, the tax equivalent yields were calculated assuming a 21% tax rate and dividing the actual yield by 0.79. (5) We had no average held to maturity balances in the three months ended March 31, 2025 and December 31, 2024. Includes nontaxable securities with average balances of $48.5 million for the three months ended March 31, 2024. The tax equivalent yield for these nontaxable securities was 4.25% for the three months ended March 31, 2024. In 2024, 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) See Glossary of Terms and Definitions for definitions of financial terms. Exhibit 4 - Noninterest Income This table shows the amounts of each of the categories of noninterest income for the periods presented. Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 (in thousands, except percentages) Amount % Amount % Amount % Deposits and service fees $ 5,137 26.3 % $ 5,501 23.2 % $ 4,325 29.9 % Brokerage, advisory and fiduciary activities 4,729 24.2 % 4,653 19.7 % 4,327 29.9 % Change in cash surrender value of bank owned life insurance ("BOLI")(1) 2,450 12.5 % 2,364 10.0 % 2,342 16.2 % Cards and trade finance servicing fees 1,392 7.1 % 1,533 6.5 % 1,223 8.4 % Gain on early extinguishment of FHLB advances, net — — % 1,428 6.0 % — — % Securities gains (losses), net (2) 64 0.3 % (8,200 ) (34.6 )% (54 ) (0.4 )% Loan-level derivative income (3) 1,508 7.7 % 706 3.0 % 466 3.2 % Derivative losses, net (4) — — % — — % (152 ) (1.1 )% Gain on sale of Houston Franchise — — % 12,636 53.4 % — — % Other noninterest income (5) 4,245 21.9 % 3,063 12.8 % 2,011 13.9 % Total noninterest income $ 19,525 100.0 % $ 23,684 100.0 % $ 14,488 100.0 % ___________ (1) Changes in cash surrender value of BOLI are not taxable. (2) Amounts are primarily in connection with losses and gains on the sale of debt securities available for sale. In the three months ended December 31, 2024, includes a net loss of $8.1 million, as a result of the investment portfolio repositioning. (3) Income from interest rate swaps and other derivative transactions with customers. The Company incurs expenses related to derivative transactions with customers which are included as part of noninterest expenses under loan-level derivative expense. See Exhibit 5 for more details. (4) Net unrealized gains and losses related to uncovered interest rate caps with clients. (5) Includes mortgage banking income of $0.4 million, $1.1 million and $1.1 million in the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, 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. Other sources of income in the periods shown include net gains/(losses) on sales of loans that are originated for investment, foreign currency exchange transactions with customers and valuation income on the investment balances held in the non-qualified deferred compensation plan. In the three months ended March 31, 2025, Other noninterest income includes approximately $2.8 million as a Non-routine noninterest income item. See Exhibit 2- Non-GAAP Financial Measures Reconciliation for more details. Exhibit 5 - Noninterest Expense This table shows the amounts of each of the categories of noninterest expense for the periods presented. Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 (in thousands, except percentages) Amount % Amount % Amount % Salaries and employee benefits (1) $ 33,347 46.6 % $ 35,284 42.3 % $ 32,958 49.5 % Professional and other services fees (2) 14,682 20.5 % 14,308 17.2 % 10,963 16.5 % Occupancy and equipment 6,136 8.6 % 5,719 6.9 % 6,476 9.7 % Telecommunications and data processing 3,475 4.9 % 2,967 3.6 % 3,533 5.3 % Depreciation and amortization 1,588 2.2 % 1,734 2.1 % 1,477 2.2 % FDIC assessments and insurance 3,236 4.5 % 2,932 3.5 % 3,008 4.5 % Losses on loans held for sale carried at the lower cost or fair value (3) — — % 12,642 15.2 % — — % Advertising expenses 3,635 5.1 % 3,703 4.4 % 3,078 4.6 % Loan-level derivative expense (4) 360 0.5 % 34 — % 4 — % Other real estate owned and repossessed assets expense (income), net (5) 164 0.2 % (196 ) (0.2 )% (354 ) (0.5 )% Other operating expenses (6) 4,931 6.9 % 4,259 5.0 % 5,451 8.2 % Total noninterest expense (7) $ 71,554 100.0 % $ 83,386 