GlobeNewswire Inc | Jan 19, 2022 04:20PM EST

January 19, 2022

Significant Improvement Shown in Key Performance Metrics

-- Core pre-provision net revenue (Core PPNR)1 grew to approximately $19 million in the fourth quarter of 2021, an increase from $18.3 million in the third quarter of 2021, and an increase from $17.6 million in the fourth quarter of 2020 -- Loan growth of $88.6 million, or 1.62%, compared to the close of the third quarter of 2021, even with approximately $337 million in prepayments and $49.4 million in sales of former NYC production office loans -- Non-performing loans to total loans declined to 0.89%, or $49.8 million compared to 1.51%, or $82.7 million last quarter -- Net interest margin grew to 3.17% in the fourth quarter of 2021, up 23 basis points from 2.94% in the third quarter of 2021

CORAL GABLES, Fla., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Amerant Bancorp Inc. (NASDAQ: AMTB) (the Company or Amerant) today reported net income attributable to the Company of $65.5 million in the fourth quarter of 2021, or $1.77 per diluted share, an increase compared to net income attributable to the Company of $17.0 million, or $0.45 per diluted share, in the third quarter of 2021 and net income attributable to the Company of $8.5 million, or $0.20 per diluted share, in the fourth quarter of 2020. Net income attributable to the Company was $112.9 million for the full-year 2021, compared to a net loss attributable to the Company of $1.7 million for the full-year 2020. Pre-provision net revenue (PPNR)1 was $79.1 million in the fourth quarter of 2021, an increase from $17.5 million in the third quarter of 2021, and an increase from $8.5 million in the fourth quarter of 2020. PPNR1 was $130.1 million for the full-year 2021, an increase from $84.3 million for the full-year 2020. Core PPNR1 was $69.9 million for the full-year 2021, compared to $71.0 million for the full-year 2020.

Annualized return on assets (ROA) and return on equity (ROE) were 3.45% and 32.04%, respectively, in the fourth quarter of 2021, compared to 0.90% and 8.38%, respectively, in the third quarter of 2021, and 0.42% and 4.09%, respectively, in the fourth quarter of 2020. ROA and ROE were 1.50% and 14.19%, respectively, for the full-year 2021, compared to negative 0.02% and 0.21%, respectively, for the full-year 2020.

We believe the record fourth quarter results show the steps we have taken throughout the year to position the company for success are coming to fruition, stated Jerry Plush, Vice Chairman, President and CEO. He added, While we are excited about the progress we made throughout 2021 toward becoming a higher performing bank, it is essential that we remain focused on the continued execution of our strategy to achieve even stronger performance in 2022.

Other significant highlights in the quarter include:

-- Entered into a new outsourcing agreement with FIS to assume full responsibility over a significant number of the Banks support functions and staff; expected estimated annual savings of approximately $12 million -- Effected a clean-up merger (the Merger), which eliminated class B shares and reduced the number of shares outstanding -- $27.9million and 893,394 Class A shares repurchased as of December 31, 2021 in execution of $50-million share buyback program approved on September 10, 2021 -- Declared the first cash dividend as a public company of $0.06 per share paid on January 14, 2022 -- Executed on sale and leaseback of the Companys headquarters building in Coral Gables; reducing fixed assets by $69.9 million and recognizing a gain on sale of $62.4 million

Summary Results

Results of the fourth quarter and full-year ended December 31, 2021 were as follows:

-- Net income attributable to Amerant was $65.5 million in the fourth quarter of 2021, up 284.4% from $17.0 million in the third quarter of 2021, and up 672.7% from $8.5 million in the fourth quarter of 2020. Net income was $112.9 million for the full-year 2021, compared to a net loss of $1.7 million for the full-year 2020. Core net income1 was $19.3 million in the fourth quarter of 2021 compared to $17.7 million in the third quarter of 2021, and compared to core net income of $20.9 million in the fourth quarter of 2020. Core net income1 was $66.8 million for the full-year 2021, compared to a core net loss1 of $7.0 million for the full-year 2020. -- Net Interest Income (NII) was $55.8 million, up 7.6% from $51.8 million in the third quarter of 2021, and up 14.7% from $48.7 million in the fourth quarter of 2020. NII was $205.1 million for the full-year 2021, up $15.6 million, or 8.2%, from $189.6 million for the full-year 2020. Net interest margin (NIM) was 3.17% in the fourth quarter of 2021, up 23 basis points from 2.94% in the third quarter of 2021, and up 56 basis points from 2.61% in the fourth quarter of 2020. NIM was 2.90% for the full-year 2021, up 38 basis points from 2.52% for the full-year 2020. -- Amerant released $6.5 million from the allowance for loan losses (ALL) during the fourth quarter of 2021, compared to a release of $5.0 million in the third quarter of 2021. No provision for loan losses was recorded in the fourth quarter of 2020. There was a release of $16.5 million from the ALL in the full-year 2021, compared to a provision for loan losses of $88.6 million in the full-year 2020. The ratio of allowance for loan losses to total loans held for investment was 1.29% as of December31, 2021, down from 1.59% as of September 30, 2021, and down from 1.90% as of December 31, 2020. The ratio of net charge-offs to average total loans held for investment in the fourth quarter of 2021 was 0.52% compared to 1.16% in the third quarter of 2021, and 0.40% in the fourth quarter of 2020. The ratio of net charge-offs to average total loans held for investment in the full-year 2021 was 0.44%, compared to 0.52% in the full-year 2020. -- Noninterest income was $77.3 million in the fourth quarter of 2021, up 475.3% from $13.4 million in the third quarter of 2021, and up 571.2% from $11.5 million in the fourth quarter of 2020, as the fourth quarter of 2021 included a $62.4 million gain on the sale of the Companys headquarters building. Noninterest income was $120.6 million in the full-year 2021, up $47.2 million, or 64.2%, compared to $73.5 million in the full-year 2020. Noninterest income for the full year 2020 includes a $26.5 million gain on sale of securities. -- Noninterest expense was $55.1 million, up 13.8% from $48.4 million in the third quarter of 2021, and up 6.7% from $51.6 million in the fourth quarter of 2020. Noninterest expense was $198.2 million in the full-year 2021, up $19.5 million, or 10.9%, compared to $178.7 million in the full-year 2020. -- The efficiency ratio was 41.4% in the fourth quarter of 2021, compared to 74.2% in the third quarter of 2021, and 85.8% in the fourth quarter of 2020. For the full-year 2021 the efficiency ratio was 60.9%, compared to 68.0% for the full-year 2020. Core efficiency ratio1 was 75.0% in the fourth quarter of 2021, compared to 73.0% in the third quarter of 2021, and 71.0% in the fourth quarter of 2020. For the full-year 2021 core efficiency ratio1 was 74.0%, compared to 70.1% for the full-year 2020. -- Total gross loans, which include loans held for sale, were $5.6 billion at the close of the fourth quarter of 2021, up $88.6 million, or 1.6%, compared to the close of the third quarter of 2021, and down $274.8 million, or 4.7%, compared to the close of the fourth quarter of 2020. Total deposits were $5.6 billion at the close of the fourth quarter of 2021, up slightly by $4.5 million, or 0.1%, compared to the close of the third quarter of 2021, and down $100.8 million, or 1.8%, compared to the close of the fourth quarter 2020. -- Stockholders book value per common share attributable to the Company increased to $23.18 at December31, 2021, compared to $21.68 at September 30, 2021, and $20.70 at December 31, 2020. Tangible book value (TBV)1 per common share increased to $22.55 as of December31, 2021, compared to $21.08 at September 30, 2021, and $20.13 at December 31, 2020.

Credit Quality

The ALL was $69.9 million at the close of the fourth quarter of 2021, compared to $83.4 million at the close of the third quarter of 2021, and $110.9 million at the close of the fourth quarter of 2020. The Company released $6.5 million from the ALL in the fourth quarter of 2021, compared to a release of $5.0 million in the third quarter of 2021. No provision for loan losses was recorded in the fourth quarter of 2020. The ALL release during the fourth quarter of 2021 was primarily attributed to improved macro-economic conditions and upgrades, payoffs and pay-downs of non-performing loans and special mention loans, offset by additional reserves requirements for charge-offs and loan growth. The ALL associated with the COVID-19 pandemic decreased slightly to approximately $14.1 million in the fourth quarter of 2021.

Net charge-offs during the fourth quarter of 2021 totaled $7.0million, compared to $15.7 million in the third quarter of 2021 and $5.9 million in the fourth quarter of 2020. Charge-offs during the period were primarily due to $3.9 million in commercial loans, $1.8 million in CRE loans and $1.4 million in consumer loans, offset by $0.5 million in recoveries. Additionally, in connection with the Coffee Trader relationship, we collected $4.8 million, which contributed to a release of $2.3 million in specific reserves. This relationship had an outstanding balance of $9.1 million as of the end of the fourth quarter of 2021.

Classified and special mention loans decreased 39.0% and 4.1%, respectively, compared to the third quarter of 2021, and 42.0% and 37.6%, respectively, compared to the fourth quarter of 2020. The decrease in classified loans was mainly due to $25.2 million in payoffs and pay-downs, and $7.5 million due to charge-offs. The decrease in special mention loans was mainly due to $10.0 million in payoffs and pay-downs and $2 million in upgrades, offset by $7.9 million in CRE and commercial loan downgrades.

Non-performing assets totaled $59.5 million at the end of the fourth quarter of 2021, a decrease of $33.0 million or 35.7%, compared to the third quarter of 2021, and $28.6 million, or 32.5%, compared to the fourth quarter of 2020, due to the decrease in classified loans as mentioned above. The ratio of non-performing assets to total assets at the end of the fourth quarter of 2021 was 78 basis points, down 46 basis points from 124 basis points in the third quarter of 2021 and 35 basis points from 113 basis points in the fourth quarter of 2020. In the fourth quarter of 2021, the ratio of ALL to non-performing loans increased to 140.41%, from 100.84% at September 30, 2021 and 126.46% at the close of the fourth quarter of 2020.

Loans and Deposits

Total loans, including loans held for sale, as of December31, 2021 were $5.6 billion, up $88.6 million, or 1.6%, compared to September 30, 2021, and down $274.8 million, or 4.7% compared to December 31, 2020. Loans held for sale totaled $158.1 million and $224.9 million as December31, 2021 and September 30, 2021, respectively. There were no loans held for sale at December 31, 2020. Loans held for sale include $14.9 million in residential mortgage loans in connection with Amerant Mortgage, Inc. (AMTM) and $143.2 million New York loans. During the fourth quarter of 2021, the Company sold $49.4 million in loans held for sale related to the NY portfolio, at par. The increase in total loans was primarily due to increased loan production compared to previous quarters, partially offset by approximately $337 million in prepayments received primarily in CRE loans. During the fourth quarter of 2021, the Company continued to purchase higher yielding indirect consumer loans. Consumer loans as of December31, 2021 were $423.7 million, an increase of $65.2 million, or 18.2%, quarter over quarter. The Company purchased approximately $85.7 million of higher-yielding indirect consumer loans during the fourth quarter of 2021.

