Amerant Bancorp Inc.

AMTB

US0235761014

Banks

Market Closed - Nyse Other stock markets 04:00:02 2024-04-25 pm EDT			5-day change	1st Jan Change
22.08 ^USD	-2.82%		+3.71%	-10.13%

Apr. 24	Earnings Flash (AMTB) AMERANT BANCORP Posts Q1 EPS $0.32, vs. Street Est of $0.38	MT
Apr. 24	Amerant Bancorp Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

AMERANT BANCORP INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

July 29, 2022 at 04:42 pm EDT

The following discussion and analysis is designed to provide a better
understanding of various factors related to Amerant Bancorp Inc.'s (the
"Company," "Amerant," "our" or "we") results of operations and financial
condition and its wholly and partially owned subsidiaries, including its
principal subsidiary, Amerant Bank, N.A. (the "Bank"). The Bank has three
operating subsidiaries, Amerant Investments, Inc., a securities broker-dealer
("Amerant Investments"), Amerant Mortgage, LLC ("Amerant Mortgage"), a 80% owned
mortgage lending company domiciled in Florida, and Elant Bank & Trust, a
Grand-Cayman based trust company (the "Cayman Bank").

This discussion is intended to supplement and highlight information contained in
the accompanying unaudited interim consolidated financial statements and related
footnotes included in this Quarterly Report on Form 10-Q ("Form 10-Q"), as well
as the information contained in the Company's Annual Report on Form 10-K for the
year ended December 31, 2021 (the "Form 10-K").

Cautionary Note Regarding Forward-Looking Statements



Various of the statements made in this Form 10-Q, including information
incorporated herein by reference to other documents, are "forward-looking
statements" within the meaning of, and subject to, the protections of Section
27A of the Securities Act of 1933, as amended (the "Securities Act") and Section
21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Forward-looking statements include statements with respect to our beliefs,
plans, objectives, goals, expectations, anticipations, assumptions, estimates,
intentions and future performance and condition, and involve known and unknown
risks, uncertainties and other factors, which may be beyond our control, and
which may cause the actual results, performance, achievements, or financial
condition of the Company to be materially different from future results,
performance, achievements, or financial condition expressed or implied by such
forward-looking statements. You should not expect us to update any
forward-looking statements, except as required by law. These forward-looking
statements should be read together with the "Risk Factors" included in the Form
10-K, in the Form 10-Q for the quarter ended March 31, 2022, and in this Form
10-Q, and in our other reports filed with the Securities and Exchange Commission
(the "SEC").

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," "seek," "should," "indicate," "would," "believe," "contemplate,"
"consider", "expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions of the
future. These forward-looking statements may not be realized due to a variety of
factors, including, without limitation:

•Our profitability is subject to interest rate risk;

•We may be adversely affected by the transition of LIBOR as a reference rate;



•Our concentration of commercial real estate ("CRE") loans could result in
increased loan losses, and adversely affect our business, earnings and financial
condition;

•Many of our loans are to commercial borrowers, which have unique risks compared to other types of loans;

•Our allowance for loan losses may prove inadequate or we may be negatively affected by credit risk exposures;

•The collateral securing our loans may not be sufficient to protect us from a partial or complete loss if we are required to foreclose;


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•Liquidity risks could affect our operations and jeopardize our financial condition and certain funding sources could increase our interest rate expense;

•Our valuation of securities and investments and the determination of the impairment amounts taken on our investments are subjective and, if changed, could materially adversely affect our results of operations or financial condition;

•Our strategic plan and growth strategy may not be achieved as quickly or as fully as we seek;



•Nonperforming and similar assets take significant time to resolve and may
adversely affect our results of operations and financial condition;
•We may be contractually obligated to repurchase mortgage loans we sold to third
parties on terms unfavorable to us;

•Mortgage Servicing Rights, or MSRs, requirements may change and require us to incur additional costs and risks;

•We could be required to write down our goodwill and other intangible assets;

•We may incur losses due to minority investments in fintech and specialty finance companies;

•We are subject to risks associated with sub-leasing portions of our corporate headquarters building;

•Our success depends on our ability to compete effectively in highly competitive markets;

•Defaults by or deteriorating asset quality of other financial institutions could adversely affect us;

•Conditions in Venezuela could adversely affect our operations;

•The COVID-19 pandemic and actions taken by governmental authorities to mitigate its spread have significantly impacted economic conditions, and a future outbreak of COVID-19 or another highly contagious disease, could adversely affect our business activities, results of operations and financial condition;

•Potential gaps in our risk management policies and internal audit procedures may leave us exposed to unidentified or unanticipated risk, which could negatively affect our business;

•We may determine that our internal controls and disclosure controls could have deficiencies or weaknesses;

•Technological changes affect our business including potentially impacting the revenue stream of traditional products and services, and we may have fewer resources than many competitors to invest in technological improvements;

•Our information systems may experience interruptions and security breaches, and are exposed to cybersecurity threats;



•Many of our major systems depend on and are operated by third-party vendors,
and any systems failures or interruptions could adversely affect our operations
and the services we provide to our customers;
•Any failure to protect the confidentiality of customer information could
adversely affect our reputation and subject us to financial sanctions and other
costs that could have a material adverse effect on our business, financial
condition and results of operations;

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•Future acquisitions and expansion activities may disrupt our business, dilute shareholder value and adversely affect our operating results;

•We may not be able to generate sufficient cash to service all of our debt, including the Senior Notes and the Subordinated Notes;



•We and Amerant Florida Bancorp Inc., the subsidiary guarantor, are each a
holding company with limited operations and depend on our subsidiaries for the
funds required to make payments of principal and interest on the Senior Notes
and the Subordinated Notes;

•We may incur a substantial level of debt that could materially adversely affect
our ability to generate sufficient cash to fulfill our obligations under the
Senior Notes and the Subordinated Notes;

•Our business may be adversely affected by economic conditions in general and by conditions in the financial markets;

•We are subject to extensive regulation that could limit or restrict our activities and adversely affect our earnings;

•Litigation and regulatory investigations are increasingly common in our businesses and may result in significant financial losses and/or harm to our reputation;



•We are subject to capital adequacy and liquidity standards, and if we fail to
meet these standards, whether due to losses, growth opportunities or an
inability to raise additional capital or otherwise, our financial condition and
results of operations would be adversely affected;

•We will be subject to heightened regulatory requirements if our total assets grow in excess of $10 billion;

•The Federal Reserve may require us to commit capital resources to support the Bank;