100.0 % $ 66,594 100.0 % ___________ (1) Includes $1.4 million in expenses related to the Houston Transaction in the three months ended December 31, 2024. (2) Includes $0.1 million in legal expenses in connection with the Houston Transaction in the three months ended December 31, 2024. Additionally, includes recurring service fees in connection with the engagement of FIS in all periods shown. (3) In the three months ended December 31, 2024, consists of losses on loans held for sale carried at the lower of fair value or cost. See Footnote 5 in Exhibit 2- Non-GAAP Financial Measures Reconciliation for more details. (4) Includes service fees in connection with our loan-level derivative income generation activities. (5) Includes $0.5 million of OREO valuation expense in the three months ended March 31, 2025. (6) In the three months ended December 31, 2024, includes broker fees of $1.0 million in connection with the Houston Transaction. In all of the periods shown, includes mortgage loan origination and servicing expenses, charitable contributions, community engagement, postage and courier expenses, and debits which mirror valuation income on the investment balances held in the non-qualified deferred compensation plan in order to adjust the liability to participants of the deferred compensation plan and other small expenses. (7) Includes $3.2 million, $3.7 million, $3.1 million in the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively, related to Amerant Mortgage, primarily consisting of salaries and employee benefits, mortgage lending costs and professional and other services fees. Exhibit 6 - Consolidated Balance Sheets (in thousands, except share data) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Assets (audited) Cash and due from banks $ 40,197 $ 39,197 $ 40,538 $ 32,762 $ 41,231 Interest earning deposits with banks 587,728 519,853 614,345 238,346 577,843 Restricted cash 13,432 24,365 10,087 32,430 33,897 Other short-term investments 7,010 6,944 6,871 6,781 6,700 Cash and cash equivalents 648,367 590,359 671,841 310,319 659,671 Securities Debt securities available for sale, at fair value 1,702,111 1,437,170 1,476,378 1,269,356 1,298,073 Debt securities held to maturity, at amortized cost (1) — — — 219,613 224,014 Equity securities with readily determinable fair value not held for trading 2,523 2,477 2,562 2,483 2,480 Federal Reserve Bank and Federal Home Loan Bank stock 57,044 58,278 63,604 56,412 54,001 Securities 1,761,678 1,497,925 1,542,544 1,547,864 1,578,568 Loans held for sale, at the lower of cost or fair value (2) 40,597 — 553,941 551,828 — Mortgage loans held for sale, at fair value 20,728 42,911 43,851 60,122 48,908 Loans held for investment, gross 7,157,837 7,228,411 6,964,171 6,710,961 6,957,475 Less: Allowance for credit losses 98,266 84,963 79,890 94,400 96,050 Loans held for investment, net 7,059,571 7,143,448 6,884,281 6,616,561 6,861,425 Bank owned life insurance 252,997 243,547 241,183 238,851 237,314 Premises and equipment, net 31,803 31,814 32,866 33,382 44,877 Deferred tax assets, net 53,448 53,543 41,138 48,779 48,302 Operating lease right-of-use assets 104,578 100,028 100,158 100,580 117,171 Goodwill 19,193 19,193 19,193 19,193 19,193 Accrued interest receivable and other assets (3)(4) 176,728 178,966 222,131 220,259 202,343 Total assets $ 10,169,688 $ 9,901,734 $ 10,353,127 $ 9,747,738 $ 9,817,772 Liabilities and Stockholders' Equity Deposits Demand Noninterest bearing $ 1,665,468 $ 1,504,755 $ 1,482,061 $ 1,465,140 $ 1,397,331 Interest bearing 2,260,157 2,229,467 2,389,605 2,316,976 2,619,115 Savings and money market 2,067,430 1,885,928 1,835,700 1,723,233 1,616,719 Time 2,161,923 2,234,445 2,403,578 2,310,662 2,245,078 Total deposits 8,154,978 7,854,595 8,110,944 7,816,011 7,878,243 Advances from the Federal Home Loan Bank 715,000 745,000 915,000 765,000 715,000 Senior notes (5) 59,922 59,843 59,764 59,685 59,605 Subordinated notes 29,667 29,624 29,582 29,539 29,497 Junior subordinated debentures held by trust subsidiaries 64,178 64,178 64,178 64,178 64,178 Operating lease liabilities (6) 110,999 106,071 105,875 105,861 122,267 Accounts payable, accrued