Core deposits as of December 31, 2021 were $4.3 billion, an increase of $109.4 million or 2.6%, compared to September 30, 2021, and $603.0 million, or 16.3% compared to December 31, 2020. This change includes interest bearing demand deposits of $1.51 billion as of December 31, 2021, compared to $1.32 billion as of September 30, 2021, noninterest bearing demand deposits of $1.18 billion as of December 31, 2021 compared to $1.21 billion as of September 30, 2021, and savings and money market deposits of $1.60 billion as of December 31, 2021 compared to $1.66 billion as of September 30, 2021. Total deposits as of December31, 2021 were $5.6 billion, slightly up $4.5 million, or 0.08%, compared to September 30, 2021. Domestic deposits totaled $3.1 billion, up $46.7 million, or 1.5%, compared to September 30, 2021, while foreign deposits totaled $2.5 billion, down $42.2 million, or 1.7%, compared to September 30, 2021.

The quarter-over-quarter increase in total deposits was primarily attributable to an increase in customer transaction account balances of $109.1 million, or 2.7%, compared to September 30, 2021, with interest bearing demand contributing $187.7 million to such growth, and savings and money market and noninterest bearing deposits partially offsetting the increase in transaction account balances by $26.9 million and $51.7 million, respectively. Offsetting the increase in total deposits was a reduction of $105.0 million, or 7.3%, in time deposits. Customer CDs compared to the prior quarter decreased $59.1 million, or 5.3%, as the Company continued to lower CD rates and focus on increasing core deposits and emphasizing multi-product relationships versus single product higher-cost CDs. Brokered time deposits decreased $45.8 million, or 13.7%, compared to September 30, 2021, and brokered interest bearing and money market deposits increased $0.4 million, or 0.4% during the fourth quarter of 2021. Amerant continues to de-emphasize this funding source.

Net Interest Income and Net Interest Margin

Fourth quarter 2021 NII was $55.8 million, up $4.0 million, or 7.6%, from $51.8 million in the third quarter of 2021 and up $7.1 million, or 14.7%, from $48.7 million in the fourth quarter of 2020. The quarter-over-quarter increase was primarily driven by higher average yields, including prepayment fees, and balances on loans, as well as lower average balances on customer CDs and brokered time deposits. There were no significant offsets to the increase in NII during the fourth quarter.

The year-over-year increase in NII was primarily driven by lower average balances on CDs and brokered deposits and lower deposit costs as well as higher average loan and investment yields. Lower cost and average balances on FHLB advances and other borrowings also contributed to the increase in NII. Partially offsetting the year-over-year increase in NII were lower balances on loans as well as available for sale securities.

NII was $205.1 million for the full-year 2021, up $15.6 million, or 8.2%, from $189.6 million for the full-year 2020. This increase was primarily driven by: (i) lower cost of total deposits and Federal Home Loan Bank advances; (ii) lower average balance of CDs, brokered deposits and FHLB advances, and (iii) higher average yields on loans. These were partially offset by: (i) lower average balance of earning assets; (ii) higher average balance of Senior Notes as these were issued late in the second quarter of 2020, and (iii) higher average balance of interest bearing and savings and money market deposits.

NIM was 3.17% in the fourth quarter of 2021, up 23 basis points from 2.94% in the third quarter of 2021 and up 56 basis points from 2.61% in the fourth quarter of 2020. To support NIM growth, the Company continues to proactively seek to increase spreads in loan originations. NIM was 2.90% for the full-year 2021, up 38 basis points from 2.52% for the full-year 2020.

Noninterest income

In the fourth quarter of 2021, noninterest income was $77.3 million, up $63.9 million, or 475.3%, from $13.4 million in the third quarter of 2021. The increase was primarily driven by a $62.4 million gain on the sale of the Companys headquarters building in the fourth quarter of 2021. Also contributing to the increase in noninterest income quarter-over-quarter were higher (i) derivative client income; (ii) income from brokerage, advisory and fiduciary activities, (iii) mortgage banking income; and (iv) total deposit and service fees.

Noninterest income increased $65.8 million, or 571.2%, in the fourth quarter of 2021 from $11.5 million in the fourth quarter of 2020. The year-over-year increase in noninterest income was primarily driven by the $62.4 million gain on the sale of the Companys headquarters building. Also contributing to the increase in noninterest income year-over-year were higher (i) derivative client income; (ii) mortgage banking income; (iii) income from brokerage, advisory and fiduciary activities, and (iv) total deposit and service fees. The increase was partially offset by a decrease of $1.1 million in gains on sale of debt securities.

In the full-year 2021, noninterest income increased $47.2 million, or 64.2%, from $73.5 million in the full-year 2020. This increase was primarily driven by the $62.4 million gain on sale of the Companys headquarters building. Also contributing to the increase in noninterest income for the full year 2021 were: (i) a net gain of $3.8 million on the sale of $95.1 million of PPP loans in the second quarter of 2021; (ii) $1.7 million higher income from brokerage, advisory and fiduciary activities; (iii) mortgage banking income of $1.7 million; (iv) $1.4 million higher total deposit and service fees, and (v) $0.8 million higher derivative client income. These increases were partially offset by a decrease in net gains on securities of $23.3 million, and a net loss of $2.5 million on the early termination of $235 million of FHLB advances during the period.

Amerant Mortgage continues to execute on its growth strategy. In the fourth quarter of 2021, AMTM received 166 applications and funded 61 loans totaling $32.04 million. Total mortgage loans held for sale were $14.9 million as of December 31, 2021. For the full year 2021, AMTM received 299 applications and funded 109 loans totaling $52.6 million.

The Companys assets under management and custody (AUM) totaled $2.22 billion as of December31, 2021, increasing $32.8million, or 1.5%, from $2.19 billion as of September 30, 2021, and $248.8 million, or 12.6%, from $1.97 billion as of December 31, 2020. The quarter-over-quarter increase in AUM was primarily driven by net new assets of $28.6 million. The year-over-year increase in AUM was primarily driven by increased market value as well as net new assets of $106.7 million. Net new assets represent 87.3% and 42.9% of the quarter-over-quarter and year-over-year increases, respectively, as a result of the increase in share of wallet attributed to the Companys relationship-centric strategy.

Noninterest expense

Fourth quarter of 2021 noninterest expense was $55.1 million, up $6.7 million, or 13.8%, from $48.4 million in the third quarter of 2021. The increase was primarily driven by: (i) higher consulting, legal and other professional fees in connection with the Merger completed on November 18, 2021 as well as expenses related to consulting services received from FIS; (ii) higher salaries and employee benefits primarily as a result of new hires in the mortgage and private banking businesses as well as higher variable compensation expenses resulting from higher estimated payouts to match expected performance; (iii) higher occupancy and equipment costs in connection with the lease termination of the Fort Lauderdale branch closed in 2020, and (iv) higher marketing expenses as multiple brand awareness initiatives were deployed during the fourth quarter. These increases were partially offset by lower depreciation and amortization expenses, which includes the effect of the sale of the Companys headquarters building, and lower FDIC assessment and insurance expenses. Total full-time-equivalent employees (FTEs) at December 31, 2021 were 763. As a result of the Companys agreement with FIS, Amerant transferred certain functions, reducing total FTEs to 683 effective January 1, 2022.

Noninterest expense in the fourth quarter of 2021, increased $3.5 million, or 6.7% compared to $51.6 million in the fourth quarter of 2020. The increase was primarily driven by higher consulting, legal and other professional fees in connection with the Merger completed on November 18, 2021, expenses related to consulting services received from FIS and to the onboarding of the new firm as a result of outsourcing of the Companys internal audit function, as well as higher marketing expenses. This was partially offset by lower depreciation and amortization expenses primarily due to lower additional expenses related to branch closures and lower expenses due to the leasing of the Beacon operations center and the Companys headquarters building (both previously owned). In addition, there was a decrease in total salaries and employee benefits primarily driven by lower severance expenses. The decrease in total salaries and employee benefits was partially offset by: (i) higher bonus compensation due to the new long term incentive (LTI) program which was launched in February 2021, and adjustments to the Companys non-equity variable compensation program in 2021, at expected performance levels, after having curtailed it in 2020 due to the COVID-19 pandemic, and (ii) higher salaries and employee benefits expenses in connection with new hires, primarily in the mortgage and private banking businesses.

In the full-year 2021, noninterest expense increased $19.5 million, or 10.9%, compared to $178.7 million in the full-year 2020. This increase was primarily driven by: (i) higher professional and other services fees primarily due to the Merger, expenses related to consulting services received from FIS, the onboarding of the new firm as a result of outsourcing of the Companys internal audit function, higher recruitment fees and the design of our new compensation programs; (ii) higher salary and employee benefits primarily due to the absence of the $7.8 million deferral of expenses directly related to PPP loans originations, in accordance with GAAP, and new hires in the mortgage and private banking businesses, though partially offset by staff reductions performed at the end of 2020; (iii) an increase in equity compensation primarily related to the aforementioned LTI program; (iv) adjustments to the Companys non-equity variable compensation program in 2021, at expected performance levels, after having curtailed it in 2020 due to the COVID-19 pandemic; (v) higher occupancy and equipment costs primarily due to increased rent expense resulting from the leasing of the Beacon Operations Center, and a $0.8 million lease impairment charge related to the closing of the NY Loan Production Office (LPO) in 2021; (vi) higher marketing expenses, and (vii) telecommunication and data processing expenses. These increases were partially offset by lower depreciation and amortization expenses due to the aforementioned leasing of the Beacon Operations Center and the Companys headquarters building.

Year-to-date, the mortgage business has recorded $7.1 million in noninterest expenses, from which $5.5 million are related to salaries and employee benefits expenses, $1.6 million to mortgage lending costs, professional fees and the balance to other noninterest expenses.

