CORAL GABLES, Fla.--(BUSINESS WIRE)--April 23, 2026--
Amerant Bancorp Inc. (NYSE: AMTB) (the "Company" or "Amerant") today reported net income attributable to the Company of $17.9 million in the first quarter of 2026, or $0.44 earnings per diluted share, compared to net income of $2.7 million, or $0.07 earnings per diluted share, in the fourth quarter of 2025.
"Amerant's first quarter results reflect continued momentum in executing our strategic plan as we strengthen credit quality and position the bank for sustainable, long-term growth," stated Carlos Iafigliola, SEVP and Interim CEO. "During the quarter, we demonstrated proactive credit risk management, which led to balanced portfolio actions. We also continued to optimize our loan portfolio, including exiting certain large-exposure, out-of-footprint and criticized loans. In addition, we've maintained our focus on operational efficiency, delivering net income in line with our guidance, primarily driven by better than expected cost-savings and strong growth in lower-cost international deposits."
Mr. Iafigliola concluded, "We are keenly focused on the long-term health of the business and demonstrating our ongoing commitment to stability and predictability. With strong fundamentals, a clear path forward, and a highly capable team, we are confident in our ability to deliver sustainable value for our customers, communities, and shareholders."
Below are the results for 1Q26 and their comparison to 4Q25:
-- Total assets were $9.9 billion, up by $126.5 million, or 1.3%, compared
to $9.8 billion.
-- Total gross loans, which includes all loans held for sale, were $6.8
billion, up by $56.5 million, or 0.8%, compared to $6.7 billion.
-- Cash and cash equivalents were $188.7 million, down by $281.5 million,
or 59.9%, compared to $470.2 million.
-- Investment securities were $2.4 billion, up by $346.3 million, or 16.6%,
compared to $2.1 billion.
-- Total deposits were $7.9 billion, up by $152.2 million, or 2.0%,
compared to $7.8 billion.
-- Core deposits were $5.9 billion, up by $100.8 million, or 1.7%,
compared to $5.8 billion.
-- Total advances from the Federal Home Loan Bank ("FHLB") were $732.3
million, up by $20.3 million, or 2.8%, compared to $712.0 million.
-- Net Interest Margin ("NIM") was 3.55%, compared to 3.78%.
-- Average yield on loans was 6.38%, compared to 6.73%.
-- Average cost of total deposits was 2.31%, compared to 2.34%.
-- Loan to deposit ratio was 85.07%, compared to 86.01%.
-- Asset Quality and Allowance for Credit Losses ("ACL"):
-- Total non-performing assets were $191.6 million, up by $4.7 million, or
2.5%, compared to $186.9 million. As of 1Q26, non-performing assets
consist of $176.1 million in non-performing loans and $15.5 million in
Other Real Estate Owned ("OREO").
-- The ACL was $79.2 million compared to $79.3 million.
-- Classified loans were $320.3 million, down by $34.6 million, or 9.7%,
compared to $354.8 million, while non-performing loans were $176.1
million, up $4.7 million, or 2.7%, compared to $171.4 million. The
reduction in classified loans was primarily attributable to loan payoffs
and sales of loans that had been classified as held for sale in the prior
quarter. Special mention loans were $148.2 million, up $11.8 million, or
8.6%, compared to $136.5 million. The increase was primarily driven by
downgrades while largely offset by upgrades during the period.
-- The Company has provided additional details regarding asset quality in
the 1Q26 earnings presentation .
-- Assets Under Management and custody ("AUM") totaled $3.4 billion, up by
$148.6 million, or 4.6% from $3.3 billion.
-- Pre-tax pre-provision net revenue ("PPNR")(1) was $30.7 million, up by
$25.3 million, or 469.6%, compared to PPNR of $5.4 million.
-- Net Interest Income ("NII") was $80.3 million, down by $9.9 million, or
11.0%, from $90.2 million.
-- Provision for credit losses was $7.8 million, up by $4.3 million, or
123.5%, compared to $3.5 million.
-- Noninterest income was $17.4 million, down by $4.6 million, or 21.1%,
from $22.0 million. Noninterest income this quarter includes realized
gains on the sale of available-for-sale securities of $0.5 million, while
noninterest income in the fourth quarter included a gain of $3.3 million
on the sale and leaseback of two banking centers and $2.2 million in
realized gains on the sale of available-for-sale securities.
-- Noninterest expense was $66.9 million, down by $39.9 million, or 37.3%,
from $106.8 million. Noninterest expense this quarter includes $3.3
million in savings in vendor contract renegotiations, $1.7 million in a
write-down of an equity investment carried at cost and $1.8 million in
net losses on loans held for sale, while noninterest expense in the
fourth quarter included $14.9 million in losses on loans held for sale,
$7.5 million in contract termination costs, $3.8 million in staff
separation costs, $2.5 million in an impairment charge on an investment
carried at cost, and $0.5 million in an intangible asset impairment
related to the downsizing of Amerant Mortgage.
-- The efficiency ratio was 68.52%, compared to 95.19%.
-- Return on average assets ("ROA") was 0.73%, compared to 0.10%.
-- Return on average equity ("ROE") was 7.63%, compared to 1.12%.