•We may face higher risks of noncompliance with the Bank Secrecy Act and other anti-money laundering statutes and regulations than other financial institutions;

•Failures to comply with the fair lending laws, CFPB regulations or the Community Reinvestment Act, or CRA, could adversely affect us;

•Our ability to receive dividends from our subsidiaries could affect our liquidity and our ability to pay dividends;

•Certain of our existing shareholders could exert significant control over the Company;

•If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the price of our common stock and trading volume could decline;

•The stock price of financial institutions, like Amerant, may fluctuate significantly;

•We have the ability to issue additional equity securities, which would lead to dilution of our issued and outstanding Class A common stock;

•Certain provisions of our amended and restated articles of incorporation and amended and restated bylaws, Florida law, and U.S. banking laws could have anti-takeover effects;


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•We are an "emerging growth company," and, as a result of the reduced disclosure
and governance requirements applicable to emerging growth companies, our common
stock may be less attractive to investors;

•We may be unable to attract and retain key people to support our business;



•Severe weather, natural disasters, global pandemics, acts of war or terrorism,
theft, civil unrest, government expropriation or other external events could
have significant effects on our business; and

•The other factors and information included in the Form 10-K and other filings
that we make with the SEC under the Exchange Act and Securities Act. See "Risk
Factors" in the Form 10-K for the year ended December 31, 2021, the Form 10-Q
for the quarter ended March 31, 2022, and this Form 10-Q.

The foregoing factors should not be construed as exhaustive and should be read
together with the other cautionary statements included in the Form 10-K. Because
of these risks and other uncertainties, our actual future financial condition,
results, performance or achievements, or industry results, may be materially
different from the results indicated by the forward-looking statements in this
Form 10-Q. In addition, our past results of operations are not necessarily
indicative of our future results of operations. You should not rely on any
forward-looking statements as predictions of future events.

Any forward-looking statement speaks only as of the date on which it is made,
and we do not undertake any obligation to update, revise or correct any
forward-looking statement, whether as a result of new information, future
developments or otherwise, except as required by law. All written or oral
forward-looking statements that are made by us or are attributable to us are
expressly qualified in their entirety by this cautionary notice, together with
those risks and uncertainties described in "Risk Factors" in the Form 10-K, the
Form 10-Q for the quarter ended March 31, 2022, the Form 10-Q for the quarter
ended March 31, 2022, in this Form 10-Q, and in our other filings with the SEC,
which are available at the SEC's website www.sec.gov.


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OVERVIEW

Our Company

We are a bank holding company headquartered in Coral Gables, Florida. We provide
individuals and businesses a comprehensive array of deposit, credit, investment,
wealth management, retail banking, mortgage services, and fiduciary services. We
serve customers in our United States markets and select international customers.
These services are offered through the Bank, which is also headquartered in
Coral Gables, Florida, and its subsidiaries. Fiduciary, investment, wealth
management and mortgage lending services are provided by the Bank's securities
broker-dealer, Amerant Investments, the Bank's Grand-Cayman based trust company,
the Cayman Bank, and the mortgage company, Amerant Mortgage. The Bank's primary
markets are South Florida, where we are headquartered and operate seventeen
banking centers in Miami-Dade, Broward and Palm Beach counties, and Houston,
Texas, where we operate seven banking centers that serve the nearby areas of
Harris, Montgomery, Fort Bend and Waller counties. In addition, we have a loan
production office ("LPO") in Tampa, Florida.

Emerging Growth Company Status



We are an "emerging growth company," or EGC, as defined in Section 2(a) of the
Securities Act, as modified by the JOBS Act. As such, we are eligible to take
advantage of certain exemptions from various reporting requirements that are
applicable to other public companies that are not "emerging growth companies,"
including, but not limited to, not being required to comply with the auditor
attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosure obligations regarding executive compensation in our periodic reports
and proxy statements, and exemptions from the requirements of holding a
non-binding advisory vote on executive compensation and shareholder approval of
any golden parachute payments not previously approved.

In addition, Section 107 of the JOBS Act also provides that an EGC can take
advantage of the extended transition period provided in Section 7(a)(2)(B) of
the Securities Act for complying with new or revised accounting standards. In
other words, an EGC can delay the adoption of certain accounting standards until
those standards would otherwise apply to private companies. In 2019, the Federal
bank regulators recognized or permitted public companies that are EGCs to delay
the adoption of accounting pronouncements until those standards would otherwise
apply to private companies. Since we became a publicly traded company, the
Company has been taking advantage of the benefits of this extended transition
period, and will continue to do so for as long as it is available and it is
consistent with bank regulatory requirements.

We will remain an emerging growth company until the earlier of (1) the last day
of the fiscal year (a) following the fifth anniversary of the date of the first
sale of our common equity securities pursuant to an effective registration
statement under the Securities Act and (b) in which we have total annual gross
revenue of at least $1.07 billion, (2) once we are deemed to be a large
accelerated filer (determined as of the end of the fiscal year), which means the
aggregate worldwide market value of the voting and non-voting common stock that
is held by non-affiliates exceeds $700 million as of the last business day of
our most recently completed second fiscal quarter, and (3) the date on which we
have issued more than $1.0 billion in non-convertible debt during the prior
three-year period. References herein to "emerging growth company" have the
meaning provided in the JOBS Act.

Based on the aggregate worldwide market value of the voting and non-voting
common stock that is held by the Company's non-affiliates as of the last
business day of the second quarter of 2022, the Company determined that it will
be deemed a large accelerated filer effective as of December 31, 2022.
Consequently, the Company will be required to comply with the auditor
attestation requirements of Section 404 of the Sarbanes-Oxley Act, disclosure
obligations regarding executive compensation in our periodic reports and proxy
statements, and requirements of holding a non-binding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not
previously approved. In addition, the Company will no longer be able to benefit
from any extended transition period for complying with new or revised accounting
standards, beginning as of December 31, 2022, and applied retroactively
effective January 1, 2022.

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See Note 1 to the Company's unaudited interim consolidated financial statements
in this Form 10-Q for more details on the adoption of the pending new accounting
guidance on current estimated credit losses, or CECL.

Business Developments

For more information on the progress of these initiatives in 2021, see Item 1. Business section included in the Form 10-K.

Amerant Mortgage



On March 31, 2022, the Company contributed $1.5 million in cash to Amerant
Mortgage, increasing its ownership interest to 57.4% as of March 31, 2022 from
51% as of December 31, 2021. This additional contribution had no material impact
to the Company's share of the results of operations of Amerant Mortgage for the
three months ended March 31, 2022.