Restructuring expenses totaled $1.9 million in the fourth quarter of 2021, compared to $0.8 million in the third quarter of 2021 and $8.4 million in the fourth quarter of 2020. The increase in the fourth quarter of 2021 compared to the third quarter of 2021 was primarily due to higher one-time legal and consulting expenses of $0.9million, and branch closure expenses of $0.5 million in the fourth quarter of 2021. The decrease in the fourth quarter of 2021 compared to the fourth quarter of 2020, was primarily driven by lower staff reductions costs and lower branch closure expenses. Restructuring expenses totaled $7.1 million in the full-year 2021 compared to $11.9 million in the full-year 2020. The decrease in the full-year 2021 compared to the full-year 2020 was primarily driven by lower staff reductions costs, digital transformation and branch closure expenses.

The efficiency ratio was 41.4% in the fourth quarter of 2021, compared to 74.2% in the third quarter of 2021, and 85.8% in the fourth quarter of 2020. The quarter-over-quarter and year-over-year improvements in the efficiency ratio were primarily driven by the gain on sale of the Companys headquarters building. Partially offsetting this improvement were higher noninterest expenses as noted above. Core efficiency ratio1 increased to 75.0% in the fourth quarter of 2021 compared to 73.0% in the third quarter of 2021 and 71.0% in the fourth quarter of 2020, also primarily driven by higher noninterest expenses as described above, though partially offset by higher loan average yields, including prepayment fees, and balances. For the full-year 2021 the efficiency ratio was 60.9%, compared to 68.0% for the full-year 2020.

As part of Amerants continued efforts to improve its operating efficiency, during the fourth quarter of 2021 the Company entered into a new multi-year outsourcing agreement with financial technology leader FIS to assume full responsibility over a significant number of the Banks support functions and staff, including certain back-office operations. Under this new outsourcing relationship, the Bank expects to realize estimated annual savings of approximately $12.0 million, while achieving greater operational efficiencies and delivering advanced solutions and services to its customers. Also, as previously announced, the Company closed a banking center in Wellington, FL in October 2021 and expects to open a new branch in downtown Miami in the fourth quarter of 2022.

As part of Amerants keen focus to generate brand awareness, the Company continued to work on several initiatives during the fourth quarter of 2021 and into 2022. As mentioned during the third quarter of 2021, Amerants new Imagine a Bank campaign was launched during the fourth quarter of 2021 and a significant expansion to it went live on January 3, 2022. In addition, the bank continued to leverage our partnership with the Atlantic Division leading Florida Panthers to also drive brand awareness.

Capital Resources and Liquidity

The Companys capital continues to be strong and well in excess of the minimum regulatory requirements to be considered well-capitalized at December 31, 2021.

During the fourth quarter of 2021, Amerant delivered on its previously announced commitment to simplify its capital structure. On November 18, 2021 the Company completed the Merger, by automatically converting shares of the Companys Class B common stock into shares of the Companys Class A common stock pursuant to the Mergers terms. Additionally, during the fourth quarter of 2021, Amerant continued to demonstrate its commitment to increasing total return to shareholders, as evidenced by the completion of $36.3 million of Class A shares repurchased in 2021 (including the cash out of holders of 99 shares or less in connection with the Merger) and the declaration, on December 9, 2021, of a cash dividend of $0.06 per share of Amerant common stock. Additionally, on January 19, 2022, the Company's Board declared a cash dividend of $0.09 per share of common stock, payable on February 28, 2022, to holders of record on February 11 , 2022

Stockholders equity attributable to the Company totaled $831.9 million as of December31, 2021, up $19.2million, or 2.4%, from $812.7 million as of September 30, 2021, primarily driven by net income of $65.5 million in the fourth quarter of 2021. This increase was partially offset by: (i) an aggregate of $36.3 million of Class A shares repurchased in the fourth quarter of 2021, including $27.9 million repurchased under the Class A repurchase program and $8.5million shares cashed out in accordance with the terms of the Merger; (ii) an after-tax decline of $6.0 million in the fair value of debt securities available for sale, and (iii) $2.2 million of dividends declared by the Company in the fourth quarter of 2021.

Stockholders equity attributable to the Company increased $48.5 million, or 6.2%, in the full-year 2021 from $783.4 million as of December 31, 2020. This was primarily driven by net income of $112.9 million in the year ended December 31, 2021. This increase was partially offset by: (i) an aggregate of $36.3 million of Class A shares repurchased in 2021, as mentioned above; (ii) $9.6 million in Class B shares repurchased by the Company in 2021; (iii) an after-tax decline of $16.2 million in the fair value of debt securities available for sale, and (iv) $2.2 million of dividends declared by the Company in the fourth quarter of 2021.

Book value per common share increased to $23.18 at December31, 2021 compared to $21.68 at September 30, 2021. TBV1 per common share increased to $22.55 at December31, 2021 compared to $20.13 at September 30, 2021.

Amerants liquidity position includes cash and cash equivalents of $274.2 million at the close of the fourth quarter of 2021, compared to $166.2 million as of September 30, 2021, and $214.4 million as of December 31, 2020. Additionally, as of the end of the fourth and third quarters of 2021 the Company, through its subsidiary Amerant Bank, had $1.4 billion in available borrowing capacity with the FHLB.

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

Fourth Quarter 2021 Earnings Conference Call

As previously announced, the Company will hold an earnings conference call on Thursday, January 20, 2022 at 9:00 a.m. (Eastern Time) to discuss its fourth quarter 2021 results. The conference call and presentation materials can be accessed via webcast by logging on from the Investor Relations section of the Companys 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. (NASDAQ: AMTB)

Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its main subsidiary, Amerant Bank, N.A. (the Bank), as well as its other subsidiaries: Amerant Investments, Inc., Elant Bank and Trust Ltd., and Amerant Mortgage, LLC. The Company provides individuals and businesses in the U.S., as well as select international clients, with deposit, credit and wealth management services. The Bank, which has operated for over 40 years, is the second largest community bank headquartered in Florida. The Bank operates 24 banking centers 17 in South Florida and 7 in the Houston, Texas area. For more information, visit investor.amerantbank.com.

FIS and any associated brand names/logos are the trademarks of FIS and/or its affiliates.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements including statements regarding our outsourcing agreement with FIS, and the Company's ability to achieve savings and greater operational efficiencies, as well as statements with respect to the Companys objectives, expectations and intentions and other statements that are not historical facts. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as may, will, anticipate, assume, should, indicate, would, believe, contemplate, expect, estimate, continue, plan, point to, project, could, intend, target, goals, outlooks, modeled, dedicated, create, and other similar words and expressions of the future.

Forward-looking statements, including those relating to our outsourcing relationship with FIS, as well as other statements as 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 Companys 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, 2020, in our quarterly report on Form 10-Q for the quarter ended June 30, 2021 and in our other filings with the U.S. Securities and Exchange Commission (the SEC), which are available at the SECs website www.sec.gov.

Interim Financial Information

Unaudited financial information as of and for interim periods, including the three and twelve month periods ended December 31, 2021 and the three month period ended December 31, 2020, may not reflect our results of operations for our fiscal year ended, or financial condition as of December 31, 2021, 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 net income (loss), core net income (loss) 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 and they should not be considered in isolation or as a substitute for the GAAP measures presented herein.

We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our businesses. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance, especially in light of the additional costs we have incurred in connection with the Companys restructuring activities that began in 2018 and continued in 2021, including the effect of non-core banking activities such as the sale of loans and securities, the sale of our corporate headquarters in the fourth quarter of 2021, and other non-recurring actions intended to improve customer service and operating performance. While we believe that thesenon-GAAPfinancial 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, thesenon-GAAPfinancial measures may differ from similar measures presented by other companies.

Exhibit 2 reconciles these non-GAAP financial measures to reported results.

Exhibit 1- Selected Financial Information

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

(in December 31, September June 30, March 31, December 31,thousands) 2021 30, 2021 2021 2021 2020ConsolidatedBalance SheetsTotal assets $ 7,638,399 $ 7,489,305 $ 7,532,844 $ 7,751,098 $ 7,770,893Total 1,341,241 1,422,738 1,359,240 1,375,292 1,372,567investmentsTotal gross 5,567,540 5,478,924 5,608,548 5,754,838 5,842,337loans (1)Allowance for 69,899 83,442 104,185 110,940 110,902loan lossesTotal 5,630,871 5,626,377 5,674,908 5,678,079 5,731,643depositsCore deposits 4,293,031 4,183,587 4,041,867 3,795,949 3,690,081(2)Advances fromthe FHLB and 809,577 809,095 808,614 1,050,000 1,050,000otherborrowingsSenior notes 58,894 58,815 58,736 58,656 58,577Juniorsubordinated 64,178 64,178 64,178 64,178 64,178debenturesStockholders'equity (3)(4) 831,873 812,662 799,068 785,014 783,421(9)Assets undermanagement 2,221,077 2,188,317 2,132,516 2,018,870 1,972,321and custody(5)

Three Months Ended Years Ended December 31,(inthousands,except December September June 30, March 31, December 2021 2020 percentages 31, 2021 30, 2021 2021 2021 31, 2020and per shareamounts)ConsolidatedResults of OperationsNet interest $ 55,780 $ 51,821 $ 49,971 $ 47,569 $ 48,652 $ 205,141 $ 189,552 income(Reversal of)provision for (6,500 ) (5,000 ) (5,000 ) ? ? (16,500 ) 88,620 loan lossesNoninterest 77,290 13,434 15,734 14,163 11,515 120,621 73,470 incomeNoninterest 55,088 48,404 51,125 43,625 51,629 198,242 178,736 expenseNet income(loss)attributable 65,469 17,031 15,962 14,459 8,473 112,921 (1,722 )to AmerantBancorp Inc.(6)Effectiveincome tax 23.88 % 24.96 % 22.65 % 20.15 % 0.76 % 23.41 % 60.27 %rate Common Share DataStockholders'book value $ 23.18 $ 21.68 $ 21.27 $ 20.70 $ 20.70 $ 23.18 $ 20.70 per commonshareTangiblestockholders'equity (book $ 22.55 $ 21.08 $ 20.67 $ 20.13 $ 20.13 $ 22.55 $ 20.13 value) percommon share(7)Basicearnings $ 1.79 $ 0.46 $ 0.43 $ 0.38 $ 0.21 $ 3.04 $ (0.04 )(loss) percommon shareDilutedearnings(loss) per $ 1.77 $ 0.45 $ 0.42 $ 0.38 $ 0.20 $ 3.01 $ (0.04 )common share(8)Basicweightedaverage 36,607 37,134 37,330 37,618 41,326 37,169 41,737 sharesoutstandingDilutedweightedaverage 37,065 37,518 37,693 37,846 41,688 37,528 41,737 sharesoutstanding(8)Cash dividenddeclared per $ 0.06 $ ? $ ? $ ? $ ? $ 0.06 $ ? common share(9)