-- The Company repurchased an aggregate of 859,493 shares of Class A
common stock at a weighted average price of $21.77 per share, or 0.97x of
Tangible Book Value ("TBV")(1) and 0.95x of book value per share. The
aggregate purchase price for these transactions was approximately $18.7
million which includes transaction costs.
-- On April 22, 2026, the Company's Board of Directors declared a cash
dividend of $0.09 per share of common stock. The dividend is payable on
May 29, 2026, to shareholders of record on May 15, 2026.
Additional details on the first quarter 2026 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.
First Quarter 2026 Earnings Conference Call
The Company will hold an earnings conference call on Friday, April 24, 2026 at 9:00 a.m. (Eastern Time) to discuss its first quarter 2026 results. The conference call and presentation materials can be accessed via webcast by logging on from the Investor Relations section of the Company's website at https://investor.amerantbank.com. The online replay will remain available for approximately one month following the call through the above link.
About Amerant Bancorp Inc. (NYSE: AMTB)
Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its main subsidiary, Amerant Bank, N.A. (the "Bank"), as well as its other 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 23 banking centers -- 21 in South Florida and 2 in Tampa, Florida. For more information, visit investor.amerantbank.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements" including statements with respect to the Company's objectives, expectations and intentions and other statements that are not historical facts. 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 loan recoveries, or reaching positive resolutions on problem loans, or significantly reducing special mention and/or non-performing 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, 2025 filed on February 27, 2026 ("the 2025 Form 10-K"), and in our other filings with the U.S. Securities and Exchange Commission (the "SEC"), which are available at the SEC's website www.sec.gov.
Interim Financial Information
Unaudited financial information as of and for interim periods, including the three month periods ended March 31, 2026, December 31, 2025 and March 31, 2025, may not reflect our results of operations for our fiscal year ending, or financial condition, as of December 31, 2026, 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-tax pre-provision net revenue (PPNR)", "tangible common equity 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.
Beginning in the first quarter of 2026, the Company reviewed and updated its use of non--GAAP financial measures and now presents a limited set of metrics that management uses to evaluate performance and make operating decisions. As part of this update, the Company discontinued the presentation of "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)", and "core efficiency ratio" as management determined these measures are no longer primary metrics used internally. This change does not reflect any change in the Company's underlying business, operations, or GAAP financial 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.
March 31, December September June 30, March 31,
(in thousands) 2026 31, 2025 30, 2025 2025 2025
---------- ---------- ----------- ----------- -----------
Consolidated
Balance Sheets (audited)
Total assets $9,903,514 $9,777,018 $10,410,199 $10,334,678 $10,169,688
Total
investments 2,430,884 2,084,569 2,307,701 1,970,888 1,761,678
Total gross
loans (1) 6,753,781 6,697,235 6,941,792 7,189,196 7,219,162
Allowance for
credit losses 79,236 79,276 94,918 86,519 98,266
Total deposits 7,939,101 7,786,934 8,300,969 8,306,544 8,154,978
Core deposits
(1) 5,891,689 5,790,895 6,203,038 6,143,625 5,993,055
Advances from
the Federal
Home Loan
Bank 732,263 711,984 831,699 765,000 715,000
Senior notes -- -- -- -- 59,922
Subordinated
notes 29,837 29,795 29,752 29,710 29,667
Junior
subordinated
debentures 64,178 64,178 64,178 64,178 64,178
Stockholders'
equity 913,918 938,802 944,940 924,286 906,263
Assets under
management and
custody (1) 3,405,338 3,256,754 3,169,514 3,065,020 2,932,602
Three Months Ended
-----------------------------------------------------------------------------------
(in thousands,
except
percentages,
share data and
per share December 31, September 30,
amounts) March 31, 2026 2025 2025 June 30, 2025 March 31, 2025
--------------- --------------- --------------- --------------- ---------------