liabilities and other liabilities (7) 128,681 151,956 164,896 173,122 210,897 Total liabilities 9,263,425 9,011,267 9,450,239 9,013,396 9,079,687 Stockholders' equity Class A common stock 4,195 4,214 4,210 3,357 3,373 Additional paid in capital 339,038 343,828 342,508 189,601 192,237 Retained earnings 590,304 582,231 569,131 620,299 618,359 Accumulated other comprehensive loss (27,274 ) (39,806 ) (12,961 ) (78,915 ) (75,884 ) Total stockholders' equity 906,263 890,467 902,888 734,342 738,085 Total liabilities and stockholders' equity $ 10,169,688 $ 9,901,734 $ 10,353,127 $ 9,747,738 $ 9,817,772 __________ (1) Estimated fair value of $192,403 and $198,909 at June 30, 2024 and March 31, 2024, respectively. During the third quarter of 2024, the Company executed an investment portfolio repositioning and transferred approximately $220 million in debt securities from held to maturity to the available for sale category. (2) As of March 31, 2025, loans held for sale consisted of one loan carried at cost in which no valuation allowance was deemed necessary. As of September 30, 2024 and June 30, 2024, includes loans held for sale and a valuation allowance of $1.3 million, in connection with the Houston Transaction. (3) As of March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, includes derivative assets with a total fair value of $42.8 million, $48.0 million, $52.3 million, $64.0 million and $64.7 million, respectively. (4) As of September 30, 2024 and June 30, 2024, includes other assets for sale of approximately $21.4 million and $23.6 million, respectively, in connection with the Houston Transaction. (5) On March 03, 2025, the Company gave notice of its election to redeem all outstanding Senior Notes and they were redeemed on April 1, 2025. (6) Consists of total long-term lease liabilities. Total short-term lease liabilities are included in other liabilities. (7) As of March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, includes derivatives liabilities with a total fair value of $42.4 million, $47.6 million, $51.3 million, $62.9 million and $63.8 million, respectively. Exhibit 7 - Loans Loans by Type - Held For Investment The loan portfolio held for investment consists of the following loan classes: (in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Real estate loans (audited) Commercial real estate Non-owner occupied $ 1,641,210 $ 1,678,473 $ 1,688,308 $ 1,714,088 $ 1,672,470 Multi-family residential 400,371 336,229 351,815 359,257 349,917 Land development and construction loans 499,663 483,210 421,489 343,472 333,198 2,541,244 2,497,912 2,461,612 2,416,817 2,355,585 Single-family residential 1,549,356 1,528,080 1,499,599 1,446,569 1,490,711 Owner occupied 951,311 1,007,074 1,001,762 981,405 1,193,909 5,041,911 5,033,066 4,962,973 4,844,791 5,040,205 Commercial loans 1,714,583 1,751,902 1,630,318 1,521,533 1,550,140 Loans to financial institutions and acceptances 153,345 170,435 92,489 48,287 29,490 Consumer loans and overdrafts 247,998 273,008 278,391 296,350 337,640 Total loans $ 7,157,837 $ 7,228,411 $ 6,964,171 $ 6,710,961 $ 6,957,475 Loans by Type - Held For Sale The loan portfolio held for sale consists of the following loan classes: (in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Loans held for sale at the lower of cost or fair value (audited) Real estate loans Commercial real estate Non-owner occupied $ — $ — $ 111,591 $ 112,002 $ — Multi-family residential — — — 918 — Land development and construction loans — — 35,020 29,923 — — — 146,611 142,843 — Single-family residential — — 87,820 88,507 — Owner occupied 40,597 — 221,774 220,718 — 40,597 — 456,205 452,068 — Commercial loans — — 87,866 90,353 — Consumer loans — — 9,870 9,407 — Total loans held for sale at the lower of cost or fair value (1) 40,597 — 553,941 551,828 — Mortgage loans held for sale at fair value Land development and construction loans 7,475 10,768 10,608 7,776 26,058 Single-family residential 13,253 32,143 33,243 52,346 22,850 Total mortgage loans held for sale at fair value (2) 20,728 42,911 43,851 60,122 48,908 Total loans held for sale $ 61,325 $ 42,911 $ 597,792 $ 611,950 $ 48,908 __________ (1) As of