Three Months Ended Years Ended December 31, December September June March December 31, 2021 30, 2021 30, 31, 2021 31, 2020 2021 2020 2021Other Financial and Operating Data (10) Profitability Indicators (%)Net interest income/ Average total 3.17 % 2.94 % 2.81 % 2.66 % 2.61 % 2.90 % 2.52 %interest earningassets (NIM) (11)Net income (loss) /Average total assets 3.45 % 0.90 % 0.83 % 0.76 % 0.42 % 1.50 % (0.02)%(ROA) (12)Net income (loss) /Average 32.04 % 8.38 % 8.11 % 7.47 % 4.09 % 14.19 % (0.21)%stockholders' equity(ROE) (13)Noninterest income / 58.08 % 20.59 % 23.95 % 22.94 % 19.14 % 37.03 % 27.93 %Total revenue (14) Capital Indicators (%)Total capital ratio 14.56 % 14.53 % 14.17 % 14.12 % 13.96 % 14.56 % 13.96 %(15)Tier 1 capital ratio 13.45 % 13.28 % 12.92 % 12.87 % 12.71 % 13.45 % 12.71 %(16)Tier 1 leverage 11.52 % 11.18 % 10.75 % 10.54 % 10.11 % 11.52 % 10.11 %ratio (17)Common equity tier 1capital ratio (CET1) 12.50 % 12.31 % 11.95 % 11.90 % 11.73 % 12.50 % 11.73 %(18)Tangible common 10.63 % 10.58 % 10.35 % 9.88 % 9.83 % 10.63 % 9.83 %equity ratio (19) Asset Quality Indicators (%)Non-performingassets / Total 0.78 % 1.24 % 1.61 % 1.16 % 1.13 % 0.78 % 1.13 %assets (20)Non-performing loans/ Total loans (1) 0.89 % 1.51 % 2.16 % 1.56 % 1.50 % 0.89 % 1.50 %(21)Allowance for loanlosses / Total 140.41 % 100.84 % 86.02 % 123.92 % 126.46 % 140.41 % 126.46 %non-performing loansAllowance for loanlosses / Total loans 1.29 % 1.59 % 1.86 % 1.93 % 1.90 % 1.29 % 1.90 %held for investment(1)Net charge-offs /Averagetotal loans 0.52 % 1.16 % 0.12 % ? % 0.40 % 0.44 % 0.52 %held for investment(22) EfficiencyIndicators (% except FTE)Noninterest expense/ Average total 2.90 % 2.55 % 2.67 % 2.28 % 2.59 % 2.63 % 2.23 %assetsSalaries andemployee benefits / 1.65 % 1.53 % 1.61 % 1.38 % 1.62 % 1.56 % 1.39 %Average total assetsOther operatingexpenses/ Average 1.25 % 1.02 % 1.06 % 0.90 % 0.97 % 1.07 % 0.84 %total assets (23)Efficiency ratio 41.40 % 74.18 % 77.80 % 70.67 % 85.81 % 60.85 % 67.95 %(24)Full-Time-EquivalentEmployees (FTEs) 763 733 719 731 713 763 713(25)

Three Months Ended Years Ended December 31,(inthousands,except December 31, September June 30, March 31, December 31, 2021 2020 percentages 2021 30, 2021 2021 2021 2020and per shareamounts)Core SelectedConsolidatedResults of Operationsand OtherData (7) Pre-provisionnet revenue $ 79,141 $ 17,485 $ 15,397 $ 18,107 $ 8,538 $ 130,130 $ 84,286 (PPNR)Corepre-provision $ 18,911 $ 18,297 $ 16,934 $ 15,765 $ 17,641 $ 69,907 $ 71,023 net revenue(Core PPNR)Core net $ 19,339 $ 17,669 $ 17,199 $ 12,589 $ 20,917 $ 66,796 $ (6,991 )income (loss)Core basicearnings 0.53 0.48 0.46 0.33 0.50 1.80 (0.17 )(loss) percommon shareCore earnings(loss) perdiluted 0.52 0.47 0.46 0.33 0.50 1.78 (0.17 )common share(8)Core netincome (loss)/ Average 1.02 % 0.93 % 0.9 % 0.66 % 1.05 % 0.89 % (0.09)%total assets(Core ROA)(12)Core netincome (loss)/ Average 9.46 % 8.69 % 8.74 % 6.50 % 10.08 % 8.39 % (0.83)%stockholders'equity (CoreROE) (13)Coreefficiency 74.98 % 72.95 % 74.45 % 73.35 % 71.02 % 73.96 % 70.14 %ratio (26)

__________________ Total gross loans include loans held for investment net of unamortized deferred loan origination fees and costs. In addition, at December 31, 2021, September 30, 2021 and March 31, 2021, total loans include $143.2 million, $219.1 million and $1.0 million, respectively, in loans held for sale carried at the lower of cost or estimated fair value. During the(1) fourth quarter of 2021, the Company sold around [$49.4 million] in loans held for sale carried at the lower of cost or estimated fair value related to the NY portfolio. In Addition, as of December 31, 2021, September 30, 2021 and June 30, 2021, total loans include $14.9 million, $5.8 million and $1.8 million, respectively, in mortgage loans held for sale carried at fair value.(2) Core deposits consist of total deposits excluding all time deposits. In the fourth quarter of 2021, the Company?s shareholders approved the Merger, previously announced by the Company, pursuant to which a subsidiary of the Company merged with and into the Company. Under the terms of the Merger, each outstanding share of Class B common stock was converted to 0.95 of a share of Class A common stock. In addition, any shareholder who owned fewer than 100 shares of Class A common stock upon completion of the Merger, received cash in lieu of Class A common stock. There were no authorized or outstanding Class B common stock at December(3) 31, 2021. Furthermore, in connection with the Merger, the Company?s Board of Directors authorized a Class A common stock repurchase program (the ?Class A Common Stock Repurchase Program?) which provides for the potential to repurchase up to $50 million of shares of Class A common stock. In the fourth quarter of 2021, the Company repurchased an aggregate of 1,175,119 shares of Class A common stock for an aggregate purchase price of $36.3 million, including $27.9 million repurchased under the Class A Common Stock Repurchase Program and $8.5 million shares cashed out in accordance with the terms of the Merger. The total weighted average market price of these transactions was $30.92 per share. On March 10, 2021, the Company?s Board of Directors approved a stock repurchase program which provided for the potential repurchase of up to $40 million of shares of the Company?s Class B common stock (the ? Class B Common Stock Repurchase Program?). In the third, second and first quarters of 2021, the Company repurchased an aggregate of 63,000, 386,195 and 116,037 shares of Class B common stock, respectively, at a weighted average price per share of $18.55, $16.62 and $15.98, respectively, under(4) the Class B Common Stock Repurchase Program. In the third quarter of 2021, the Company?s Board of Directors terminated the Class B Common Stock Repurchase Program. In the fourth quarter of 2020, the Company completed a modified ?Dutch auction? tender offer to purchase, for cash, up to $50.0 million of shares of its Class B common stock, and accepted to purchase 4,249,785 shares of Class B common stock in the tender offer at a price of $12.55 per share. The purchase price for this transaction was approximately $54.1 million, including $0.8 million in related fees and other expenses. Assets held for clients in an agency or fiduciary capacity which are not(5) assets of the Company and therefore are not included in the consolidated financial statements. In the three months ended December 31, 2021, September 30, 2021 and June 30, 2021, and in the year ended December 31, 2021, net income exclude(6) losses of $1.2 million, $0.6 million, $0.8 million and $2.6 million, respectively, attributable to a 49% minority interest of Amerant Mortgage LLC. We had no minority interest at any of the other periods shown. This presentation contains adjusted financial information determined by(7) methods other than GAAP. This adjusted financial information is reconciled to GAAP in Exhibit 2 - Non-GAAP Financial Measures Reconciliation. In the three months ended December 31, 2021, September 30, 2021 and June 30, 2021 and in the year ended December 31, 2021, potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance share units (restricted stock and restricted stock units for all of the other periods shown). For the year ended December 31, 2020, potential dilutive instruments were not included in the diluted earnings per share computation because the Company reported a net(8) loss and their inclusion would have an antidilutive effect. For all other periods presented, potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share in those periods, fewer shares would have been purchased than restricted shares assumed issued. Therefore, in those periods, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect in per share earnings. In the fourth quarter of 2021, the Company?s Board of Directors declared a cash dividend of $0.06 per share of the Company?s common stock. The(9) dividend was paid on or before January 15, 2022 to holders of record as of December 22, 2021. The aggregate amount in connection with this dividend is $2.2 million.(10) Operating data for the periods presented have been annualized. NIM is defined as NII divided by average interest-earning assets, which(11) are loans, securities, deposits with banks and other financial assets which yield interest or similar income.(12) Calculated based upon the average daily balance of total assets.(13) Calculated based upon the average daily balance of stockholders? equity.(14) Total revenue is the result of net interest income before provision for loan losses plus noninterest income. Total stockholders? equity divided by total risk-weighted assets,(15) calculated according to the standardized regulatory capital ratio calculations. Tier 1 capital divided by total risk-weighted assets. Tier 1 capital is(16) composed of Common Equity Tier 1 (CET1) capital plus outstanding qualifying trust preferred securities of $62.3 million at each of all the dates presented.(17) Tier 1 capital divided by quarter to date average assets.(18) CET1 capital divided by total risk-weighted assets. Tangible common equity is calculated as the ratio of common equity less goodwill and other intangibles divided by total assets less goodwill and(19) other intangible assets. Other intangible assets consist of, among other things, mortgage servicing rights and are included in other assets in the Company?s consolidated balance sheets. Non-performing assets include all accruing loans past due by 90 days or(20) more, all nonaccrual loans, restructured loans that are considered ?troubled debt restructurings? or ?TDRs?, and OREO properties acquired through or in lieu of foreclosure. Non-performing loans include all accruing loans past due by 90 days or(21) more, all nonaccrual loans and restructured loans that are considered TDRs. 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 loan losses. During the fourth, third and second quarters of 2021, and during the fourth quarter of 2020, there were net charge offs of $7.0 million, $15.7 million, $1.8 million and $5.9(22) million, respectively. In the first quarter of 2021, there were zero net charge offs. During the fourth quarter of 2021, the Company charged-off an aggregate of $4.2 million related to various commercial loans and $1.8 million related to one real estate loan. During the third quarters of 2021 and 2020, the Company charged-off $5.7 million and $19.3 million, respectively, against the allowance for loan losses as result of the deterioration of one commercial loan relationship.(23) Other operating expenses is the result of total noninterest expense less salary and employee benefits.(24) Efficiency ratio is the result of noninterest expense divided by the sum of noninterest income andNII. As of December 31, 2021, September 30, 2021 and June 30, 2021, includes 72, 52 and 38 FTEs for Amerant Mortgage LLC, respectively. In addition,(25) effective January 1, 2022, there were 80 employees who are no longer working for the Company as a result of the new agreement with Fidelity National Information Services, Inc.(?FIS?). Core efficiency ratio is the efficiency ratio less the effect of(26) restructuring costs and other adjustments, described in Exhibit 2 - Non-GAAP Financial Measures Reconciliation.