Consolidated
Results of
Operations
Net interest
income $ 80,281 $ 90,150 $ 94,152 $ 90,479 $ 85,904
Provision for
credit losses
(2) 7,800 3,490 14,600 6,060 18,446
Noninterest
income 17,381 22,019 17,291 19,778 19,525
Noninterest
expense 66,919 106,772 77,835 74,400 71,554
Net income
attributable
to Amerant
Bancorp Inc. 17,873 2,701 14,756 23,002 11,958
Pre-tax
pre-provision
net revenue
(PPNR) (3) 30,743 5,397 33,608 35,857 33,875
Effective
income tax
rate 22.10% (41.64)% 22.37% 22.80% 22.50%
Common Share
Data
Stockholders'
book value per
common share $ 22.96 $ 23.13 $ 22.90 $ 22.14 $ 21.60
Tangible
stockholders'
equity (book
value) per
common share
(3)(4) $ 22.38 $ 22.56 $ 22.32 $ 21.56 $ 21.03
Basic earnings
per common
share $ 0.44 $ 0.07 $ 0.35 $ 0.55 $ 0.28
Diluted
earnings per
common share
(4) $ 0.44 $ 0.07 $ 0.35 $ 0.55 $ 0.28
Basic weighted
average shares
outstanding 40,315,757 40,915,733 41,590,201 41,805,550 42,015,507
Diluted
weighted
average shares
outstanding
(4) 40,510,993 41,102,760 41,774,101 41,873,551 42,186,759
Cash dividend
declared per
common share
(5) $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.09
Three Months Ended
----------------------------------------------------------------
March 31, December September June 30, March 31,
2026 31, 2025 30, 2025 2025 2025
----------- ----------- ------------ ----------- -----------
Other Financial
and Operating
Data (6)
Profitability
Indicators (%)
Net interest
income /
Average total
interest
earning assets
$(NIM)$ (1) 3.55% 3.78% 3.92% 3.81% 3.75%
Net income /
Average total
assets
(ROA)(1) 0.73% 0.10% 0.57% 0.90% 0.48%
Net income /
Average
stockholders'
equity $(ROE)$
(1) 7.63% 1.12% 6.21% 10.06% 5.32%
Noninterest
income / Total
revenue (1) 17.80% 19.63% 15.52% 17.94% 18.52%
Capital
Indicators (%)
Total capital
ratio (1) 14.16% 14.10% 13.90% 13.49% 13.45%
Tier 1 capital
ratio (1) 12.62% 12.58% 12.28% 11.97% 11.84%
Tier 1 leverage
ratio (1) 9.91% 9.62% 9.73% 9.69% 9.73%
Common equity
tier 1 capital
ratio (CET1)
(1) 11.84% 11.80% 11.54% 11.24% 11.11%
Tangible common
equity ratio
(1)(3)(4) 9.02% 9.39% 8.87% 8.73% 8.69%
Liquidity
Ratios (%)
Loans to
Deposits (1) 85.07% 86.01% 83.63% 86.55% 88.52%
Asset Quality
Indicators (%)
Non-performing
assets / Total
assets (1) 1.93% 1.91% 1.34% 0.95% 1.38%
Non-performing
loans / Total
gross loans
(1) 2.61% 2.56% 1.79% 1.15% 1.71%
Allowance for
credit losses
/ Total
non-performing
loans 45.01% 46.26% 76.37% 104.89% 79.75%
Allowance for
credit losses
/ Total loans
held for
investment 1.21% 1.20% 1.37% 1.20% 1.37%
Net charge-offs
/ Average
total loans
held for
investment
(1) 0.45% 1.07% 0.39% 0.86% 0.22%
Efficiency
Indicators (% except FTE) Noninterest expense / Average total assets 2.74% 4.14% 3.01% 2.91% 2.89% Salaries and employee benefits / Average total assets 1.31% 1.50% 1.36% 1.41% 1.35% Other operating expenses/ Average total assets (1) 1.43% 2.64% 1.66% 1.50% 1.54% Efficiency ratio (1) 68.52% 95.19% 69.84% 67.48% 67.87% FTEs 699 694 704 692 726
__________________
(1) See Glossary of Terms and Definitions for definitions of financial terms. (2) In all periods shown, includes reserves on loans and contingent loans. The provision for (reversal of) unfunded commitments (contingencies) in the first quarter of 2026, and fourth, third, second and first quarters of 2025, were $1.1 million, $0.7 million, ($0.7 million), $2.5 million and $1.3 million, respectively. (3) Non-GAAP measure. See "Non-GAAP Financial Measures" for more information and Exhibit 2 for a reconciliation to GAAP. (4) See 2025 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation. (5) In all periods shown, the Company's Board of Directors declared and paid cash dividends of $0.09 per share of the Company's common stock. In connection with these dividends, the Company paid an aggregate amount of $3.7 million in each of the first quarter of 2026 and fourth quarter of 2025, and $3.8 million per quarter in all other periods. (6) Operating data for the periods presented have been annualized.
Exhibit 2- Non-GAAP Financial Measures Reconciliation
The following tables set forth selected financial information derived from the Company's interim unaudited and annual audited consolidated financial statements, adjusted for certain items, including the provision for credit losses, income taxes and goodwill and other intangible assets. The Company believes these adjusted numbers are useful to understand the Company's performance and underlying trends.