In the three months ended June 30, 2022, the Company increased its ownership
interest in Amerant Mortgage to 80% from 57.4%. This change was the result of:
(i) two former principals surrendering their interest in Amerant Mortgage to the
Company, when they became full time employees of the Bank (the "Transfer of
Subsidiary Shares From Noncontrolling Interest"), and (ii) an additional
contribution made by the Company of $1 million, in cash, to Amerant Mortgage in
the three months ended June 30, 2022. As a result of the Transfer of Subsidiary
Shares From Noncontrolling Interest, the Company reduced its additional paid-in
capital for a total of $1.9 million with a corresponding increase to the equity
attributable to noncontrolling interests.

Amerant Mortgage reported improved results and reached breakeven on a
stand-alone basis in the three months ended June 30, 2022. Rising interest rates
coupled with declining refinance demand, along with other market factors, has
led to the reassessment of staffing needs, which resulted in a decline of 12
FTEs to 67 as of June 30, 2022 compared to 79 as of March 31, 2022.

Employee Stock Purchase Plan



On June 8, 2022, the shareholders of the Company approved the Amerant Bancorp
Inc. 2021 Employee Stock Purchase Plan (the "ESPP" or the "Plan"), which had
been previously approved by the Compensation Committee and the Board of
Directors on October 19 and 20, 2021, respectively. The Plan became effective on
February 14, 2022, subject to obtaining shareholder approval. An aggregate of
one million (1,000,000) shares of the Company's Class A Common Stock ("Common
Stock") have been reserved for issuance under the Plan.

The purpose of the Plan is to provide eligible employees of the Company and its designated subsidiaries with the opportunity to acquire a stock ownership interest in the Company on favorable terms and to pay for such acquisitions through payroll deductions.



The first offering under the Plan for purposes of buying shares of Common Stock
began on February 14, 2022 and ends on November 30, 2022 (the "First Offering
Period"). All named executive officers, and all other executive officers of the
Company who were eligible as of the enrollment deadline for the First Offering
Period elected to participate in the Plan.

For further information, see the Company's proxy statement for the annual meeting of shareholders held on June 8, 2022, filed with the SEC on April 28, 2022.




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Amerant SPV, LLC



In May 2021, we incorporated a new wholly owned subsidiary, Amerant SPV. As we
seek to innovate, address customer needs and compete in a fast changing and
competitive environment, our Company is looking to partner with fintech and
specialty finance companies that are developing cutting edge solutions and
products and have the potential to improve our products and services to help our
clients achieve their goals in a fast changing world. From time to time, the
Company may evaluate select opportunities to invest and acquire non-controlling
interests in companies it partners with, or may acquire non-controlling
interests of fintech and specialty finance companies that the Company believes
will be strategic or accretive.

In December 2021, Amerant became a strategic lead investor in the JAM FINTOP
Blockchain fund, a fund that will initially focus its investments on the
blockchain "infrastructure layer" that will help regulated financial
institutions compliantly operate blockchain-powered applications in areas such
as lending, payments and exchanges. More recently, the Company became a limited
partner in the BankTech Venture Fund, a fund focused in investing in technology
companies that are developing solutions aimed at supporting community banks and
their end-customers. These funds also provide access to the Company to a network
of banks and technology companies that are focused on developing solutions for
community banks in the areas of deposit growth and customer acquisition, cyber
security, digital platforms, process improvement, RegTech, data analytics and
artificial intelligence, payment processing, and mortgage related technology.

USDF Consortium



In February 2022, the Company, through its Bank subsidiary, was admitted to the
USDF Consortium, a membership-based association of FDIC-insured banks whose
mission is to further the adoption and interoperability of a bank-minted
tokenized deposit (USDF™), aimed at facilitating the compliant transfer of value
on the blockchain, removing friction in the financial system and unlocking the
financial opportunities that blockchain and digital transactions can provide to
a greater network of users. Amerant is taking one step forward toward unlocking
the financial opportunities that blockchain and digital transactions can provide
to a greater network of users.

Progress on Near and Long-Term Initiatives



The Company is dedicated to finding new ways to increase efficiencies and
profitable growth across the Company while simultaneously providing an enhanced
banking experience for customers. Below is the detail of actions taken by the
Company in the three and six month periods of 2022 to achieve these goals:

Growing our core deposits. Seizing opportunities in the markets we serve to
increase our share of consumer, small business, and commercial core deposits
while reducing our reliance on brokered funds. We have identified a few ways to
better target and attract these core deposits, including implementing/enhancing
a completely digital onboarding platform, building out our treasury management
sales force and adding additional treasury management capabilities, focusing our
marketing to drive additional digital and in-branch traffic, as well as
targeting other sources of deposits such as municipal accounts and wealth
management.

We have continued working on implementing/enhancing a completely digital
onboarding platform. In the first and second quarter of 2022, we made additions
to the treasury management, retail and private banking teams which contributed
to increasing deposit levels. We have also realigned compensation strategies
across all business lines to appropriately reward increased deposit growth. We
remain focused in these three key measures: the average cost of total deposits
increased to 0.48% from 0.41% in December 31, 2021; non-interest bearing
deposits to total deposits ratio was 20.94% at June 30, 2022 compared to 21.01%
at December 31, 2021, and the ratio of brokered deposits to total deposits
decreased slightly to 5.9% at June 30, 2022 compared to 6.9% at December 31,
2021.

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Accelerating our digital transformation. Over the past several quarters we
ramped up our digital efforts with the rollout of nCino and Salesforce and the
introduction of Amerant Investments Mobile and are now focused on evaluating
digital solutions in several key areas, including deposit account acquisition,
small business lending and wealth management. FIS, Numerated, Marstone, Alloy
and ClickSWITCH® implementations are all in progress. See details on all
progress in Item 1. Business in the Form 10-K.

In July 2022, the Company appointed a new Chief Digital Office with extensive
experience in bringing to life enterprise platforms that serve multi-faceted
purposes within the financial services industry.

Improving Amerant's brand awareness. Since the beginning of 2021, we have been
ramping up our efforts to build brand awareness in the communities we serve,
including improved signage and promotions as well as developing affinity
relationships and increasing our community involvement. In this area, many
improvements have taken place or are underway, including the enhancement of our
branch and ATM signage, rolling out new and improved branded items and
significantly increasing public and media relations.

In July 2022, we announced a multi-year agreement to become the official bank of
the NBA's Miami Heat. Through this strategic partnership, we are redefining the
meaning of our bank being an integral part of the community, which is one that
supports and aligns with those businesses and organizations that are well-known
and deeply rooted in South Florida.