Exhibit 2- Non-GAAP Financial Measures Reconciliation

The following table sets forth selected financial information derived from the Companys interim unaudited and annual audited consolidated financial statements, adjusted for certain costs incurred by the Company in the periods presented related to tax deductible restructuring costs, provision for (reversal of) loan losses, provision for income tax expense (benefit), the effect of non-core banking activities such as the sale of loans and securities, the sale of our corporate headquarters in the fourth quarter of 2021, and other non-recurring actions intended to improve customer service and operating performance. The Company believes these adjusted numbers are useful to understand the Companys performance absent these transactions and events.



Three Months Ended, Years Ended December 31,(in thousands) December September June 30, March 31, December 2021 2020 31, 2021 30, 2021 2021 2021 31, 2020 Net income(loss)attributable $ 65,469 $ 17,031 $ 15,962 $ 14,459 $ 8,473 $ 112,921 $ (1,722 )to AmerantBancorp Inc.Plus:(reversal of) (6,500 ) (5,000 ) (5,000 ) ? ? (16,500 ) 88,620 provision forloan lossesPlus:provision forincome tax 20,172 5,454 4,435 3,648 65 33,709 (2,612 )expense(benefit)(1)Pre-provisionnet revenue 79,141 17,485 15,397 18,107 8,538 130,130 84,286 (PPNR)Plus:restructuring 1,895 758 4,164 240 8,407 7,057 11,925 costsLess:non-routine (62,125 ) 54 (2,627 ) (2,582 ) 696 (67,280 ) (25,188 )noninterestincome itemsCorepre-provision $ 18,911 $ 18,297 $ 16,934 $ 15,765 $ 17,641 $ 69,907 $ 71,023 net revenue Totalnoninterest $ 77,290 $ 13,434 $ 15,734 $ 14,163 $ 11,515 $ 120,621 $ 73,470 incomeLess:Non-routine noninterestincome items:Less: gain onsale of 62,387 ? ? ? ? 62,387 ? Headquartersbuilding (1)Loss on saleof the Beacon ? ? ? ? (1,729 ) ? (1,729 )OperationsCenter (2)Securities(loss) gains, (117 ) (54 ) 1,329 2,582 1,033 3,740 26,990 netLoss on earlyextinguishment ? ? (2,488 ) ? ? (2,488 ) (73 )of FHLBadvances, net(Loss) gain on (145 ) ? 3,786 ? ? 3,641 ? sale of loansTotalnon-routine $ 62,125 $ (54 ) $ 2,627 $ 2,582 $ (696 ) $ 67,280 $ 25,188 noninterestincome itemsCorenoninterest $ 15,165 $ 13,488 $ 13,107 $ 11,581 $ 12,211 $ 53,341 $ 48,282 income Totalnoninterest $ 55,088 $ 48,404 $ 51,125 $ 43,625 $ 51,629 $ 198,242 $ 178,736 expensesLess:restructuring costs (3):Staffreduction 26 250 3,322 6 5,345 3,604 6,405 costs (4)Legal andConsulting 1,277 412 ? ? ? 1,689 ? fees (5)Digitaltransformation 50 96 32 234 658 412 3,116 expensesLeaseimpairment ? ? 810 ? ? 810 ? chargeBranch closure 542 ? ? ? 2,404 542 2,404 expenses (6)Totalrestructuring $ 1,895 $ 758 $ 4,164 $ 240 $ 8,407 $ 7,057 $ 11,925 costsCorenoninterest $ 53,193 $ 47,646 $ 46,961 $ 43,385 $ 43,222 $ 191,185 $ 166,811 expenses (in thousands,except December September June 30, March 31, Decemberpercentages 31, 2021 30, 2021 2021 2021 31, 2020 2021 2020 and per shareamounts)Net income(loss)attributable $ 65,469 $ 17,031 $ 15,962 $ 14,459 $ 8,473 $ 112,921 $ (1,722 )to AmerantBancorp Inc.Plus after-taxrestructuring costs:Restructuringcosts before 1,895 758 4,164 240 8,407 7,057 11,925 income taxeffectIncome tax (478 ) (229 ) (897 ) (48 ) (6,455 ) (1,652 ) (7,187 )effect (7)Totalafter-tax 1,417 529 3,267 192 1,952 5,405 4,738 restructuringcostsLessbefore-taxnon-routine (62,125 ) 54 (2,627 ) (2,582 ) 696 (67,280 ) (25,188 )items innoninterestincome:Income tax 14,578 55 597 520 9,796 15,750 15,181 effect (7)Totalafter-taxnon-routine (47,547 ) 109 (2,030 ) (2,062 ) 10,492 (51,530 ) (10,007 )items innoninterestincomeCore net $ 19,339 $ 17,669 $ 17,199 $ 12,589 $ 20,917 $ 66,796 $ (6,991 )income (loss) Basic earnings(loss) per $ 1.79 $ 0.46 $ 0.43 $ 0.38 $ 0.21 $ 3.04 $ (0.04 )sharePlus: aftertax impact of 0.04 0.02 0.09 0.01 0.04 0.15 0.11 restructuringcostsLess: aftertax impact ofnon-routine (1.30 ) ? (0.06 ) (0.06 ) 0.25 (1.39 ) (0.24 )items innoninterestincomeTotal corebasic earnings $ 0.53 $ 0.48 $ 0.46 $ 0.33 $ 0.50 $ 1.80 $ (0.17 )(loss) percommon share Dilutedearnings $ 1.77 $ 0.45 $ 0.42 $ 0.38 $ 0.20 $ 3.01 $ (0.04 )(loss) pershare (8)Plus: aftertax impact of 0.04 0.02 0.09 0.01 0.05 0.14 0.11 restructuringcostsLess: aftertax impact ofnon-routine (1.29 ) ? (0.05 ) (0.06 ) 0.25 (1.37 ) (0.24 )items innoninterestincomeTotal coredilutedearnings $ 0.52 $ 0.47 $ 0.46 $ 0.33 $ 0.50 $ 1.78 $ (0.17 )(loss) percommon share Net income(loss) / 3.45 % 0.90 % 0.83 % 0.76 % 0.42 % 1.50 % (0.02)%Average totalassets (ROA)Plus: aftertax impact of 0.07 % 0.02 % 0.17 % 0.01 % 0.11 % 0.07 % 0.06 %restructuringcostsLess: aftertax impact ofnon-routine (2.50)% 0.01 % (0.10)% (0.11)% 0.52 % (0.68)% (0.13)%items innoninterestincomeCore netincome (loss)/ Average 1.02 % 0.93 % 0.90 % 0.66 % 1.05 % 0.89 % (0.09)%total assets(Core ROA) Net income(loss) /Average 32.04 % 8.38 % 8.11 % 7.47 % 4.09 % 14.19 % (0.21)%stockholders'equity (ROE)Plus: aftertax impact of 0.69 % 0.26 % 1.66 % 0.10 % 0.94 % 0.68 % 0.57 %restructuringcostsLess: aftertax impact ofnon-routine (23.27)% 0.05 % (1.03)% (1.07)% 5.05 % (6.48)% (1.19)%items innoninterestincomeCore netincome (loss)/ Average 9.46 % 8.69 % 8.74 % 6.50 % 10.08 % 8.39 % (0.83)%stockholders'equity (CoreROE) Efficiency 41.40 % 74.18 % 77.81 % 70.67 % 85.81 % 60.85 % 67.95 %ratioLess: impactof (1.43)% (1.16)% (6.34)% (0.39)% (13.97)% (2.16)% (4.51)%restructuringcostsPlus: impactof non-routineitems in 35.01 % (0.07)% 2.98 % 3.07 % (0.82)% 15.27 % 6.70 %noninterestincomeCoreefficiency 74.98 % 72.95 % 74.45 % 73.35 % 71.02 % 73.96 % 70.14 %ratio

Three Months Ended, Year Ended December 31,(inthousands,except December 31, September 30, June 30, 2021 March 31, 2021 December 31, 2021 2020 percentages 2021 2021 2020and per shareamounts) Stockholders' $ 831,873 $ 812,662 $ 799,068 $ 785,014 $ 783,421 $ 831,873 $ 783,421 equityLess:goodwill andother (22,528 ) (22,529 ) (22,505 ) (21,515 ) (21,561 ) (22,528 ) (21,561 )intangibles(9)Tangiblecommon $ 809,345 $ 790,133 $ 776,563 $ 763,499 $ 761,860 $ 809,345 $ 761,860 stockholders'equityTotal assets 7,638,399 7,489,305 7,532,844 7,751,098 7,770,893 7,638,399 7,770,893 Less:goodwill andother (22,528 ) (22,529 ) (22,505 ) (21,515 ) (21,561 ) (22,528 ) (21,561 )intangibles(9)Tangible $ 7,615,871 $ 7,466,776 $ 7,510,339 $ 7,729,583 $ 7,749,332 $ 7,615,871 $ 7,749,332 assetsCommon shares 35,883 37,487 37,563 37,922 37,843 35,883 37,843 outstandingTangiblecommon equity 10.63 % 10.58 % 10.34 % 9.88 % 9.83 % 10.63 % 9.83 %ratioStockholders'book value $ 23.18 $ 21.68 $ 21.27 $ 20.70 $ 20.70 $ 23.18 $ 20.70 per commonshareTangiblestockholders'book value $ 22.55 $ 21.08 $ 20.67 $ 20.13 $ 20.13 $ 22.55 $ 20.13 per commonshare