Three Months Ended,
-------------------------------------------------
March June March
31, December September 30, 31,
(in thousands) 2026 31, 2025 30, 2025 2025 2025
------- ---------- ---------- ------- -------
Net income
attributable
to Amerant
Bancorp Inc. $17,873 $2,701 $ 14,756 $23,002 $11,958
Plus: provision
for credit
losses (1) 7,800 3,490 14,600 6,060 18,446
Plus: provision
for income tax
expense
(benefit) 5,070 (794) 4,252 6,795 3,471
------ ----- --------- ------ ------
Pre-tax
pre-provision
net revenue
(PPNR) 30,743 5,397 33,608 35,857 33,875
====== ===== ========= ====== ======
(in thousands,
except
percentages,
share data and
per share December 31, September 30,
amounts) March 31, 2026 2025 2025 June 30, 2025 March 31, 2025
--------------- --------------- --------------- --------------- ---------------
Stockholders'
equity $ 913,918 $ 938,802 $ 944,940 $ 924,286 $ 906,263
Less: goodwill
and other
intangibles
(2) (22,933) (23,103) (23,784) (24,016) (24,135)
---------- ---------- ---------- ---------- ----------
Tangible common
stockholders'
equity $ 890,985 $ 915,699 $ 921,156 $ 900,270 $ 882,128
---------- ---------- ---------- ---------- ----------
Total assets 9,903,514 9,777,018 10,410,199 10,334,678 10,169,688
Less: goodwill
and other
intangibles
(2) (22,933) (23,103) (23,784) (24,016) (24,135)
---------- ---------- ---------- ---------- ----------
Tangible assets $ 9,880,581 $ 9,753,915 $10,386,415 $10,310,662 $10,145,553
---------- ---------- ---------- ---------- ----------
Common shares
outstanding 39,803,607 40,595,273 41,265,378 41,748,434 41,952,590
========== ========== ========== ========== ==========
Tangible common
equity ratio 9.02% 9.39% 8.87% 8.73% 8.69%
========== ========== ========== ========== ==========
Stockholders'
book value per
common share $ 22.96 $ 23.13 $ 22.90 $ 22.14 $ 21.60
========== ========== ========== ========== ==========
Tangible
stockholders'
equity book
value per
common share $ 22.38 $ 22.56 $ 22.32 $ 21.56 $ 21.03
========== ========== ========== ========== ==========
____________
(1) Includes provision for credit losses on loans and provision for loan
contingencies.
(2) Other intangible assets primarily consist of naming rights and mortgage
servicing rights ("MSRs"). Other intangible assets are included in other
assets in the Company's consolidated balance sheets.
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 non-performing 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, 2026 December 31, 2025 March 31, 2025
------------------------------ --------------------------------- -------------------------------
(in thousands, Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
except percentages) Balances Expense Rates Balances Expense Rates Balances Expense Rates
---------- -------- -------- ----------- -------- ---------- ----------- -------- --------
Interest-earning
assets:
Loan portfolio,
net (1) $6,523,493 $102,674 6.38% $ 6,770,724 $114,824 6.73% $ 7,174,160 $121,021 6.84%
Debt securities
available for
sale (2) (3) 2,281,441 26,800 4.76% 2,039,573 24,916 4.85% 1,473,170 17,964 4.95%
Debt securities
held for
trading 333 -- --% 61,478 1,134 7.32% 156 -- --%
Equity securities
with readily
determinable
fair value not
held for
trading 2,553 14 2.22% 2,550 29 4.51% 2,497 19 3.09%
Federal Reserve
Bank and FHLB
stock 57,177 868 6.16% 59,605 965 6.42% 57,320 936 6.62%
Deposits with
banks 291,145 2,598 3.62% 531,010 5,244 3.92% 580,409 6,401 4.47%
Other short-term
investments 7,182 63 3.56% 7,119 70 3.90% 6,434 67 4.22%
--------- ------- ---------- ------- ---------- -------
Total
interest-earning
assets 9,163,324 133,017 5.89% 9,472,059 147,182 6.16% 9,294,146 146,408 6.39%
------- ------- -------
Total
noninterest-earning
assets (4) 739,439 763,723 748,385
--------- ---------- ----------
Total assets $9,902,763 $10,235,782 $10,042,531
========= ========== ==========
Three Months Ended
------------------------------------------------------------------------------------------------------------
March 31, 2026 December 31, 2025 March 31, 2025
--------------------------------- ------------------------------------- ----------------------------------
(in thousands, Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
except percentages) Balances Expense Rates Balances Expense Rates Balances Expense Rates
-------------- ------- -------- --------------- -------- ---------- --------------- ------- --------
Interest-bearing
liabilities:
Checking and saving
accounts
Interest bearing
demand, savings,
and money market
deposits (5) 4,429,327 26,365 2.41% 4,452,931 28,387 2.53% 4,183,742 27,129 2.63%
Time deposits 2,011,952 18,254 3.68% 2,050,101 19,798 3.83% 2,227,932 23,858 4.34%
--------- ------ ---------- ------- ---------- ------
Total deposits 6,441,279 44,619 2.81% 6,503,032 48,185 2.94% 6,411,674 50,987 3.23%
Securities sold
under agreements to
repurchase -- -- --% 102 1 3.89% -- -- --%
Advances from the
FHLB (6) 712,349 6,846 3.90% 765,225 7,518 3.90% 723,667 7,200 4.04%
Senior notes -- -- --% -- -- --% 59,883 942 6.38%
Subordinated notes 29,816 361 4.91% 29,774 361 4.81% 29,646 361 4.94%
Junior subordinated
debentures 64,178 910 5.75% 64,178 967 5.98% 64,178 1,014 6.41%
--------- ------ ---------- ------- ---------- ------
Total
interest-bearing
liabilities 7,247,622 52,736 2.95% 7,362,311 57,032 3.07% 7,289,048 60,504 3.37%
--------- ------ ---------- ------- ---------- ------
Noninterest-bearing
liabilities:
Noninterest bearing
demand deposits 1,396,612 1,649,262 1,544,770
Accounts payable,
accrued liabilities
and other
liabilities 308,976 266,810 297,491
--------- ---------- ----------
Total
noninterest-bearing
liabilities 1,705,588 1,916,072 1,842,261
--------- ---------- ----------
Total liabilities 8,953,210 9,278,383 9,131,309
Stockholders' equity 949,553 957,399 911,222
