CORAL GABLES, FLORIDA, October 28, 2025. Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today reported net income attributable to the Company of $14.8 million in the third quarter of 2025, or $0.35 income per diluted share, compared to net income of $23.0 million, or $0.55 income per diluted share, in the second quarter of 2025.

“While the Company continues to show strong pre-provision net revenue, our results this quarter show higher than expected provision for credit losses as we continued to proactively focus on addressing asset quality over growth this quarter” stated Jerry Plush, Chairman and CEO. “While we anticipate a return to loan growth during the fourth quarter, our primary focus is on reducing non-performing loans. We also intend to resume share buybacks under the existing authorization and implement a new series of expense reductions as key steps toward improving results.”

Below are the results for 3Q25 and their comparison to 2Q25:

•Total assets were $10.4 billion, up by $75.5 million, or 0.7%, compared to $10.3 billion.

•Total gross loans were $6.9 billion, down by $247.4 million, or 3.4%, compared to $7.2 billion.

•Cash and cash equivalents were $630.9 million, down by $6.0 million, or 0.9%, compared to $636.8 million.

•Investment securities were $2.3 billion, up by $336.8 million, or 17.1%, compared to $2.0 billion.

•Total deposits were $8.3 billion, down by $5.6 million, or 0.1%, compared to the prior period, primarily driven by a decrease of $93.7 million in brokered deposits partially offset by customer deposit growth of $88.1 million. Core deposits were $6.2 billion, up by $59.4 million, or 1.0%, compared to $6.1 billion.

•Total advances from the Federal Home Loan Bank (“FHLB”) were $831.7 million, up by $66.7 million, or 8.7%, compared to $765.0 million.

•Net Interest Margin (“NIM”) was 3.92%, compared to 3.81%.

•Average yield on loans was 6.93%, compared to 6.88%.

•Average cost of total deposits was 2.41%, compared to 2.53%.

•Loan to deposit ratio was 83.6%, compared to 86.5%.

•Asset Quality and Allowance for Credit Losses (“ACL”):

–Total non-performing assets were $139.9 million, up by $42.0 million, or 42.9%, compared to $97.9 million. As of 3Q25, non-performing assets consist of $124.3 million in non-performing loans and $15.6 million in Other Real Estate Owned (“OREO”).

–The ACL was $94.9 million, up by $8.4 million, or 9.7%, compared to $86.5 million, primarily from reserve requirements, partially offset by charge-offs in the quarter.

–The Company has provided additional details regarding asset quality in the 3Q25 earnings presentation (https://investor.amerantbank.com).

•Assets Under Management and custody (“AUM”) totaled $3.17 billion, up by $104.5 million, or 3.4% from $3.07 billion.

•Accumulated Other Comprehensive Loss (“AOCL”) decreased to $6.9 million, an improvement of $18.5 million, or 72.8%, compared to $25.4 million.

•Pre-provision net revenue (“PPNR”)(1) was $33.6 million, down by $2.2 million, or 6.3%, compared to PPNR of $35.9 million. Core PPNR(1) was $35.8 million, down by $1.4 million, or 3.7%, compared to $37.1 million. A reconciliation of core PPNR and the impact on key ratios is shown in Exhibit 2 included in this press release.

•Net Interest Income (“NII”) was $94.2 million, up by $3.7 million, or 4.1%, from $90.5 million.

•Provision for credit losses was $14.6 million, up by $8.5 million, or 140.9% compared to $6.1 million.

•Non-interest income was $17.3 million, down by $2.5 million, or 12.6% from $19.8 million.

•Non-interest expense was $77.8 million, up by $3.4 million, or 4.6% from $74.4 million. Core non-interest expense(1) was $75.9 million, up $2.7 million, or 3.6%, compared to $73.2 million.

•The efficiency ratio was 69.84%, compared to 67.48%.

•Return on average assets (“ROA”) was 0.57%, compared to 0.90%.

•Return on average equity (“ROE”) was 6.21%, compared to 10.06%.

•On October 22, 2025, the Company’s Board of Directors declared a cash dividend of $0.09 per share of common stock. The dividend is payable on November 28, 2025, to shareholders of record on November 14, 2025.

Additional details on the third 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 https://investor.amerantbank.com. See Glossary of Terms and Definitions for definitions of financial terms.

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

The Company will hold an earnings conference call on Tuesday, October 28, 2025 at 8:30 a.m. (Eastern Time) to discuss its third 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 https://investor.amerantbank.com. The online replay will remain available for approximately one month following the call through the above link.

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 subsidiary Amerant Investments, Inc. The Company provides individuals and businesses with deposit, credit and wealth management services. The Bank, which has operated for over 45 years, is headquartered in Florida and has a network of 22 banking centers – 20 in South Florida and 2 in Tampa, Florida. For more information, visit investor.amerantbank.com.

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 (“the 2024 Form 10-K”), and in our other filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website www.sec.gov.

Unaudited financial information as of and for interim periods, including the three and nine month periods ended September 30, 2025 and 2024, and the three month periods ended June 30, 2025, March 31, 2025 and December 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.

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”, and “tangible stockholders’ equity (book value) per common share”. 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.

The following table sets forth selected financial information derived from our interim unaudited and annual audited consolidated financial statements.

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(1)     See Glossary of Terms and Definitions for definitions of financial terms.

(2) There were no loans held for sale at September 30, 2025. All other periods include mortgage loans held for sale carried at fair value. Additionally, at March 31, 2025 and September 30, 2024, include loans held for sale carried at the lower of cost or fair value.

(3) On April 01, 2025, the Company redeemed all outstanding Senior Notes. See Note 1 to the Company’s consolidated financial statements in our March 31, 2025 Form 10-Q for more information.