____________ The Company sold its Coral Gables headquarters for $135 million, with an approximate carrying value of $69.9 million at the time of sale and(1) transaction costs of $2.6 million. The Company leased-back the property for an 18-year term. The provision for income tax expense includes around $16.1 million related to this transaction in the three months and year ended December 31, 2021.(2) The Company leased-back the property for a 2-year term. Expenses incurred for actions designed to implement the Company?s strategy. These actions include, but are not limited to reductions in workforce,(3) streamlining operational processes, rolling out the Amerant brand, implementation of new technology system applications, enhanced sales tools and training, expanded product offerings and improved customer analytics to identify opportunities. In the second quarter of 2021, includes expenses in connection with the departure of the Company?s Chief Operating Officer and the elimination of various other support function positions, including the NY LPO. In the fourth quarter of 2020, the Board of Directors of the Company adopted a voluntary early retirement plan for certain eligible long-term employees and an involuntary severance plan for certain other positions consistent with the Company?s effort to streamline operations and better align its operating structure with its business activities. 31 employees elected to participate in the voluntary plan, all of whom retired on or before December 31, 2020. The involuntary plan impacted 31 employees most of whom(4) no longer worked for the Company and/or its subsidiaries by December 31, 2020. On December 28, 2020, the Company determined the termination costs and annual savings related to the voluntary and involuntary plans. The Company incurred approximately $3.5 million and $1.8 million in one-time termination costs in the fourth quarter of 2020 in connection with the voluntary and involuntary plans, respectively, the majority of which were paid over time in the form of installment payments until December 2021. The Company estimates that the voluntary and involuntary plans will yield estimated annual savings of approximately $4.2 million and $5.5 million, respectively, for combined estimated annual savings of approximately $9.7 million which began in 2021. Consist of: (i) expenses in connection with the Merger and related transactions, and (ii) $0.5 million, $0.2 million, and $0.7 million, in the(5) three months ended December 31, 2021, September 30, 2021, and in the year ended December 31, 2021, respectively, related to the new agreement with FIS. Expenses related to the lease termination of a branch in Fort Lauderdale,(6) Florida in 2021, and the closures of one branch in Fort Lauderdale, Florida and another branch in Houston, Texas in 2020. In 2021 and 2020, and in the three months ended March 31, 2021, amounts were calculated based upon the effective tax rate for the periods of(7) 23.41%, 60.27% and 20.15%, respectively. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect. In the three months ended December 31, 2021, September 30, 2021 and June 30, 2021 and in the year ended December 31, 2021, potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance share units (restricted stock and restricted stock units for all of the other periods shown). For the year ended December 31, 2020, potential dilutive instruments were not included in the diluted earnings per share computation because the Company reported a net(8) loss and their inclusion would have an antidilutive effect. For all other periods presented, potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share in those periods, fewer shares would have been purchased than restricted shares assumed issued. Therefore, in those periods, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect in per share earnings. Other intangible assets consist of, among other things, mortgage servicing(9) rights of $0.6 million, $0.6 million and $0.5 million at December 31, 2021, September 30, 2021 and June 30 2021, respectively, and 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 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 December 31, 2021 September 30, 2021 December 31, 2020(in thousands, Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/except percentages) Balances Expense Rates Balances Expense Rates Balances Expense RatesInterest-earning assets:Loan portfolio, net $ 5,475,207 $ 56,521 4.10 % $ 5,379,461 $ 53,193 3.92 % $ 5,809,246 $ 54,891 3.76 %(1)(2)Debt securitiesavailable for sale 1,171,691 7,010 2.37 % 1,221,569 7,055 2.29 % 1,274,493 7,126 2.22 %(3)Debt securities held 121,842 745 2.43 % 102,574 508 1.96 % 60,084 311 2.06 %to maturity (4)Debt securities held 143 1 2.77 % 153 1 2.59 % ? ? ? %for tradingEquity securitieswith readilydeterminable fair 17,138 59 1.37 % 24,017 66 1.09 % 24,354 96 1.57 %value not held fortradingFederal Reserve Bank 49,591 535 4.28 % 47,682 514 4.28 % 65,426 677 4.12 %and FHLB stockDeposits with banks 155,479 58 0.15 % 207,504 76 0.15 % 195,347 54 0.11 %Totalinterest-earning 6,991,091 64,929 3.68 % 6,982,960 61,413 3.49 % 7,428,950 63,155 3.38 %assetsTotalnon-interest-earningassets less 537,549 553,505 516,346 allowance for loanlossesTotal assets $ 7,528,640 $ 7,536,465 $ 7,945,296

Three Months Ended December 31, 2021 September 30, 2021 December 31, 2020(in thousands, Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/except percentages) Balances Expense Rates Balances Expense Rates Balances Expense RatesInterest-bearing liabilities:Checking and saving accounts -Interest bearing DDA $ 1,342,416 $ 208 0.06 % $ 1,290,944 $ 147 0.05 % $ 1,218,536 $ 103 0.03 %Money market 1,337,529 788 0.23 % 1,359,774 798 0.23 % 1,257,239 1,001 0.32 %Savings 327,090 11 0.01 % 329,456 11 0.01 % 322,077 14 0.02 %Total checking and 3,007,035 1,007 0.13 % 2,980,174 956 0.13 % 2,797,852 1,118 0.16 %saving accountsTime deposits 1,380,337 4,777 1.37 % 1,555,001 5,302 1.35 % 2,131,085 9,001 1.68 %Total deposits 4,387,372 5,784 0.52 % 4,535,175 6,258 0.55 % 4,928,937 10,119 0.82 %Securities soldunder agreements to 55 ? ? % ? ? ? % 533 1 0.75 %repurchaseAdvances from theFHLB and other 863,137 1,805 0.83 % 808,860 1,777 0.87 % 1,060,217 2,826 1.06 %borrowings (5)Senior notes 58,855 942 6.35 % 58,776 942 6.36 % 58,539 942 6.40 %Junior subordinated 64,178 618 3.82 % 64,178 615 3.80 % 64,178 615 3.81 %debenturesTotalinterest-bearing 5,373,597 9,149 0.68 % 5,466,989 9,592 0.70 % 6,112,404 14,503 0.94 %liabilitiesNon-interest-bearing liabilities:Non-interest bearing 1,210,365 1,110,353 902,799 demand depositsAccounts payable,accrued liabilities 133,927 152,528 105,160 and otherliabilitiesTotalnon-interest-bearing 1,344,292 1,262,881 1,007,959 liabilitiesTotal liabilities 6,717,889 6,729,870 7,120,363 Stockholders? equity 810,751 806,595 824,933 Total liabilitiesand stockholders' $ 7,528,640 $ 7,536,465 $ 7,945,296 equityExcess of averageinterest-earningassets over average $ 1,617,494 $ 1,515,971 $ 1,316,546 interest-bearingliabilitiesNet interest income $ 55,780 $ 51,821 $ 48,652 Net interest rate 3.00 % 2.79 % 2.44 %spreadNet interest margin 3.17 % 2.94 % 2.61 %(6)Cost of total 0.41 % 0.44 % 0.69 %deposits (7)Ratio of averageinterest-earningassets to average 130.10 % 127.73 % 121.54 % interest-bearingliabilitiesAveragenon-performing loans 1.13 % 1.94 % 1.55 % / Average totalloans

Year Ended December 31, 2021 2020 (in thousands, Average Income/ Yield/ Average Income/ Yield/except percentages) Balances Expense Rates Balances Expense RatesInterest-earning assets:Loan portfolio, net $ 5,514,110 $ 216,097 3.92 % $ 5,716,371 $ 220,898 3.86 %(1)(2)Debt securitiesavailable for sale 1,194,505 26,953 2.26 % 1,444,213 34,001 2.35 %(3)Debt securities held 97,501 2,036 2.09 % 66,136 1,343 2.03 %to maturity (4)Debt securities held 165 5 3.03 % ? ? ? %for tradingEquity securitieswith readilydeterminable fair 22,332 284 1.27 % 24,290 452 1.86 %value not held fortradingFederal Reserve Bank 53,106 2,222 4.18 % 67,840 3,227 4.76 %and FHLB stockDeposits with banks 201,950 247 0.12 % 202,026 633 0.31 %Totalinterest-earning 7,083,669 247,844 3.50 % 7,520,876 260,554 3.46 %assetsTotalnon-interest-earningassets less 449,347 510,673 allowance for loanlossesTotal assets $ 7,533,016 $ 8,031,549 Interest-bearing liabilities:Checking and saving accounts -Interest bearing DDA $ 1,309,699 $ 591 0.05 % $ 1,154,166 $ 439 0.04 %Money market 1,311,278 3,483 0.27 % 1,165,447 7,070 0.61 %Savings 324,618 50 0.02 % 321,766 58 0.02 %Total checking and 2,945,595 4,124 0.14 % 2,641,379 7,567 0.29 %saving accountsTime deposits 1,668,459 23,766 1.42 % 2,360,367 45,765 1.94 %Total deposits 4,614,054 27,890 0.60 % 5,001,746 53,332 1.07 %Securities soldunder agreements to 123 1 0.81 % 252 1 0.40 %repurchaseAdvances from theFHLB and other 822,769 8,595 1.04 % 1,116,899 13,168 1.18 %borrowings (5)Senior notes 58,737 3,768 6.42 % 30,686 1,968 6.41 %Junior subordinated 64,178 2,449 3.82 % 66,402 2,533 3.81 %debenturesTotalinterest-bearing 5,559,861 42,703 0.77 % 6,215,985 71,002 1.14 %liabilitiesNon-interest-bearing liabilities:Non-interest bearing 1,046,766 876,393 demand depositsAccounts payable,accrued liabilities 130,548 100,932 and otherliabilitiesTotalnon-interest-bearing 1,177,314 977,325 liabilitiesTotal liabilities 6,737,175 7,193,310 Stockholders? equity 795,841 838,239 Total liabilitiesand stockholders' $ 7,533,016 $ 8,031,549 equityExcess of averageinterest-earningassets over average $ 1,523,808 $ 1,304,891 interest-bearingliabilitiesNet interest income $ 205,141 $ 189,552 Net interest rate 2.73 % 2.32 %spreadNet interest margin 2.90 % 2.52 %(6)Cost of total 0.49 % 0.91 %deposits (7)Ratio of averageinterest-earningassets to average 127.41 % 120.99 % interest-bearingliabilitiesAveragenon-performing loans 1.61 % 1.12 % / Average totalloans

_______________ Includes loans held for investment net of the allowance for loan losses and loans held for sale. The average balance of the allowance for loan losses was $82.1 million, $100.7 million, and $115.4 million in the three months ended December 31, 2021, September 30, 2021 and December 31, 2020,(1) respectively, and $101.1 million and $91.5 million in the years ended December 31, 2021 and 2020, respectively. The average balance of total loans held for sale was $206.8 million, $81.2 million, and $52 thousand in the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively, and $72.7 million and $37 thousand in the years ended December 31, 2021 and 2020, respectively. Includes average non-performing loans of $63.0 million, $106.5 million and $91.7 million for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively, and $90.6 million and $64.8 million for the years ended December 31, 2021 and 2020, respectively.(2) Interest income that would have been recognized on these non-performing loans totaled $2.2 million, $2.3 million and $0.7 million, in the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively, and $6.2 million and $2.7 million in the years ended December 31, 2021 and 2020, respectively. Includes nontaxable securities with average balances of $17.7 million, $19.5 million and $75.8 million for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively, and $46.2 million and $72.2 million in the year ended December 31, 2021 and 2020,(3) respectively. The tax equivalent yield for these nontaxable securities was 1.79%, 1.51% and 0.37% for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively, and 1.76% and 2.94% for the years ended December 31, 2021 and 2020, respectively. In 2021 and 2020, the tax equivalent yields were calculated by assuming a 21% tax rate and dividing the actual yield by 0.79. Includes nontaxable securities with average balances of $96.4 million, $65.1 million and $60.1 million for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively, and $67.7 million and $66.1 million in the years ended December 31, 2021 and 2020,(4) respectively. The tax equivalent yield for these nontaxable securities was 3.20%, 2.37% and 2.61% for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively, and 2.37% and 2.57% for the years ended December 31, 2021 and 2020, respectively. In 2021 and 2020, the tax equivalent yields were calculated assuming a 21% tax rate and dividing the actual yield by 0.79.(5) The terms of the FHLB advance agreements require the Bank to maintain certain investment securities or loans as collateral for these advances. NIM is defined as net interest income divided by average interest-earning(6) assets, which are loans, securities, deposits with banks and other financial assets which yield interest or similar income.(7) Calculated based upon the average balance of total noninterest bearing and interest bearing deposits.