--------- ---------- ----------
Total liabilities
and stockholders'
equity $9,902,763 $10,235,782 $10,042,531
========= ========== ==========
Excess of average
interest-earning
assets over average
interest-bearing
liabilities $1,915,702 $ 2,109,748 $ 2,005,098
========= ========== ==========
Net interest income $80,281 $ 90,150 $85,904
====== ======= ======
Net interest rate
spread 2.94% 3.09% 3.02%
==== ==== === ====
Net interest margin
(6) 3.55% 3.78% 3.75%
==== ==== === ====
Cost of total
deposits (6) 2.31% 2.34% 2.60%
==== ==== === ====
Ratio of average
interest-earning
assets to average
interest-bearing
liabilities 126.43% 128.66% 127.51%
========= ========== ==========
Average
non-performing
loans/ Average
total loans 2.39% 1.90% 1.43%
========= ========== ==========
___________
(1) Includes loans held for investment net of the allowance for credit losses, and loans held for sale. Non-performing loans are included in the total loan portfolio balances. (2) Includes the average balance of net unrealized gains and losses in the fair value of debt securities available for sale. (3) Includes nontaxable securities with average balances of $52.9 million, $54.0 million and $54.3 million for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively. The tax equivalent yield for these nontaxable securities was 4.68%, 4.48%, and 4.77% for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively. In 2026 and 2025, the tax equivalent yields were calculated assuming a 21% tax rate and dividing the actual yield by 0.79. (4) Excludes the allowance for credit losses. (5) To emphasize material items, certain line items previously presented separately in prior periods have been aggregated into a single line item in this table. This includes interest-bearing demand, savings, and money market deposits. The presentation for the three months ended March 31, 2025 has been conformed accordingly for comparability. (6) 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, 2026 December 31, 2025 March 31, 2025
------------------ ------------------- ------------------
(in thousands,
except
percentages) Amount % Amount % Amount %
------- --------- -------- --------- ------- ---------
Deposits and
service fees $ 4,872 28.0% $ 4,938 22.4% $ 5,137 26.3%
Brokerage,
advisory and
fiduciary
activities 5,461 31.4% 5,304 24.1% 4,729 24.2%
Change in cash
surrender
value of bank
owned life
insurance
("BOLI")(1) 2,564 14.8% 2,602 11.9% 2,450 12.5%
Cards and trade
finance
servicing
fees 1,439 8.3% 1,505 6.8% 1,392 7.1%
Gain on early
extinguishment
of FHLB
advances, net -- --% 12 0.1% -- --%
Securities
gains, net
(2) 516 3.0% 2,054 9.3% 64 0.3%
Loan-level
derivative
income (3) 1,531 8.8% 1,398 6.4% 1,508 7.7%
Derivative
losses, net -- --% (120) (0.5)% -- --%
Other
noninterest
income (4) 998 5.7% 4,326 19.6% 4,245 21.9%
------ ----- ------ ----- ------ -----
Total
noninterest
income $17,381 100.0% $22,019 100.0% $19,525 100.0%
====== ===== ====== ===== ====== =====
__________________
(1) Changes in cash surrender value of BOLI are not taxable. (2) In the three months ended March 31, 2025 and December 31, 2025, include realized gains on the sale of debt securities available for sale of $0.5 million and $2.2 million, respectively. Additionally, the three months ended December 31, 2025, include trading securities valuation losses, partially offset by realized gains from the sale of the trading portfolio in the same period. (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) The three months ended December 31, 2025 include a gain of $3.3 million on the sale and leaseback of two banking centers located in South Florida. The three months ended March 31, 2025 include a gain of $2.8 million on the sale loans that were originated for investment. Other sources of income in the periods shown include foreign currency exchange transactions with customers and valuation income on the investment balances held in the non-qualified deferred compensation plan, and mortgage banking income and loss.
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, 2026 December 31, 2025 March 31, 2025
------------------- -------------------- ------------------
(in thousands,
except
percentages) Amount % Amount % Amount %
-------- --------- --------- --------- ------- ---------
Salaries and
employee benefits $32,040 47.9% $ 38,757 36.3% $33,347 46.6%
Occupancy and
equipment 5,423 8.1% 5,809 5.4% 6,136 8.6%
Professional and
other services
fees 11,416 17.1% 16,875 15.8% 14,682 20.5%
Loan-level
derivative expense
(1) 1,042 1.6% 919 0.9% 360 0.5%
Telecommunications
and data
processing 3,537 5.3% 3,569 3.3% 3,475 4.9%
Depreciation and
amortization 1,517 2.3% 2,060 1.9% 1,588 2.2%
FDIC assessments
and insurance 2,850 4.3% 2,746 2.6% 3,236 4.5%
Losses on loans
held for sale
carried at the
lower of cost or
fair value, net
(2) 1,823 2.7% 14,850 13.9% -- --%
Advertising
expenses 2,939 4.4% 3,542 3.3% 3,635 5.1%
Other real estate
owned and
repossessed assets
(income) expense,
net (232) (0.3)% (129) (0.1)% 164 0.2%
Contract
termination costs
(3) -- --% 7,483 7.0% -- --%
Other operating
expenses (4) 4,564 6.6% 10,291 9.7% 4,931 6.9%
------ ----- ------- ----- ------ -----
Total
noninterest
expense $66,919 100.0% $106,772 100.0% $71,554 100.0%
====== ===== ======= ===== ====== =====
___
(1) Includes service fees in connection with our loan-level derivative income generation activities. (2) Includes valuation allowances and releases of allowances on previous loans held for sale. (3) In the three months ended December 31, 2025, includes contract termination costs associated with certain advertising contracts and a third-party loan origination agreement under a white-label program. (4) For a detailed discussion of the key components of other operating expenses, see the Company's Form 10--K for the year ended December 31, 2025.