September 30, 2024, and June 30, 2024 includes loans transferred from the held for investment to the held for sale category in the second and third quarters of 2024, as a result of the Houston Transaction. In the fourth quarter of 2024, the Company completed the sale of the Houston franchise. (2) Loans held for sale in connection with Amerant Mortgage's ongoing business. Non-Performing Assets This table shows a summary of our non-performing assets by loan class, which includes non-performing loans, other real estate owned, or OREO, and other repossessed assets at the dates presented. Non-performing loans consist of (i) nonaccrual loans, and (ii) accruing loans 90 days or more contractually past due as to interest or principal. (in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Non-Accrual Loans (audited) Real Estate Loans Commercial real estate (CRE) Non-owner occupied $ — $ — $ 1,916 $ — $ — Multi-family residential — — — 6 — — — 1,916 6 — Single-family residential 15,048 8,140 13,452 3,726 4,400 Land development and construction loans — 4,119 — — — Owner occupied 22,249 23,191 29,240 26,309 1,958 37,297 35,450 44,608 30,041 6,358 Commercial loans 84,907 64,572 68,654 67,005 21,833 Consumer loans and overdrafts — — — 4 45 Total Non-Accrual Loans $ 122,204 $ 100,022 $ 113,262 $ 97,050 $ 28,236 Past Due Accruing Loans Real Estate Loans Owner occupied — 837 — 769 — Single-family residential 886 1,201 1,129 2,656 1,149 Commercial 122 2,033 104 — — 918 Consumer loans and overdrafts 7 8 434 477 — Total Past Due Accruing Loans (1) $ 1,015 $ 4,079 $ 1,667 $ 3,902 $ 2,067 Total Non-Performing Loans 123,219 104,101 114,929 100,952 30,303 Other Real Estate Owned 17,541 18,074 14,509 20,181 20,181 Total Non-Performing Assets $ 140,760 $ 122,175 $ 129,438 $ 121,133 $ 50,484 __________ (1) Loans past due 90 days or more but still accruing. Loans by Credit Quality Indicators This table shows the Company's loans by credit quality indicators. The Company has not purchased credit-deteriorated loans. March 31, 2025 December 31, 2024 March 31, 2024 (in thousands) Special Mention Substandard Doubtful Total (1) Special Mention Substandard Doubtful Total (1) Special Mention Substandard Doubtful Total (1) Loans held for investment Real Estate Loans Commercial Real Estate (CRE) Non-owner occupied $ 40,391 $ 42,317 $ — $ 82,708 $ 361 $ 21,430 $ — $ 21,791 $ — $ — $ — $ — Multi-family residential 8,282 — — 8,282 — — — — — 6 — 6 Land development and construction loans — — — — — 4,119 — 4,119 — — — — 48,673 42,317 — 90,990 361 25,549 — 25,910 — 6 — 6 Single-family residential — 15,934 — 15,934 — 9,438 — 9,438 — 3,715 — 3,715 Owner occupied 2,447 22,249 — 24,696 5,047 64,876 — 69,923 40,666 2,023 — 42,689 51,120 80,500 — 131,620 5,408 99,863 — 105,271 40,666 5,744 — 46,410 Commercial loans 48,600 85,029 — 133,629 — 66,605 — 66,605 63,172 22,800 — 85,972 Consumer loans and overdrafts — 7 — 7 — 8 — 8 — 36 — 36 Total loans held for investment $ 99,720 $ 165,536 $ — $ 265,256 $ 5,408 $ 166,476 $ — $ 171,884 $ 103,838 $ 28,580 $ — $ 132,418 Loans held for sale at the lower of cost or fair value Owner occupied — 40,597 — 40,597 — — — — — — — — Total loans held for sale — 40,597 — 40,597 — — — — — — — — Total $ 99,720 $ 206,133 $ — $ 305,853 $ 5,408 $ 166,476 $ — $ 171,884 $ 103,838 $ 28,580 $ — $ 132,418 __________ (1) There were no loans categorized as "loss" as of the dates presented. Exhibit 8 - Deposits by Country of Domicile This table shows the Company's deposits by country of domicile of the depositor as of the dates presented. (in thousands) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 (audited) Domestic $ 5,592,575 $ 5,278,289 $ 5,553,336 $ 5,281,946 $ 5,288,702 Foreign: Venezuela 1,862,614 1,889,331 1,887,282 1,918,134 1,988,470 Others 699,789 686,975 670,326 615,931 601,071 Total foreign 2,562,403 2,576,306 2,557,608 2,534,065 2,589,541 Total deposits $ 8,154,978 $ 7,854,595 $ 8,110,944 $ 7,816,011 $ 7,878,243 Glossary of Terms and Definitions Total gross loans: include loans held for investment net of unamortized deferred loan origination fees and costs, as well as loans held for sale. Core deposits: consist of