Exhibit 4 - Noninterest Income

This table shows the amounts of each of the categories of noninterest income for the periods presented.

Three Months Ended Year Ended December 31, December 31, 2021 September 30, 2021 December 31, 2021 2020 2020(in thousands,except Amount % Amount % Amount % Amount % Amount %percentages) Deposits and $ 4,521 5.9 % $ 4,303 32.0 % $ 4,173 36.2 % $ 17,214 14.3 % $ 15,838 21.6 %service feesBrokerage,advisory and 4,987 6.5 % 4,595 34.2 % 4,219 36.6 % 18,616 15.4 % 16,949 23.1 %fiduciaryactivitiesChange in cashsurrendervalue of bank 1,366 1.8 % 1,369 10.2 % 1,417 12.3 % 5,459 4.5 % 5,695 7.8 %owned lifeinsurance(?BOLI?)^(1)Cards andtrade finance 503 0.7 % 541 4.0 % 333 2.9 % 1,771 1.5 % 1,346 1.8 %servicing feesLoss on earlyextinguishment ? ? % ? ? % ? ? % (2,488 ) (2.1)% (73 ) (0.1)%of FHLBadvances, netGain on saleof 62,387 80.7 % ? ? % ? ? % 62,387 51.7 % ? ? %HeadquartersBuilding ^(2)Securities(losses) (117 ) (0.2)% (54 ) (0.4)% 1,033 9.0 % 3,740 3.1 % 26,990 36.7 %gains, net ^(3)Othernoninterest 3,643 4.6 % 2,680 20.0 % 340 3.0 % 13,922 11.5 % 6,725 9.1 %income ^(4)Totalnoninterest $ 77,290 100.0 % $ 13,434 100.0 % $ 11,515 100.0 % $ 120,621 99.9 % $ 73,470 100.0 %income

__________________(1) Changes in cash surrender value of BOLI are not taxable. The Company sold its Coral Gables headquarters for $135 million, with an(2) approximate carrying value of $69.9 million at the time of sale and transaction costs of $2.6 million. The Company leased-back the property for an 18-year term. Includes net gain on sale of debt securities of $37.0 thousand, $36.0 thousand and $1.1 million during the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively. In addition,(3) includes a realized loss of $42 thousand on the sale of a mutual fund with a fair value of $23.4 million at the time of the sale, and unrealized losses of $0.1million during each of the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, related to the change in market value of mutual funds. Includes: (i) mortgage banking revenue related to Amerant Mortgage of $0.9 million, $0.7 million and $1.7 million in the three months ended December 31, 2021, September 30, 2021, and in the year ended December 31, 2021, respectively; (ii) income from derivative transactions with customers of $2.0 million, $0.5 million and $0.7 million in the three months ended(4) December 31, 2021, September 30, 2021 and December 31, 2020, respectively, and $4.0 million and $3.2 million in the years ended December 31, 2021 and 2020, respectively, and (iii) a gain of $3.8 million on the sale of PPP loans in the year ended December 31, 2021. Other sources of income in the periods shown include: rental income, income from foreign currency exchange transactions with customers, and valuation income on the investment balances held in the non-qualified deferred compensation plan.

Exhibit 5 - Noninterest Expense

This table shows the amounts of each of the categories of noninterest expense for the periods presented.

Three Months Ended Year Ended December 31, December 31, 2021 September 30, December 31, 2020 2021 2020 2021(in thousands,except Amount % Amount % Amount % Amount % Amount %percentages) Salaries andemployee benefits $ 31,309 56.8 % $ 29,053 60.0 % $ 32,305 62.6 % $ 117,585 59.3 % $ 111,469 62.4 %^(1)Occupancy and 5,765 10.5 % 4,769 9.9 % 5,320 10.3 % 20,364 10.3 % 17,624 9.9 %equipment ^(2)Professional andother services 7,250 13.2 % 4,184 8.6 % 3,137 6.1 % 19,911 10.0 % 13,459 7.5 %fees ^(3)Telecommunicationsand data 3,897 7.1 % 3,810 7.9 % 3,082 6.0 % 14,949 7.5 % 12,931 7.2 %processingDepreciation and 1,520 2.8 % 2,091 4.3 % 3,473 6.7 % 7,269 3.7 % 9,385 5.3 %amortization ^(4)FDIC assessments 1,340 2.4 % 1,626 3.4 % 1,885 3.7 % 6,423 3.2 % 6,141 3.4 %and insuranceOther operating 4,007 7.2 % 2,871 5.9 % 2,427 4.7 % 11,741 6.0 % 7,727 4.3 %expenses ^(5)Total noninterest $ 55,088 100.0 % $ 48,404 100.0 % $ 51,629 100.0 % $ 198,242 100.0 % $ 178,736 100.0 %expense ^(6)

___________ Includes severance expense of $0.3 million and $5.3 million, in the three months ended September 30, 2021and December 31, 2020, respectively, and $3.6 million and $6.4 million in the years ended December 31, 2020 and 2021, respectively. There were no significant severance expenses in the three months ended December 31, 2021. Severance expenses in 2021 were mainly in connection with the departure of the Company?s COO, the(1) elimination of various support function positions, and other actions. Severance expenses in 2020 were primarily related to the voluntary early retirement plan and the involuntary severance plan adopted in the fourth quarter of 2020. In addition, includes $1.0 million, $0.8 million and $3.4 million in the three months ended December 31, 2021 and September 30, 2021, and in the year ended December 31, 2021, respectively, in connection with a Long Term Incentive Compensation Program adopted in the first quarter of 2021. In the three months ended December 31, 2021 and 2020, includes $0.5 million and $1.1 million, respectively, related to the lease termination of a(2) branch in Fort Lauderdale, Florida in 2021, and the closures of one branch in Fort Lauderdale, Florida and another branch in Houston, Texas in 2020.. In addition, includes $0.8 million of ROU asset impairment associated with the lease in NY loan production office in the year ended December 31, 2021. In the three months ended December 31, 2021 and September 30, 2021, and in the year ended December 31, 2021, includes additional expenses of $1.3 million, $0.4 million, and $1.7 million, respectively, mainly associated with: (i) the Merger and related transactions, and (ii) $0.5 million, $0.2(3) million, and $0.7 million, in the three months ended December 31, 2021, September 30, 2021, and in the year ended December 31, 2021, respectively, related to the new consulting agreement with FIS. In addition, other services fees include expenses on derivative contracts in all the periods shown. Includes: (i) a reduction of around $0.4 million in connection with the sale of the Company?s headquarters building in the three months ended(4) December 31, 2021, and (ii) a charge of $1.3 million for the accelerated amortization of leasehold improvements in connection with the closure of one of our branches in the three months ended December 31, 2020. Includes advertising, marketing, charitable contributions, community engagement, postage and courier expenses, provisions for possible losses on(5) contingent loans, and debits which mirror the 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. Includes $3.3 million and $7.1 million in the three months and the year ended December 31, 2021, respectively and $2.3 million in the three months(6) ended September 30, 2021, respectively, related to Amerant Mortgage, primarily salaries and employee benefits, mortgage lending costs and professional and other services fees.

Exhibit 6 - Consolidated Balance Sheets

(in thousands, December 31, September 30, March 31, Decemberexcept share 2021 2021 June 30, 2021 2021 31, 2020data)Assets Cash and due $ 33,668 $ 27,501 $ 45,198 $ 37,744 $ 30,179from banksInterestearning 240,540 138,732 126,314 195,755 184,207deposits withbanksCash and cash 274,208 166,233 171,512 233,499 214,386equivalentsSecurities Debtsecurities 1,175,319 1,220,391 1,194,068 1,190,201 1,225,083available forsaleDebtsecurities 118,175 130,543 93,311 104,657 58,127held tomaturityTrading ? 194 198 ? ?securitiesEquitysecuritieswith readilydeterminable 252 23,870 23,988 23,965 24,342fair value notheld fortradingFederalReserve Bankand Federal 47,495 47,740 47,675 56,469 65,015Home Loan BankstockSecurities 1,341,241 1,422,738 1,359,240 1,375,292 1,372,567Loans held forsale, at lower 143,195 219,083 ? ? ?of cost orfair valueMortgage loansheld for sale, 14,905 5,812 1,775 1,044 ?at fair valueLoans held forinvestment, 5,409,440 5,254,029 5,606,773 5,753,794 5,842,337grossLess:Allowance for 69,899 83,442 104,185 110,940 110,902loan lossesLoans held forinvestment, 5,339,541 5,170,587 5,502,588 5,642,854 5,731,435netBank owned 223,006 221,640 220,271 218,903 217,547life insurancePremises andequipment, net 37,860 108,885 108,708 109,071 109,990(1)Deferred tax 11,301 9,861 13,516 15,607 11,691assets, netGoodwill 19,506 19,506 19,506 19,506 19,506Accruedinterestreceivable and 233,636 144,960 135,728 135,322 93,771other assets(1)(2)Total assets $ 7,638,399 $ 7,489,305 $ 7,532,844 $ 7,751,098 $ 7,770,893Liabilitiesand Stockholders'EquityDeposits Demand Noninterest $ 1,183,251 $ 1,210,154 $ 1,065,622 $ 977,595 $ 872,151bearingInterest 1,507,441 1,317,938 1,293,626 1,324,127 1,230,054bearingSavings and 1,602,339 1,655,495 1,682,619 1,494,227 1,587,876money marketTime 1,337,840 1,442,790 1,633,041 1,882,130 2,041,562Total deposits 5,630,871 5,626,377 5,674,908 5,678,079 5,731,643Advances fromthe Federal 809,577 809,095 808,614 1,050,000 1,050,000Home Loan BankSenior notes 58,894 58,815 58,736 58,656 58,577Juniorsubordinateddebentures 64,178 64,178 64,178 64,178 64,178held by trustsubsidiariesAccountspayable,accruedliabilities 243,006 118,178 127,340 115,171 83,074and otherliabilities(1)Total 6,806,526 6,676,643 6,733,776 6,966,084 6,987,472liabilities Stockholders? equityClass A common 3,589 2,903 2,904 2,904 2,882stockClass B common ? 847 853 892 904stockAdditionalpaid in 262,510 299,273 299,547 304,448 305,569capitalRetained 553,167 489,854 472,823 456,861 442,402earningsAccumulatedother 15,217 21,236 23,758 19,909 31,664comprehensiveincomeTotalstockholders'equity before 834,483 814,113 799,885 785,014 783,421noncontrollinginterestNoncontrolling (2,610 ) (1,451 ) (817 ) ? ?interestTotalstockholders' 831,873 812,662 799,068 785,014 783,421equityTotalliabilitiesand $ 7,638,399 $ 7,489,305 $ 7,532,844 $ 7,751,098 $ 7,770,893stockholders'equity