Exhibit 6 - Consolidated Balance Sheets
(in thousands, March 31, December September June 30,
except share data) 2026 31, 2025 30, 2025 2025 March 31, 2025
----------- ----------- ------------ ------------ --------------
Assets (audited)
Cash and due from
banks and
restricted cash $ 63,416 $ 53,478 $ 53,084 $ 56,381 $ 53,629
Interest earning
deposits with
banks 117,997 409,444 570,612 573,373 587,728
Other short-term
investments 7,294 7,233 7,162 7,083 7,010
--------- --------- ---------- ---------- ----------
Cash and cash
equivalents 188,707 470,155 630,858 636,837 648,367
--------- --------- ---------- ---------- ----------
Securities
Debt securities
available for sale,
at fair value 2,370,308 2,024,883 2,122,416 1,788,708 1,702,111
Trading securities -- -- 119,935 120,226 --
Equity securities
with readily
determinable fair
value not held for
trading 2,528 2,548 2,542 2,525 2,523
Federal Reserve Bank
and Federal Home
Loan Bank stock 58,048 57,138 62,808 59,429 57,044
--------- --------- ---------- ---------- ----------
Securities 2,430,884 2,084,569 2,307,701 1,970,888 1,761,678
--------- --------- ---------- ---------- ----------
Loans held for sale,
at the lower of
cost or fair value
(1) 190,014 80,912 -- -- 40,597
Mortgage loans held
for sale, at fair
value 895 2,932 -- 6,073 20,728
Loans held for
investment, gross 6,562,872 6,613,391 6,941,792 7,183,123 7,157,837
Less: Allowance for
credit losses (2) 79,236 79,276 94,918 86,519 98,266
--------- --------- ---------- ---------- ----------
Loans held for
investment,
net 6,483,636 6,534,115 6,846,874 7,096,604 7,059,571
--------- --------- ---------- ---------- ----------
Bank owned life
insurance 263,208 260,644 258,042 255,487 252,997
Deferred tax assets,
net 42,532 35,566 46,881 50,966 53,448
Operating lease
right-of-use
assets 108,980 110,588 102,872 102,558 104,578
Accrued interest
receivable and
other assets 194,658 197,537 216,971 215,265 227,724
--------- --------- ---------- ---------- ----------
Total assets $9,903,514 $9,777,018 $10,410,199 $10,334,678 $10,169,688
========= ========= ========== ========== ==========
Liabilities and
Stockholders'
Equity
Deposits
Demand
Noninterest bearing $1,466,670 $1,573,301 $ 1,768,764 $ 1,706,580 $ 1,665,468
Interest bearing
demand, savings and
money market 4,425,019 4,217,594 4,434,274 4,437,045 4,327,587
Time 2,047,412 1,996,039 2,097,931 2,162,919 2,161,923
--------- --------- ---------- ---------- ----------
Total deposits 7,939,101 7,786,934 8,300,969 8,306,544 8,154,978
Advances from the
Federal Home Loan
Bank 732,263 711,984 831,699 765,000 715,000
Senior notes -- -- -- -- 59,922
Subordinated notes 29,837 29,795 29,752 29,710 29,667
Junior subordinated
debentures held by
trust subsidiaries 64,178 64,178 64,178 64,178 64,178
Operating lease
liabilities (3) 116,456 117,456 109,726 109,226 110,999
Accounts payable,
accrued liabilities
and other
liabilities 107,761 127,869 128,935 135,734 128,681
--------- --------- ---------- ---------- ----------
Total
liabilities 8,989,596 8,838,216 9,465,259 9,410,392 9,263,425
--------- --------- ---------- ---------- ----------
Stockholders' equity
Class A common stock 3,978 4,058 4,125 4,173 4,195
Additional paid in
capital 297,503 316,067 327,205 336,021 339,038
Retained earnings 633,716 619,552 620,542 609,540 590,304
Accumulated other
comprehensive loss (21,279) (875) (6,932) (25,448) (27,274)
--------- --------- ---------- ---------- ----------
Total
stockholders'
equity 913,918 938,802 944,940 924,286 906,263
--------- --------- ---------- ---------- ----------
Total
liabilities
and
stockholders'
equity $9,903,514 $9,777,018 $10,410,199 $10,334,678 $10,169,688
========= ========= ========== ========== ==========
__________
(1) As of March 31, 2026 and December 31, 2025, includes a valuation allowance of $3.4 million and $13.8 million, respectively. (2) In the first quarter of 2026, the Company early adopted ASU 2025--08, which expands the use of the gross--up approach for certain purchased loans and eliminates Day 1 credit loss expense. As a result, the Company recorded an allowance for credit losses of $0.5 million on approximately $36.8 million of acquired loans, with no day 1 impact to earnings. (3) Consists of total long-term lease liabilities. Total short-term lease liabilities are included in other liabilities.