Also in July 2022, we announced a new multi-year agreement as the official
helmet branding partner of the NHL's Florida Panthers. We continue to leverage
our recently disclosed multi-year partnership with the University of Miami's
Department of Intercollegiate Athletics, making Amerant the official "Hometown
Bank" of the Miami Hurricanes. We also continue to focus on raising brand
awareness through impactful campaigns such as, out-of-home advertising and
various campaigns via social media and public relations.

Rationalizing our lines of business and geographies. We continued to evaluate
our go-to-market strategy and implemented a new business organizational model,
focused on consumer and commercial banking to drive performance in the
geographies we serve. Our branch strategy is in progress with one branch in
Florida scheduled to close in the fourth quarter of 2022. In the first quarter
of 2022, we received approval from the Office of the Comptroller of the Currency
("OCC") for a new location of one branch in Houston, and the relocation of an
existing branch there is now slated to take place in the third quarter of 2022.
The new branch in downtown Miami is scheduled to open early 2023. We are also
refreshing branches to update and standardize the look and feel across all
branches. In the second quarter of 2022, we have completed the build out of the
team for the Tampa LPO. Lastly, the syndication desk is in place actively
seeking opportunities and the recently announced equipment financing business,
which will provide an efficient white label solution to drive sales and provide
underwriting capabilities, has launched with two out of the three planned
business development representatives in place and generated $10 million in new
originated loans in the second quarter of 2022.

Evaluating new ways to achieve cost efficiencies across the business to improve
our profitability. Among other items, we will be looking at the pricing of our
products and offerings, balance sheet composition, as well as the categories and
amounts of our spending. The Company continued to work on better aligning its
operating structure and resources with its business activities.

The Company continued to work on better aligning its operating structure and
resources with its business activities. Effective January 1, 2022, there were 80
employees who moved from the Company to FIS® as a result of the Company's
transition to our new technology provider. In addition, other HR efficiencies
were also implemented during the first quarter of 2022.

With respect to our balance sheet composition, during the three and six months
ended June 30, 2022, the Company repaid $350.0 million and $530 million,
respectively, in FHLB callable advances, and borrowed $200.0 million and $550
million, respectively in long-term fixed advances. These events effectively
increased the duration of financial liabilities under a scenario of an imminent
increase in interest rates.

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Optimizing capital structure. On March 9, 2022, the Company completed a $30.0
million offering of subordinated notes with at 4.25% fixed-to-floating rate and
due on March 15, 2032 (the "Subordinated Notes"). The Subordinated Notes will
initially bear interest at a fixed rate of 4.25% per annum, from and including
March 9, 2022, to but excluding March 15, 2027, with interest payable
semi-annually in arrears. From and including March 15, 2027, to but excluding
the stated maturity date or early redemption date, the interest rate will reset
quarterly to an annual floating rate equal to the then-current benchmark rate,
which will initially be the three-month Secured Overnight Financing Rate
("SOFR") plus 251 basis points, with interest during such period payable
quarterly in arrears. If the three-month SOFR cannot be determined during the
applicable floating rate period, a different index will be determined and used
in accordance with the terms of the Subordinated Notes. The Subordinated Notes
are presented net of direct issuance costs which are deferred and amortized over
10 years. The Subordinated Notes have been structured to qualify as Tier 2
capital of the Company for regulatory capital purposes, and rank equally in
right of payment to all of our existing and future subordinated indebtedness.

The Subordinated Notes were offered and sold by the Company in a private
placement offering in reliance on exemptions from the registration requirements
of the Securities Act. In connection with the sale and issuance of the
Subordinated Notes, the Company entered into a registration rights agreement,
pursuant to which the Company agreed to take certain actions to provide for the
exchange of the Subordinated Notes for subordinated notes that are registered
under the Securities Act and will have substantially the same terms.

On June 21, 2022, the Company successfully completed the exchange of all of its
outstanding Subordinated Notes for an equal principal amount of its registered
4.25% Fixed-to-Floating Rate Subordinated Notes due 2032 (the "Registered
Subordinated Notes"). The terms of the Registered Subordinated Notes are
substantially identical to the terms of the Subordinated Notes, except that the
Registered Subordinated Notes are not subject to the transfer restrictions,
registration rights and additional interest provisions (under the circumstances
described in the registration rights agreement relating to our fulfillment of
our registration obligations) applicable to the Subordinated Notes.

In the first quarter of 2022, the Company repurchased an aggregate of 652,118
shares of Class A common stock at a weighted average price of $33.96 per share,
under the 2021 Class A Common Stock Repurchase Program. The aggregate purchase
price for these transactions was approximately $22.1 million, including
transaction costs. On January 31, 2022, the Company announced the completion of
the 2021 Class A Common Stock Repurchase Program. In addition, in the first
quarter of 2022, the Company announced a new repurchase program pursuant to
which the Company may purchase, from time to time, up to an aggregate amount of
$50 million of its shares of Class A common stock (the "New Common Stock
Repurchase Program"). In the first and second quarter of 2022, the Company
repurchased an aggregate of 1,602,887 shares of Class A common stock at a
weighted average price of $31.14 per share, under the New Common Stock
Repurchase Program. The aggregate purchase price for these transactions was
approximately $49.9 million, including transaction costs.

We will continue to evaluate our capital structure and ways to optimize it in the future.



Environmental, Social and Governance ("ESG"). In 2021 and throughout the first
half of 2022, we focused on developing and furthering our sustainability
strategy and approach to contribute meaningfully and support a more sustainable
future for our stakeholders, including our investors, employees, customers, and
community These efforts lead to the Company's publication of its first annual
ESG report in April 2022, demonstrating our commitment towards being a
sustainable institution.


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COVID-19 Pandemic

CARES Act



On March 11, 2020, the World Health Organization recognized an outbreak of a
novel strain of the coronavirus, COVID-19, as a pandemic. For a more detailed
discussion of the COVID-19 pandemic, see the Form 10-K.

Loan Loss Reserve and Modification Programs



On March 26, 2020, the Company began offering loan payment relief options to
customers impacted by the COVID-19 pandemic, including interest only and/or
forbearance options. These programs continued throughout 2020 and in the first
half of 2021. As of June 30, 2022, there were no loans under the deferral and/or
forbearance options. At December 31, 2021, there were $37.1 million of loans
under the deferral and/or forbearance options. In accordance with accounting and
regulatory guidance, loans to borrowers benefiting from these measures are not
considered troubled debt restructuring ("TDRs"). See Note 1 to the Company's
consolidated financial statements on the Form 10-K for more details on loan
modification programs.
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Primary Factors Used to Evaluate Our Business




Results of Operations. In addition to net income or loss, the primary factors we
use to evaluate and manage our results of operations include net interest
income, noninterest income and expenses, and indicators of financial performance
including return on assets ("ROA") and return on equity (" ROE").