__________(1) As of December 31, 2021, includes the effect of the sale and lease back of the Company?s headquarters building in the fourth quarter of 2021. As of December 31, 2021, September 30, 2021, June 30, 2021 and March 31,(2) 2021, includes the effect of adopting ASU 2016-02 (Leases) in the first quarter of 2021.

Exhibit 7 - LoansLoans by Type - Held For Investment

The loan portfolio held for investment consists of the following loan classes:

(in December 31, September June 30, March 31, December 31,thousands) 2021 30, 2021 2021 2020 2021Real estate loansCommercial real estateNon-owner $ 1,540,590 $ 1,593,664 $ 1,699,876 $ 1,713,967 $ 1,749,839occupiedMulti-family 514,679 504,337 658,022 722,783 737,696residentialLanddevelopmentand 327,246 318,449 361,077 351,502 349,800constructionloans 2,382,515 2,416,450 2,718,975 2,788,252 2,837,335Single-family 661,339 618,139 616,545 625,298 639,569residentialOwner 962,538 936,590 943,342 940,126 947,127occupied 4,006,392 3,971,179 4,278,862 4,353,676 4,424,031Commercial 965,673 910,696 1,003,411 1,104,594 1,154,550loansLoans tofinancialinstitutions 13,710 13,690 13,672 16,658 16,636andacceptancesConsumerloans and 423,665 358,464 310,828 278,866 247,120overdraftsTotal loans $ 5,409,440 $ 5,254,029 $ 5,606,773 $ 5,753,794 $ 5,842,337

Loans by Type - Held For Sale

The loan portfolio held for sale consists of the following loan classes:

December September June March December(in thousands) 31, 30, 30, 31, 31, 2021 2021 2021 2021 2020Real estate loans Commercial real estate Non-owner occupied $ 110,271 $ 160,034 $ ? $ ? $ ?Multi-family residential 31,606 57,725 ? ? ? 141,877 217,759 ? ? ?Single-family 14,905 5,812 1,775 1,044 ?residential (1)Owner occupied 1,318 1,324 ? ? ?Total loans held for $ 158,100 $ 224,895 $ 1,775 $ 1,044 $ ?sale (2)(3)

__________________(1) Loans held for sale in connection with Amerant Mortgage ongoing business. At December 31, 2021, September 30, 2021 and March 31, 2021, total loans include $143.2 million, $219.1 million and $1.0 million, respectively, in loans held for sale carried at the lower of cost or estimated fair value. During the three months ended December 31, 2021, the Company sold $49.4(2) million in loans held for sale carried at the lower of cost or estimated fair value related to the NY portfolio. In addition, as of December 31, 2021, September 30, 2021 and June 30, 2021, total loans include $14.9 million, $5.8 million and $1.8 million, respectively, in mortgage loans held for sale carried at fair value.(3) Remained current and in accrual status at each of the periods shown.

Non-Performing Assets

This table shows a summary of our non-performing assets by loan class, which includes non-performing loans and other real estate owned, or OREO, at the dates presented. Non-performing loans consist of (i)nonaccrual loans; (ii)accruing loans 90 days or more contractually past due as to interest or principal; and (iii)restructured loans that are considered TDRs.

December September June 30, March December(in thousands) 31, 30, 2021 31, 31, 2021 2021 2021 2020Non-Accrual Loans^(1) Real Estate Loans Commercial real estate (CRE)Non-owner occupied $ 7,285 $ 28,507 $ 48,347 $ 8,515 $ 8,219Multi-family ? ? 9,928 11,369 11,340residential 7,285 28,507 58,275 19,884 19,559Single-family 5,126 6,344 7,174 10,814 10,667residentialOwner occupied 8,665 11,040 11,277 12,527 12,815 21,076 45,891 76,726 43,225 43,041Commercial loans ^(2) 28,440 36,500 43,876 45,282 44,205Consumer loans and 257 353 198 270 233overdraftsTotal Non-Accrual $ 49,773 $ 82,744 $ 120,800 $ 88,777 $ 87,479Loans Past Due Accruing Loans^(3)Real Estate Loans Commercial real estate (CRE)Non-owner occupied $ ? $ ? $ ? $ 743 $ ?Single-family ? 4 20 ? ?residentialOwner occupied ? ? ? ? 220Commercial ? ? 295 ? ?Consumer loans and 8 1 4 3 1overdraftsTotal Past Due 8 5 319 746 221Accruing LoansTotal Non-Performing 49,781 82,749 121,119 89,523 87,700LoansOther Real Estate 9,720 9,800 400 400 427OwnedTotal Non-Performing $ 59,501 $ 92,549 $ 121,519 $ 89,923 $ 88,127Assets

__________________ Includes loan modifications that met the definition of TDRs which may be performing in accordance with their modified loan terms. As of December 31,(1) 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, non-performing TDRs include $9.1 million, $9.3 million, $9.6 million, $9.8 million and $8.4 million, respectively, in a multiple loan relationship to a South Florida borrower. As of December 31, 2021 and September 30, 2021, includes $9.1 million and $13.9 million, respectively in a commercial relationship placed in nonaccrual status during the second quarter of 2020 ($19.6 million at each of the other periods shown). During the third quarters of 2021 and 2020,(2) the Company charged off $5.7 million and $19.3 million, respectively, against the allowance for loan losses as result of the deterioration of this commercial relationship. In addition, in connection with this loan relationship, the Company collected a partial principal payment of $4.8 million in the fourth quarter of 2021.(3) Loans past due 90 days or more but still accruing.

Loans by Credit Quality Indicators

This table shows the Companys loans by credit quality indicators. We have no purchased credit-impaired loans.

December 31, 2021 September 30, 2021 December 31, 2020(in thousands) Special Substandard Doubtful Total (1) Special Substandard Doubtful Total (1) Special Substandard Doubtful Total (1) Mention Mention MentionReal Estate Loans Commercial Real Estate (CRE)Non-owner $ 34,205 $ 5,890 $ 1,395 $ 41,490 $ 31,269 $ 25,332 $ 3,175 $ 59,776 $ 46,872 $ 4,994 $ 3,969 $ 55,835occupiedMulti-family ? ? ? ? ? ? ? ? ? 11,340 ? 11,340residentialLand development

and ? ? ? ? ? ? ? ? 7,164 ? ? 7,164constructionloans 34,205 5,890 1,395 41,490 31,269 25,332 3,175 59,776 54,036 16,334 3,969 74,339Single-family ? 5,221 ? 5,221 ? 6,368 ? 6,368 ? 10,667 ? 10,667residentialOwner occupied 7,429 8,759 ? 16,188 7,473 11,136 ? 18,609 22,343 12,917 ? 35,260 41,634 19,870 1,395 62,899 38,742 42,836 3,175 84,753 76,379 39,918 3,969 120,266Commercial loans (2) 32,452 20,324 9,497 62,273 38,522 22,471 15,404 76,397 42,434 21,152 23,256 86,842Consumer loans and ? 270 ? 270 ? 356 ? 356 ? 238 ? 238overdrafts $ 74,086 $ 40,464 $ 10,892 $ 125,442 $ 77,264 $ 65,663 $ 18,579 $ 161,506 $ 118,813 $ 61,308 $ 27,225 $ 207,346

__________(1) There were no loans categorized as ?Loss? as of the dates presented. Loan balances as of December 31, 2021 and September 30, 2021 include $9.1 million and $13.9 million, respectively, in a commercial relationship placed in nonaccrual status and downgraded during the second quarter of 2020 ($19.6 million at December 31, 2020). As of December 31, 2021 and September 30, 2021, Substandard loans include $4.9 million and $7.3 million, respectively and doubtful loans include $4.2 million and $6.6(2) million, respectively, related to this commercial relationship (Substandard loans include $7.3 million and doubtful loans include $12.3 million at December 31, 2020). During the third quarters of 2021 and 2020, the Company charged off $5.7 million and $19.3 million, respectively, against the allowance for loan losses as result of the deterioration of this commercial relationship. In addition, in connection with this loan relationship, the Company collected a partial principal payment of $4.8 million in the fourth quarter of 2021.

Exhibit 8 - Deposits by Country of Domicile

This table shows the Companys deposits by country of domicile of the depositor as of the dates presented.

(in December 31, September June 30, March 31, December 31,thousands) 2021 30, 2021 2021 2021 2020 Domestic $ 3,137,258 $ 3,090,563 $ 3,140,541 $ 3,175,522 $ 3,202,936Foreign: Venezuela 2,019,480 2,054,149 2,075,658 2,088,519 2,119,412Others 474,133 481,665 458,709 414,038 409,295Total 2,493,613 2,535,814 2,534,367 2,502,557 2,528,707foreignTotal $ 5,630,871 $ 5,626,377 $ 5,674,908 $ 5,678,079 $ 5,731,643deposits

CONTACTS: Investors Laura Rossi InvestorRelations@amerantbank.com (305) 460-8728 Media Silvia M. Larrieu MediaRelations@amerantbank.com (305) 441-8414