(4) On December 11, 2024, the Company announced that the Board of Directors approved to extend the expiration date of its share repurchase program that was set to expire on December 31, 2024 to December 31, 2025 (the “Repurchase Program”). Subsequently, on May 28, 2025, the Company announced that the Board of Directors approved an increase in the amount available for repurchases of the Company’ shares of Class A common stock under the Repurchase Program to $25 million. In the third quarter of 2025 the Company repurchased an aggregate of 487,657 shares of Class A common stock at a weighted average price of $20.51 per share under the Repurchase Program. The aggregate purchase price for these transactions was approximately $10.0 million which includes transaction costs. For all other periods, see June 30, 2025 Form 10-Q, March 31, 2025 Form 10-Q, December 31, 2024 Form 10-K and September 30, 2024 Form 10-Q.

(5) During the three months ended September 30, 2025, June 30, 2025, 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 third quarter of 2025 was paid on August 29, 2025 to shareholders of record at the close of business on August 15, 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 third, second and first quarter of 2025, and the fourth and third quarters of 2024, includes $15.3 million, $3.6 million, $17.2 million, $9.7 million and $17.9 million of provision for credit losses on loans. In the third quarter of 2025, includes a reversal of the provision for unfunded commitments (contingencies) of $0.7 million. The provision for unfunded commitments (contingencies) in the second and first quarters of 2025 and the fourth and third quarters of 2024, were $2.5 million, $1.3 million, $0.2 million and $1.1 million, respectively.

(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) Operating data for the periods presented have been annualized.

(11) See the Company’s June 30, 2025 and March 31, 2025 Form 10-Q, as well as, the 2024 Form 10-K for more details on charge-offs for all previous periods.

(12) As of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, includes 5, 35, 77, 80, and 81 FTEs for Amerant Mortgage, respectively.

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 Amerant Mortgage downsizing, 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, 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.

    

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(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 three months ended September 30, 2025 and June 30, 2025, includes net unrealized losses in connection with to-be-announced (TBA) mortgage back-securities (MBS) derivative contracts. We enter into these contracts to economically offset changes in market valuation on the trading securities portfolio.

(3) 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.

(4)    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.

(5) In the three months ended December 31, 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”).

(6) In the three months ended September 30, 2025, includes loss on sale of $0.9 million related to the sale of one Substandard owner occupied loan with an outstanding balance of $30.4 million at the time of sale. 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.

(7) In the three months ended June 30, 2025, includes a net loss on the sale of two OREO properties of $0.8 million. The three months ended September 30, 2025, March 31, 2025 and September 30, 2024 include an OREO valuation expense of $0.5 million, $0.5 million and $5.7 million, respectively.

(8) In the three months ended September 30, 2025 and June 30, 2025, includes salaries and employee benefit expenses in connection with the Amerant Mortgage downsizing. See First Quarter Earnings Presentation filed on April 24, 2025 for more information.

(9) In the three months ended March 31, 2025, amounts were calculated based upon the effective tax rate for the period of 22.50%. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect.

(10) See 2024 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation.

(11) At September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, other intangible assets primarily consist of naming rights of $1.6 million, $1.6 million, $1.9 million, $2.0 million and $2.1 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.

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
			September 30, 2025												June 30, 2025												September 30, 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			$	2,240,617					$	10,892					1.93		%				$	2,289,111					$	11,567					2.03		%				$	2,294,323					$	15,345					2.66		%
Money market			1,918,534						17,986						3.72		%				1,925,029						18,012						3.75		%				1,541,987						16,804						4.34		%
Savings			236,556						22						0.04		%				236,929						18						0.03		%				247,903						26						0.04		%
Total checking and saving accounts			$	4,395,707					28,900						2.61		%				4,451,069						29,597						2.67		%				4,084,213						32,175						3.13		%
Time deposits			2,084,940						20,950						3.99		%				2,149,861						22,285						4.16		%				2,324,694						27,260						4.67		%
Total deposits			6,480,647						49,850						3.05		%				6,600,930						51,882						3.15		%				6,408,907						59,435						3.69		%
Securities sold under agreements to repurchase			—						—						—		%				105						1						3.82		%				—						—						—		%
Advances from the FHLB (7)			726,520						7,316						4.00		%				717,260						7,230						4.04		%				863,913						8,833						4.07		%
Senior notes			—						—						—		%				—						78						—		%				59,725						942						6.27		%
Subordinated notes			29,731						362						4.83		%				29,689						361						4.88		%				29,561						361						4.86		%
Junior subordinated debentures			64,178						1,063						6.57		%				64,178						1,064						6.64		%				64,178						1,067						6.61		%
Total interest-bearing liabilities			7,301,076						58,591						3.18		%				7,412,162						60,616						3.28		%				7,426,284						70,638						3.78		%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits			1,726,507																		1,637,173																		1,491,406
Accounts payable, accrued liabilities and other liabilities			273,921																		289,909																		301,373
Total non-interest-bearing liabilities			2,000,428																		1,927,082																		1,792,779
Total liabilities			9,301,504																		9,339,244																		9,219,063
Stockholders’ equity			942,421																		917,010																		766,909
Total liabilities and stockholders' equity			$	10,243,925																	$	10,256,254																	$	9,985,972
Excess of average interest-earning assets over average interest-bearing liabilities			$	2,219,339																	$	2,115,800																	$	1,799,490
Net interest income									$	94,152																	$	90,479																	$	80,999
Net interest rate spread															3.19		%																3.08		%																2.76		%
Net interest margin (7)															3.92		%																3.81		%																3.49		%
Cost of total deposits (7)															2.41		%																2.53		%																2.99		%
Ratio of average interest-earning assets to average interest-bearing liabilities			130.40		%																128.54		%																124.23		%
Average non-performing loans/ Average total loans			1.30		%																1.35		%																1.54		%

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