total deposits excluding all time deposits. Assets under management and custody: consists of assets held for clients in an agency or fiduciary capacity which are not assets of the Company and therefore are not included in the consolidated financial statements. Net interest margin, or NIM: defined as net interest income, or NII, divided by average interest-earning assets, which are loans, securities, deposits with banks and other financial assets which yield interest or similar income. ROA and Core ROA are calculated based upon the average daily balance of total assets. ROE and Core ROE are calculated based upon the average daily balance of stockholders' equity. Total revenue is the result of net interest income before provision for credit losses plus noninterest income. Total capital ratio: total stockholders' equity divided by total risk-weighted assets, calculated according to the standardized regulatory capital ratio calculations. Tier 1 capital ratio: Tier 1 capital divided by total risk-weighted assets. Tier 1 capital is composed of Common Equity Tier 1 (CET1) capital plus outstanding qualifying trust preferred securities of $62.3 million at each of all the dates presented. Tier 1 leverage ratio: Tier 1 capital divided by quarter to date average assets. Common equity tier 1 capital ratio, CET1: Tier 1 capital divided by total risk-weighted assets. Tangible common equity ratio: calculated as the ratio of common equity less goodwill and other intangibles divided by total assets less goodwill and other intangible assets. Other intangible assets primarily consist of naming rights and mortgage servicing rights and are included in other assets in the Company's consolidated balance sheets. Tangible common equity ratio, adjusted for unrealized losses on debt securities held to maturity: calculated in the same manner described in tangible common equity but also includes unrealized losses on debt securities held to maturity in the balance of common equity and total assets. Loans to Deposits ratio: calculated as the ratio of total loans gross divided by total deposits. Non-performing assets include all accruing loans past due by 90 days or more, all nonaccrual loans and other real estate owned ("OREO") properties acquired through or in lieu of foreclosure, and other repossessed assets. Non-performing loans include all accruing loans past due by 90 days or more and all nonaccrual loans Ratio for net charge-offs/average total loans held for investments: calculated based upon the average daily balance of outstanding loan principal balance net of unamortized deferred loan origination fees and costs, excluding the allowance for credit losses. Other operating expenses: total noninterest expense less salary and employee benefits. Efficiency ratio: total noninterest expense divided by the sum of noninterest income and NII. Core efficiency ratio is the efficiency ratio less the effect of non-routine items, described in Exhibit 2 - Non-GAAP Financial Measures Reconciliation. The terms of the FHLB advance agreements require the Bank to maintain certain investment securities or loans as collateral for these advances. Cost of total deposits: calculated based upon the average balance of total noninterest bearing and interest bearing deposits, which includes time deposits. View source version on Contacts InvestorsLaura RossiInvestorRelations@ (305) 460-8728 MediaAlexis DominguezMediaRelations@ (305) 441-8412 Sign in to access your portfolio
Associated Press
18-04-2025
- Business
- Associated Press
ES Bancshares, Inc. Announces First Quarter 2025 Results; Continues Positive Trend of Net Income and Net Interest Margin Expansion