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

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

Noninterest Income. Noninterest income consists of, among other revenue streams:
(i) service fees on deposit accounts; (ii) income from brokerage, advisory and
fiduciary activities; (iii) benefits from and changes in cash surrender value of
bank-owned life insurance, or BOLI, policies; (iv) card and trade finance
servicing fees; (v) securities gains or losses; (vi) net gains and losses on
early extinguishment of FHLB advances; (vii) income from derivative transaction
with customers, (viii) derivatives gains or losses, (ix) gains or losses on the
sale of properties, and (x) other noninterest income.

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

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

Income from changes in the cash surrender value of our BOLI policies represents the amounts that may be realized under the contracts with the insurance carriers, which are nontaxable.


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Interchange fees, other fees and revenue sharing are recognized when earned.
Trade finance servicing fees, which primarily include commissions on letters of
credit, are generally recognized over the service period on a straight line
basis. Card servicing fees include credit and debit card interchange fees and
other fees. We have also entered into referral arrangements with recognized
U.S.-based card issuers, which permit us to serve our customers and earn
referral fees and share interchange revenue without exposure to credit risk.
Our gains and losses on sales of securities are derived from sales from our
securities portfolio and are primarily dependent on changes in U.S. Treasury
interest rates and asset liability management activities. Generally, as U.S.
Treasury rates increase, our securities portfolio decreases in market value, and
as U.S. Treasury rates decrease, our securities portfolio increases in value. We
also recognize unrealized gains or losses on changes in the valuation of
marketable equity securities not held for trading.

Our gains or losses on sales of property and equipment are recorded at the date
of the sale and presented as other noninterest income or expense in the period
they occur.

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



In the first quarter and second quarter of 2022, the derivatives unrealized loss
of $1.3 million and unrealized gains on derivative valuation of $0.9 million,
respectively, were derived from changes in market value of uncovered interest
rate caps with clients.

Mortgage banking income, which includes revenue related to Amerant Mortgage,
primarily consists of gain on sale of loans, gain on loans market valuation,
other fees and smaller sources of income, was $2.4 million and $3.1 million in
the three and six month periods ended June 30, 2022, Amerant Mortgage commenced
operations in May 2021 and is included as part of other noninterest income.

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

Noninterest expense consists of: (i) salaries and employee benefits; (ii) occupancy and equipment expenses; (iii) professional and other services fees; (iv) FDIC deposit and business insurance assessments and premiums; (v) telecommunication and data processing expenses; (vi) depreciation and amortization; (vii) advertising and marketing expenses, and (viii) other operating expenses.



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

Occupancy expense includes lease expense on our leased properties and other
occupancy-related expenses. Equipment expense includes furniture, fixtures and
equipment related expenses. In the three and six months ended June 30, 2022,
rental income associated with the subleasing of portions of the Company's
headquarters building is included as a reduction to rent expense under lease
agreements under occupancy and equipment cost. Prior to 2022, rental income in
connection with the previously-owned headquarters building is included as part
of other noninterest income.

Professional and other services fees include legal, accounting and consulting
fees, card processing fees, director's fees, regulatory agency fees, such as OCC
examination fees, and other fees related to our business operations. In the
three and six months ended June 30, 2022, professional fees include expenses
associated with the outsourcing of our internal audit function which began in
the second quarter of 2021.

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

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

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

Telecommunication and data processing expenses include expenses paid to our third-party data processing system providers and other telecommunication and data service providers.

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

Other operating expenses include community engagement and other operational expenses such as the costs of derivative transactions. Other operating expenses are partially offset by other operating expenses directly related to the origination of loans, which are deferred and amortized over the life of the related loans as adjustments to interest income in accordance with GAAP.

Noninterest expenses in the three and six months ended June 30, 2022 include additional salaries and employee benefits, mortgage lending costs and professional and other service fees in connection with Amerant Mortgage's ongoing business.



In the three and six months ended June 30, 2022, noninterest expenses include:
i) $2.8 million and $6.8 million, respectively, of estimated contract
termination costs associated with third party vendors resulting from the
Company's transition to our new technology provider; ii) a non-routine charge of
$3.2 million resulting from the market valuation adjustment of one OREO property
in New York; iii) a lease impairment charge of $1.6 million in connection with
the closure of a banking center in Florida; and iv) staff reduction costs of
$0.7 million and $1.5 million, respectively, in connection with restructuring
activities. Noninterest expenses in the six months ended June 30, 2022 also
include $1.3 million in legal and consulting fees in connection with
restructuring activities.

As of June 30, 2022, the Company had a valuation allowance derived from our NY
loans held for sale carried at the lower of cost or fair value of $0.2 million
(none as of December 31, 2021). In the three months ended June 30 and March 31,
2022, noninterest expenses include a release of $0.3 million and an expense of
$0.5 million, respectively, in connection with the change in the fair value of
the NY loans held for sale carried at the lower of cost of fair value.

Restructuring expenses are those incurred for actions designed to implement the
Company's strategic initiatives. These actions include, but are not limited to,
reductions in workforce, streamlining operational processes, promoting the
Amerant brand, implementation of new technology system applications, enhanced
sales tools and training, expanded product offerings and improved customer
analytics to identify opportunities.


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Primary Factors Used to Evaluate Our Financial Condition

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



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

We review and update our ALL model annually or more frequently if needed, to
better reflect our loan volumes, and credit and economic conditions in our
markets. The model may differ among our loan segments to reflect their different
asset types, and includes qualitative factors, which are updated semi-annually,
based on the type of loan.

The Company will no longer be deemed an EGC effective as of December 31, 2022.
Therefore, adoption of the pending new accounting guidance on current expected
credit losses, or CECL,will be required on the Company's consolidated financial
statements as of and for the reporting period ending that date, with retroactive
application as of January 1, 2022, the beginning of the adoption period. See
Note 1 to the Company's unaudited interim consolidated financial statements in
this Form 10-Q for more details on the pending adoption of CECL by the Company.