Exhibit 7 - Loans
Loans by Type - Held For Investment
The loan portfolio held for investment consists of the following loan classes:
March 31, December September June 30, March 31,
(in thousands) 2026 31, 2025 30, 2025 2025 2025
---------- ---------- ---------- ---------- ----------
Real estate loans (audited)
Commercial real
estate
Non-owner
occupied $1,501,909 $1,591,861 $1,656,180 $1,770,403 $1,641,210
Multi-family
residential 261,332 322,447 361,650 371,692 400,371
Land
development
and
construction
loans 505,007 534,028 544,727 543,697 499,663
--------- --------- --------- --------- ---------
2,268,248 2,448,336 2,562,557 2,685,792 2,541,244
Single-family
residential 1,680,768 1,515,181 1,550,724 1,542,447 1,549,356
Owner occupied 790,445 809,336 900,596 983,090 951,311
--------- --------- --------- --------- ---------
4,739,461 4,772,853 5,013,877 5,211,329 5,041,911
Commercial loans 1,485,438 1,446,406 1,519,778 1,566,420 1,714,583
Loans to financial
institutions and
acceptances 112,667 148,602 164,974 156,918 153,345
Consumer loans and
overdrafts 225,306 245,530 243,163 248,456 247,998
--------- --------- --------- --------- ---------
Total loans $6,562,872 $6,613,391 $6,941,792 $7,183,123 $7,157,837
========= ========= ========= ========= =========
Loans by Type - Held For Sale
The loan portfolio held for sale consists of the following loan classes:
March June March
31, December September 30, 31,
(in thousands) 2026 31, 2025 30, 2025 2025 2025
-------- --------- ---------- ------ -------
Loans held for
sale at the lower
of fair value or
cost (audited)
-----------------
Real estate loans
Commercial
real estate
Non-owner
occupied $ 63,908 $ 43,406 $ -- $ -- $ --
Multi-family
residential 60,794 -- -- -- --
Land
development
and
construction
loans 52,613 22,339 -- -- --
------- -------- --------- ----- ------
177,315 65,745 -- -- --
Single-family
residential -- -- -- -- --
Owner occupied 12,699 15,167 -- -- 40,597
------- -------- --------- ----- ------
190,014 80,912 -- -- 40,597
Commercial loans -- -- -- -- --
Consumer loans -- -- -- -- --
------- -------- --------- ----- ------
Total loans held
for sale at the
lower of fair
value or cost 190,014 80,912 -- -- 40,597
------- -------- --------- ----- ------
Mortgage loans
held for sale at
fair value
-----------------
Land
development
and
construction
loans -- -- -- 2,056 7,475
Single-family
residential 895 2,932 -- 4,017 13,253
------- -------- --------- ----- ------
Total mortgage
loans held for
sale at fair
value 895 2,932 -- 6,073 20,728
------- -------- --------- ----- ------
Total loans held
for sale $190,909 $ 83,844 $ -- $6,073 $61,325
======= ======== ========= ===== ======
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.
March June March
31, December September 30, 31,
(in thousands) 2026 31, 2025 30, 2025 2025 2025
-------- --------- ---------- ------- --------
Non-Accrual Loans (audited)
Real Estate Loans
Commercial real
estate $(CRE)$
Non-owner
occupied $ 11,172 $ 4,288 $ 4,374 $ 1,022 $ --
Multi-family
residential -- -- 7,018 -- --
Land
development
and
construction
loans (1) -- 16,200 19,577 -- --
------- -------- --------- ------ -------
11,172 20,488 30,969 1,022 --
Single-family
residential 27,346 26,082 8,838 7,421 15,048
Owner occupied 40,745 28,733 15,287 21,027 22,249
------- -------- --------- ------ -------
79,263 75,303 55,094 29,470 37,297
Commercial loans 85,481 83,761 67,081 51,157 84,907
Consumer loans and
overdrafts 8,969 9,204 725 666 --
------- -------- --------- ------ -------
Total Non-Accrual
Loans (1) $173,713 $ 168,268 $ 122,900 $81,293 $122,204
------- -------- --------- ------ -------
Past Due Accruing
Loans
Real Estate Loans
Single-family
residential -- -- -- -- 886
Owner occupied -- 730 -- -- --
Commercial 2,337 2,372 1,392 1,192 -- 122
Consumer loans and
overdrafts -- -- -- -- 7
------- -------- --------- ------ -------
Total Past Due
Accruing Loans
(2) $ 2,337 $ 3,102 $ 1,392 $ 1,192 $ 1,015
------- -------- --------- ------ -------
Total
Non-Performing
Loans 176,050 171,370 124,292 82,485 123,219
Other Real Estate
Owned 15,542 15,542 15,606 15,389 17,541
------- -------- --------- ------ -------
Total
Non-Performing
Assets (1) $191,592 $ 186,912 $ 139,898 $97,874 $140,760
======= ======== ========= ====== =======
__________________
(1) At December 31, 2025, balances included $16.2 million in land development and construction loans held for sale, which were sold in January 2026. There were no loans both classified as held for sale and in non-performing status in any of the other periods shown. (2) 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, 2026 December 31, 2025 March 31, 2025