STATEN ISLAND, N.Y., April 18, 2025 (GLOBE NEWSWIRE) -- ES Bancshares, Inc. (OTCQX: ESBS) (the 'Company') the holding company for Empire State Bank, (the 'Bank') today reported net income of $546 thousand, or $0.08 per diluted common share, for the quarter ended March 31, 2025, compared to a net income of $466 thousand, or $0.07 per diluted common share for the quarter ended December 31, 2024. Phil Guarnieri, Director, and Chief Executive Officer of ES Bancshares said, 'The first quarter of 2025 showed continued growth in net income, which is a result of management's focus on interest rates and our containment of non-interest expenses. The recent turmoil in the market due to the uncertainty of tariffs is causing unforeseen challenges but our flexibility allows us to adapt to these changing economic conditions.' Selected Balance Sheet Information: March 31, 2025 vs. December 31, 2024 As of March 31, 2025, total assets were $631.5 million, a decrease of $5.2 million, or 0.8%, as compared to total assets of $636.7 million on December 31, 2024. The decrease can be attributed to a slightly smaller loan portfolio. Loans receivable, net of Allowance for Credit Losses on Loans totaled $561.4 million, an increase of 0.4% from December 31, 2024. As of March 31, 2025, the Allowance for Credit Losses on Loans as a percentage of gross loans was 0.91%. Nonperforming assets, which includes nonaccrual loans and foreclosed real estate were $5.5 million or 0.86% of total assets, as of March 31, 2025, increasing from $5.3 million or 0.84% of total assets at December 31, 2024. The ratio of nonaccrual loans to loans receivable was 0.96%, as of March 31, 2025, and 0.94% for December 31, 2024. The increase from December 31, 2024, was primarily due to two commercial loans being placed on non-accrual status. One loan has a SBA guaranty and the other loan has a 50% loss sharing agreement. Total liabilities decreased $6.0 million to $583.2 million at March 31, 2025, from $589.2 million at December 31, 2024. The decrease can be attributed to a decrease in core deposits partially offset by overnight Federal Home Loan (FHLB) borrowings and growth in brokered deposits. The reduction in deposits was driven by a decrease in interest-bearing deposits, specifically 1031 exchange accounts as those deposits are short-term in nature. As of March 31, 2025, the Bank's Tier 1 capital leverage ratio, common equity tier 1 capital ratio, Tier 1 capital ratio and total capital ratios were 9.46%, 13.81%, 13.81% and 15.06%, respectively, all in excess of the ratios required to be deemed 'well-capitalized.' During the first quarter of 2025 the Company did not repurchase shares under its stock repurchase program. Book value per common share was $6.97 at March 31, 2025 compared to $6.89 at December 31, 2024. Tangible common book value per share (which represents common equity less goodwill, divided by the number of shares outstanding) was $6.89 at March 31, 2025 compared to $6.81 at December 31, 2024. Financial Performance Overview: Three Months Ended March 31, 2025, vs. December 31, 2024 For the three months ended March 31, 2025, the Company net income totaled $546 thousand compared to a net income of $466 thousand for the three months ended December 31, 2024. The increase can be attributed to higher net interest income partially offset by lower non-interest income and higher non-interest expenses, quarter over quarter. Net interest income for the three months ended March 31, 2025, increased $236 thousand, to $4.1 million from $3.9 million at three months ended December 31, 2024. The Company's net interest margin widened by eighteen basis points to 2.68% for the three months ended March 31, 2025, as compared to 2.50% for the three months ended December 31, 2024. The increase in margin can be attributed to a reduction of 12 basis points in the Company's average cost for its interest-bearing liabilities. There was a $30 thousand reversal for credit losses taken for the three months ended March 31, 2025, compared to a provision for credit losses of $2 thousand for the three months ended December 31, 2024. The reversal for credit losses was due to lower ACL for investments and off-balance sheet positions, partially offset by an increase in the ACL for loans. Non-interest income decreased $23 thousand, to $349 thousand for the three months ended March 31, 2025, compared with non-interest income of $372 thousand for the three months ended December 31, 2024. The majority of the decreases can be attributed to lower service charges and fees and lower gain on loan sales. Non-interest expenses totaled $3.7 million for the three months ended March 31, 