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

Liquidity. Our deposit base consists primarily of personal and commercial
accounts maintained by individuals and businesses in our primary markets and
select international core depositors. The Company is focused on
relationship-driven core deposits. In 2021, we changed our definition of core
deposits to better align its presentation with the Company's internal monitoring
and overall liquidity strategy. Under this new definition, core deposits consist
of total deposits excluding all time deposits. In prior periods, the Company
used the Federal Financial Institutions Examination Council's (the "FFIEC")
Uniform Bank Performance Report (the "UBPR") definition of "core deposits,"
which exclude brokered time deposits and retail time deposits of more than
$250,000. See "Core Deposits" discussion for more details.

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

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


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Summary Results

The summary results for the three and six month periods ended June 30, 2022 include the following:




•Net income attributable to the Company was $7.7 million in the second quarter
of 2022, down 51.9%, from $16.0 million in the second quarter of 2021, and $23.6
million in the first half of 2022, down 22.3%, from $30.4 million in the first
half of 2021.

•Net interest income was $58.9 million in the second quarter of 2022, up $8.9
million, or 18.0%, from $50.0 million in the second quarter of 2021, and $114.6
million in the first half of 2022, up $17.1 million, or 17.5%, from $97.5
million in the first half of 2021.

• Net interest margin was 3.28% in the second quarter of 2022, up 47 basis
points from 2.81% in the second quarter of 2021, and 3.23% in the first half of
2022, up 49 basis points from 2.74% in the first half of 2021.

•The Company had no provision or release from the ALL in the second quarter of
2022, compared to a release from the ALL of $5.0 million in the second quarter
of 2021. The Company released $10.0 million from the ALL in the first half of
2022, compared to $5.0 million in the first half of 2021. The ratio of allowance
for loan losses to total loans held for investment was 0.91% as of June 30,
2022, compared to 1.29% at December 31, 2021. The ratio of net charge-offs to
average total loans held for investment was 0.29% in the second quarter of 2022,
up from 0.12% in the second quarter of 2021, and 0.29% in the first half of
2022, up from 0.06% in the first half of 2021. The ALL coverage of
non-performing loans increased to 2.1x at June 30, 2022, up from 1.4x at
December 31, 2021.

•Non-interest income was $12.9 million in the second quarter of 2022, down 17.8%
from $15.7 million in the second quarter of 2021, primarily driven by net
unrealized losses on marketable equity securities of $2.6 million. Non-interest
income was $27.0 million in the first half of 2022, down 9.8% from $29.9 million
in the first half of 2021, primarily driven by net unrealized losses on
marketable equity securities of $1.9 million.

•Non-interest expense was $62.2 million in the second quarter of 2022, up 21.7%
from $51.1 million in the second quarter of 2021, as the second quarter of 2022
included a total of $8.0 million in restructuring and non-routine charges,
including an expense of $3.2 million related to the market valuation of an OREO
property in New York, $2.8 million in estimated contract termination costs in
connection with the conversion to FIS, and a lease impairment charge of $1.6
million related to the closing of a banking center in Florida. Non-interest
expense was $123.1 million in the first half of 2022, up 29.9% from $94.8
million in the first half of 2021.

•The efficiency ratio was 86.6% in the second quarter of 2022 compared to 77.8%
in the second quarter of 2021, and 86.9% in the first half of 2022, compared to
74.4% in the first half of 2021.

•Total gross loans, which include loans held for sale, were $5.85 billion at
June 30, 2022 up $279.8 million, or 5.0%, compared to December 31, 2021. Total
deposits were $6.20 billion at June 30, 2022 up by $572.0 million, or 10.2%,
compared to December 31, 2021.
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•Stockholders' book value per common share attributable to the Company was
$21.07 at June 30, 2022, compared to $23.18 at December 31, 2021. Tangible
stockholders' equity book value per common share, which is a non-GAAP measure,
was $20.40 as of June 30, 2022 compared to $22.55 at December 31, 2021. The
decline in stockholders' book value per common share reflects an accumulated
after-tax unrealized loss of $51.0 million at June 30, 2022 compared to an
accumulated after-tax unrealized gain of $15.2 million at December 31, 2021
primarily on the valuation of the Company's debt securities available for sale.
See "Tangible Common Equity Ratio and Tangible Book Value Per Common Share" for
a reconciliation of these non-GAAP financial measures.
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Results of Operations - Comparison of Results of Operations for the Three and Six Month Periods Ended June 30, 2022 and 2021

Net income

The table below sets forth certain results of operations data for the three and six month periods ended June 30, 2022 and 2021:



                               Three Months Ended June 30,                        Change                          Six Months Ended June 30,                    Change
(in thousands, except per
share amounts and
percentages)                     2022                 2021                     2022 vs 2021                        2022                 2021                2022 vs 2021
Net interest income        $       58,945          $ 49,971          $      8,974              18.0  %       $      114,590          $ 97,540    $     17,050               17.5  %
Provision for (reversal
of) loan losses                         -            (5,000)                5,000                   NM              (10,000)           (5,000)         (5,000)            (100.0) %
Net interest income after
provision (reversal of)
for loan losses                    58,945            54,971                 3,974               7.2  %              124,590           102,540          22,050               21.5  %
Noninterest income                 12,931            15,734                (2,803)            (17.8) %               26,956            29,897          (2,941)              (9.8) %
Noninterest expense                62,241            51,125                11,116              21.7  %              123,059            94,750          28,309               29.9  %
Income before income tax
expense                             9,635            19,580                (9,945)            (50.8) %               28,487            37,687          (9,200)             (24.4) %
Income tax expense                 (2,033)           (4,435)                2,402              54.2  %               (6,011)           (8,083)          2,072               25.6  %
Net income before
attribution of
noncontrolling interest             7,602            15,145                (7,543)            (49.8) %               22,476            29,604          (7,128)             (24.1) %
Noncontrolling interest               (72)             (817)                  745                   NM               (1,148)             (817)           (331)             (40.5) %
Net income attributable to
Amerant Bancorp Inc.       $        7,674          $ 15,962          $     (8,288)            (51.9) %       $       23,624          $ 30,421    $     (6,797)             (22.3) %
Basic earnings per common
share                      $         0.23          $   0.43          $      (0.20)            (46.5) %       $         0.69          $   0.81    $      (0.12)             (14.8) %
Diluted earnings per
common share (1)           $         0.23          $   0.42          $      (0.19)            (45.2) %       $         0.68          $   0.81    $      (0.13)             (16.1) %


__________________
(1)  In the three and six month periods ended June 30, 2022, potential dilutive
instruments consisted of unvested shares of restricted stock, restricted stock
units and performance share units. See Note 19 to our unaudited interim
consolidated financial statements in this Form 10-Q for details on the dilutive
effects of the issuance of restricted stock, restricted stock units and
performance share units on earnings per share for the three and six month
periods ended June 30, 2022 and 2021.
NM - means not meaningful