--------------------------------------------- --------------------------------------------- ---------------------------------------------
(audited)
Special Total Special Total Special Total
(in thousands) Mention Substandard Doubtful (1) Mention Substandard Doubtful (1) Mention Substandard Doubtful (1)
Loans held for
investment
Real Estate Loans
Commercial Real
Estate (CRE)
Non-owner
occupied $ 51,392 $ 32,416 $ -- $ 83,808 $ 56,126 $ 34,213 $ -- $ 90,339 $ 40,391 $ 42,317 $ -- $ 82,708
Multi-family
residential -- 22,457 -- 22,457 31,704 22,435 -- 54,139 8,282 -- -- 8,282
Land
development
and
construction
loans 34,590 2,748 -- 37,338 -- -- -- -- -- -- -- --
------- --------- ------ ------- ------- --------- ------ ------- ------- --------- ------ -------
85,982 57,621 -- 143,603 87,830 56,648 -- 144,478 48,673 42,317 -- 90,990
Single-family
residential -- 43,985 -- 43,985 733 26,010 -- 26,743 -- 15,934 -- 15,934
Owner occupied -- 72,432 -- 72,432 12,485 51,965 -- 64,450 2,447 22,249 -- 24,696
------- --------- ------ ------- ------- --------- ------ ------- ------- --------- ------ -------
85,982 174,038 -- 260,020 101,048 134,623 -- 235,671 51,120 80,500 -- 131,620
Commercial loans 2,387 102,039 -- 104,426 35,408 129,610 459 165,477 48,600 85,029 -- 133,629
Loans to financial
institutions and
acceptances -- 35,210 -- 35,210 -- -- -- -- -- -- -- --
Consumer loans
and overdrafts -- 8,969 -- 8,969 -- 9,204 -- 9,204 -- 7 -- 7
------- --------- ------ ------- ------- --------- ------ ------- ------- --------- ------ -------
Total loans held for
investment 88,369 320,256 -- 408,625 136,456 273,437 459 410,352 99,720 165,536 -- 265,256
------- --------- ------ ------- ------- --------- ------ ------- ------- --------- ------ -------
Loans held for sale
at the lower of cost
or fair value
Non-owner
occupied -- -- -- -- -- 43,406 -- 43,406 -- -- -- --
Multi-family
residential 30,920 -- -- 30,920 -- -- -- -- -- -- -- --
Land
development
and
construction
loans 28,952 -- -- 28,952 -- 22,339 -- 22,339 -- -- -- --
Owner occupied -- -- -- -- -- 15,167 -- 15,167 -- 40,597 -- 40,597
------- --------- ------ ------- ------- --------- ------ ------- ------- --------- ------ -------
Total loans held for
sale 59,872 -- -- 59,872 -- 80,912 -- 80,912 -- 40,597 -- 40,597
------- --------- ------ ------- ------- --------- ------ ------- ------- --------- ------ -------
Total $148,241 $ 320,256 $ -- $468,497 $136,456 $ 354,349 $ 459 $491,264 $ 99,720 $ 206,133 $ -- $305,853
======= ========= ====== ======= ======= ========= ====== ======= ======= ========= ====== =======
__________
(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.
March 31, December September June 30, March 31,
(in thousands) 2026 31, 2025 30, 2025 2025 2025
---------- ---------- ---------- ---------- ----------
(audited)
Domestic $5,228,588 $5,168,371 $5,732,799 $5,707,272 $5,592,575
--------- --------- --------- --------- ---------
Foreign:
Venezuela 2,005,521 1,910,980 1,881,871 1,897,631 1,862,614
Others 704,992 707,583 686,299 701,641 699,789
--------- --------- --------- --------- ---------
Total foreign 2,710,513 2,618,563 2,568,170 2,599,272 2,562,403
--------- --------- --------- --------- ---------
Total deposits $7,939,101 $7,786,934 $8,300,969 $8,306,544 $8,154,978
========= ========= ========= ========= =========
Glossary of Terms and Definitions
-- Total gross loans: is the principal balance of outstanding loans,
including loans held for investment, loans held for sale at the lower of
cost or fair value, and mortgage loans held for sale, net of unamortized
deferred nonrefundable loan origination fees and loan origination costs,
and unamortized premiums paid on purchased loans, excluding the allowance
credit loan losses.
-- 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 is calculated based upon the average daily balance of total
assets.
-- ROE is 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.
-- Loans to Deposits ratio: calculated as the ratio of total gross loans
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.
-- 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.
-- FTEs: full-time equivalent employees
View source version on businesswire.com: https://www.businesswire.com/news/home/20260423171772/en/
CONTACT: Investors
Laura Rossi
InvestorRelations@amerantbank.com
(305) 460-8728
Media
Alexis Dominguez
MediaRelations@amerantbank.com
(305) 441-8412
(END) Dow Jones Newswires
April 23, 2026 16:30 ET (20:30 GMT)