2025, compared to $3.6 million for the three months ended December 31, 2024. The largest fluctuations quarter over quarter were due to a $88 thousand increase in professional fees, due to larger legal expenses, an increase in compensation and benefits due to additional hires, and increased advertising expenses, partially offset by $47 thousand decrease in other expenses. About ES Bancshares Inc. ES Bancshares, Inc. (the 'Company') is incorporated under Maryland law and serves as the holding company for Empire State Bank (the 'Bank'). The Company is subject to regulation by the Board of Governors of the Federal Reserve System while the Bank is primarily subject to regulation and supervision by the New York State Department of Financial Services. Currently, the Company does not transact any material business other than through the Bank, its subsidiary. The Bank was organized under federal law in 2004 as a national bank regulated by the Office of the Comptroller of the Currency. The Bank's deposits are insured up to legal limits by the FDIC. In March 2009, the Bank converted its charter to a New York State commercial bank charter. The Bank's principal business is attracting commercial and retail deposits in New York and investing those deposits primarily in loans, consisting of commercial real estate loans, and other commercial loans including SBA and mortgage loans secured by one-to-four-family residences. In addition, the Bank invests in mortgage-backed securities, securities issued by the U.S. Government and agencies thereof, corporate securities and other investments permitted by applicable law and regulations. We operate from our five Banking Center locations, a Loan Production Office and our Corporate Headquarters located in Staten Island, New York. The Company's website address is The Company's annual report, quarterly earnings releases and all press releases are available free of charge through its website, as soon as reasonably practicable. Forward-Looking Statements This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as 'may', 'will', 'expect', 'believe', 'anticipate', 'estimate' or 'continue' or comparable terminology, are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within ES Bancshares, Inc's. control. The forward-looking statements included in this release are made only as of the date of this release. We have no intention, and do not assume any obligation, to update these forward-looking statements. Investor Contact: Peggy Edwards, Corporate Secretary (845) 451-7825
Axios
24-02-2025
- Business
- Axios
New initiative supports first-time homebuyers in Miami
OneUnited Bank, the nation's largest Black-owned bank, is launching a new initiative to support first-time homebuyers in Miami. Why it matters: Miami is facing an ongoing affordability crisis, with just 7% of the city's homeowners under 35 years old compared to the national average of 11%. Driving the news: OneUnited announced its Lift Up Initiative, a $50,000 down payment assistance program for first-time buyers in Miami, Los Angeles and Boston. Offered through its partnerships with Federal Home Loan Bank (FHLB) of Boston, the program is a first-come, first-serve initiative for Black, Hispanic and other minority homebuyers. How it works: To qualify, a Miami applicant must be a first-time homebuyer, make no more than 120% of the median income and complete a HUD-approved education course, a spokesperson told Axios. Borrowers must be approved by the FHLB of Boston. They don't have to have an active loan with OneUnited. Between the lines: The program officially begins on April 1, but it already launched so applicants can gather the necessary requirements. What they're saying: OneUnited is participating in the program because it "recognizes the historical and current obstacles to homeownership faced by people of color," the bank said in a news release. "Right now, we are striving for as many applicants as we can get," OneBank's President and Chief Operating Officer Teri Williams told Axios when asked how many grants would be distributed. "For us, the constraint is not the availability of dollars, but getting applicants approved."