Three Months Ended June 30, 2022 and 2021



In the three months ended June 30, 2022, net income was $7.7 million, or $0.23
per diluted share, compared to net income of $16.0 million, or $0.42 per diluted
share, in the same quarter of 2021. The decrease of $8.3 million or 51.9%, in
the three months ended June 30, 2022 was mainly due to: (i) higher noninterest
expenses; (ii) lower noninterest income, and (iii) the absence of a $5.0 million
reversal of loan losses in the three months ended June 30, 2021. These results
were partially offset by higher net interest income. In the three months ended
June 30, 2022 and 2021, net income excludes a loss of $0.1 million and $0.8
million, respectively, attributable to a noncontrolling interest in Amerant
Mortgage which commenced operations in May 2021. In the three months ended
June 30, 2022 and 2021, the Company attributed a net loss of $0.1 million and
$0.8 million, respectively, to the non-controlling interest on the basis of a
net loss for Amerant Mortgage of $0.1 million and $1.7 million in the three
months ended June 30, 2022 and 2021, respectively, primarily derived from salary
and employee benefits which are included in our consolidated results of
operations. In the first quarter of 2022, the minority interest share in Amerant
Mortgage changed from 49% to 42.6%. In addition, in the second quarter of 2022,
the minority interest share in Amerant Mortgage changed from 42.6% to 20%. See
"Business Developments" in this Form 10-Q for more details on these changes with
respect to our subsidiary Amerant Mortgage.
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Net interest income was $58.9 million in the three months ended June 30, 2022,
an increase of $9.0 million, or 18.0%, from $50.0 million in the three months
ended June 30, 2021. This was primarily the result of: (i) higher average yields
on loans, debt securities available for sale and interest earning deposits with
banks; (ii) higher average balance of loans and debt securities held to
maturity; (iii) lower average balances and rates on customer time deposits; and
(iv) lower average balances of brokered time deposits and advances from the
FHLB. These results were partially offset by: (i) higher cost of interest
bearing deposits, money market deposits, brokered time deposits and FHLB
advances, and (ii) the cost of the subordinated notes issued in March 2022. See
"Net interest Income" for more details.

Noninterest income was $12.9 million in the three months ended June 30, 2022, a
decrease of $2.8 million, or 17.8%, compared to $15.7 million in the three
months ended June 30, 2021. This was mainly due to: (i) net unrealized losses on
marketable equity securities of $2.6 million in the three months ended June 30,
2022; (ii) the absence of a gain of $3.8 million on the sale of $95.1 million of
PPP loans in the six months ended June 30, 2021, and (iii) lower loan-level
derivative income. The decrease in noninterest income was partially offset by:
(i) the absence of a loss of $2.5 million on the early extinguishment of $235.0
million of FHLB advances in the three months ended June 30, 2021; (ii) higher
mortgage banking income; (iii) net unrealized gains on derivative valuation of
$0.9 million in the three months ended June 30, 2022 related to interest rate
caps with clients, and (iii) higher deposit and service fees. See "Noninterest
Income" for more details.

Noninterest expense increased $11.1 million, or 21.7%, in the three months ended
June 30, 2022 compared to the same period in 2021, mainly due to: (i) a
non-routine charge of $3.2 million resulting from the market valuation
adjustment of one OREO property in New York, and (ii) $2.8 million of estimated
contract termination costs associated with third party vendors resulting from
the Company's transition to our new technology provider. In addition, in the
three months ended June 30, 2022, we had higher advertising and marketing
expenses, occupancy and equipment expenses and professional and other service
fees. These results were partially offset by: (i) lower total salaries and
employee benefits; (ii) lower depreciation and amortization expenses; (iii)
lower FDIC assessments and insurance expenses, and (iv) a $0.3 million reversal
from the valuation allowance related to the change in fair value of New York
loans held for sale. See "Noninterest Expense" for more details.

In the three months ended June 30, 2022 and 2021, noninterest expense included
non-routine items of $8.0 million and $4.2 million, respectively. Non-routine
items in noninterest expense include $5.1 million and $4.2 million of
restructuring costs in the three months ended June 30, 2022 and 2021,
respectively. In addition, in the three months ended June 30, 2022, non-routine
items in noninterest expense include: (i) a non-routine charge of $3.2 million
resulting from the market valuation adjustment of one OREO property in New York,
and (ii) a $0.3 million reversal from the valuation allowance related to the
change in fair value of New York loans held for sale.

Noninterest expense in the three months ended June 30, 2022 included additional
salaries and employee benefits expense, mortgage lending costs and professional
and other services fees related to Amerant Mortgage, which commenced operations
in May 2021 and had 67 full time equivalent employees ("FTEs") at June 30, 2022.

Six Months Ended June 30, 2022 and 2021



In the six months ended June 30, 2022, net income was $23.6 million, or $0.68
per diluted share, compared to net income of $30.4 million, or $0.81 per diluted
share, in the same period of 2021. The decrease of $6.8 million or 22.3%, was
primarily due to higher noninterest expenses and lower noninterest income. These
results were partially offset by: (i) higher net interest income, and (ii) the
$10.0 million reversal of loan losses in the six months ended June 30, 2022,
compared to $5.0 million in the same period last year. In the six months ended
June 30, 2022 and 2021, net income excludes a loss of $1.1 million and $0.8
million, respectively, attributable to the non-controlling interest in Amerant
Mortgage, which commenced operations in May 2021. In the six months ended June
30, 2022 and 2021, the Company attributed a net loss of $1.1 million and $0.8
million, respectively, to the non-controlling interest on the basis of a net
loss for Amerant Mortgage of $2.3 million and $1.7 million in the six months
ended June 30, 2022 and 2021, respectively, primarily derived from salary and
employee benefits which are included in our consolidated results of operations.
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Net interest income was $114.6 million in the six months ended June 30, 2022, an
increase of $17.1 million, or 17.5%, from $97.5 million in the six months ended
June 30, 2021. This was primarily the result of: (i) higher average yields on
loans, debt securities available for sale and held to maturity and interest
earning deposits with banks; (ii) higher average of debt securities held to
maturity; (iii) lower average balances and rates on customer time deposits; and
(iv) lower average balances of brokered time deposits and advances from the
FHLB. These results were partially offset by: (i) higher cost of interest
bearing deposits, money market deposits, brokered time deposits and FHLB
advances; (ii) lower average balance of loans, and (ii) the cost of the
subordinated notes issued in March 2022. The increase in average yields on
interest earning assets includes the effect of the Federal Reserve's actions to
manage inflation in 2022 which consisted of raising its benchmark rate by a
total of 150 basis points year to date. See "-Net interest Income" for more
details.

Noninterest income was $27.0 million in the six months ended June 30, 2022, a
decrease of $2.9 million, or 9.8%, compared to $29.9 million in the six months
ended June 30, 2021. This was mainly due to: (i) net unrealized losses on
marketable equity securities of $1.9 million in the six months ended June 30,
2022; (ii) the absence of a gain of $3.8 million on the sale of $95.1 million of
PPP loans in the six months ended June 30, 2021, and (iii) net unrealized losses
on derivative valuation of $0.5 million in the six months ended June 30, 2022
related to interest rate caps with clients. The decrease in noninterest income
was partially offset by: (i) higher mortgage banking income; (ii) higher
loan-level derivative income; (iii) lower losses on the early extinguishment of
FHLB advances of $1.8 million, and (iv) higher deposit and service fees. In the
first half of 2022, the Company recorded a loss of $0.7 million on the early
extinguishment of around $180.0 million of FHLB advances. In the first half of
2021, the Company recorded a loss of $2.5 million on the early extinguishment of
around $235 million of FHLB advances. See "-Noninterest Income" for more
details.

Noninterest expense was $123.1 million in the six months ended June 30, 2022, an
increase of $28.3 million, or 29.9%, from $94.8 million in the six months ended
June 30, 2021. This was primarily driven by: (i) $6.8 million of estimated
contract termination costs associated with third party vendors resulting from
the Company's transition to our new technology provider; (ii) a non-routine
charge of $3.2 million resulting from the market valuation adjustment of one
OREO property in New York, and (iii) a valuation expense of $0.2 million related
to the change in fair value of New York loans held for sale. In addition, in the
six months ended June 30, 2022, we had higher professional and other service
fees, advertising and marketing expenses, occupancy and equipment expenses,
salary and employee benefits and other expenses. These increases were partially
offset by lower depreciation and amortization expenses and FDIC assessments and
insurance expenses. See "-Noninterest Expense" for more details.

In the six months ended June 30, 2022 and 2021, noninterest expense included
non-routine items of $14.6 million and $4.4 million, respectively. Non-routine
items in noninterest expense include $11.2 million and $4.4 million of
restructuring costs in the six months ended June 30, 2022 and 2021,
respectively. In addition, in the six months ended June 30, 2022, non-routine
items in noninterest expense include: (i) a non-routine charge of $3.2 million
resulting from the market valuation adjustment of one OREO property in New York,
and (ii) a valuation allowance of $0.2 million related to the change in fair
value of New York loans held for sale.


Noninterest expense in the six months ended June 30, 2022 included additional
salaries and employee benefits expense, mortgage lending costs and professional
and other services fees related to Amerant Mortgage, which commenced operations
in May 2021 and had 67 FTEs at June 30, 2022.



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Net interest income

Three Months Ended June 30, 2022 and 2021



In the three months ended June 30, 2022, net interest income was $58.9 million,
an increase of $9.0 million, or 18.0%, from $50.0 million in the same period of
2021. This was mainly driven by: (i) an increase of 51 basis points in the yield
on total interest earning assets, mainly loans, debt securities available for
sale and interest earning deposits with banks; (ii) increases of $108.4 million,
or 1.96%, and $80.3 million, or 82.6%, in the average balance of loans and debt
securities held to maturity, respectively, and (iii) a decline of $299.5
million, or 5.2%, in the average balance of total interest bearing liabilities,
mainly time deposits and FHLB advances. In addition, in the three months ended
June 30, 2022, there was decline in the interest expense on customer time
deposits. The increase in net interest income was partially offset by: (i)
higher cost of interest bearing deposits, money market deposits, brokered time
deposits and FHLB advances, and (ii) the cost of the Subordinated Notes issued
in March 2022. The increase in average yields on interest earning assets
includes the effect of the Federal Reserve's actions to manage inflation in
2022, which consisted of raising its benchmark rate by a total of 150 basis
points year to date. Net interest margin was 3.28% in the three months ended
June 30, 2022, an increase of 47 basis points from 2.81% in the three months
ended June 30, 2021. See discussions further below for more details.

During the second quarter of 2022, the Company: (i) continued making efforts to
increase its loan origination volumes, and (ii) continued seeking additional
opportunities to improve NIM through the purchase of consumer loans under
indirect lending programs. Additionally, in the second quarter of 2022, the
Company repaid $350.0 million in FHLB callable advances and borrowed
$200.0 million in long-term fixed advances to extend duration of this portfolio
and lock-in fixed interest rates.

The increase in the cost of FHLB advances in the three months ended June 30,
2022 is mainly attributable to changes in the composition of the Company's
outstanding FHLB advances beginning in the first quarter of 2022. In the first
quarter of 2022, in light of the rising rate environment, the Company actively
managed the duration of its liabilities by: (i) repaying $180.0 million in
callable FHLB advances, and (ii) borrowing $350.0 million in longer-term
advances to extend the duration of this portfolio and lock-in fixed interest
rates. In addition, in the first quarter of 2022, we completed a private
placement of $30 million of 4.25% fixed-to-floating rate subordinated notes due
2032. See discussions further below for more details on the subordinated notes.

Interest Income



Total interest income was $71.2 million in the three months ended June 30, 2022,
an increase of $10.0 million, or 16.3%, compared to $61.2 million for the same
period of 2021. This was primarily driven by a 51 basis points increase in the
average yield on total interest earning assets, mainly driven by higher yields
on loans, debt securities available for sale and interest earning deposits with
banks. In addition, there were increases of $108.4 million, or 1.96%, and $80.3
million, or 82.6%, in the average balance of loans and debt securities held to
maturity, respectively. These increases were partially offset by a decrease of
$66.8 million, or 5.7%, in the average balance of debt securities available for
sale.

Interest income on loans in the three months ended June 30, 2022 was $61.5
million, an increase of $7.9 million, or 14.7%, compared to $53.6 million in the
same period last year, primarily due to: (i) a 49 basis points increase in
average yields, mainly attributable to higher market rates, and (ii) an increase
of $108.4 million, or 2.0%, in the average balance of loans which include the
effect of higher volumes of commercial loans. The increase in average yields and
volumes also includes the effect of higher-yielding consumer loans purchased
throughout 2021 and the first half of 2022. In addition, in the three months
ended June 30, 2022, there was an increase in prepayment penalties of $0.3
million compared to the same period last year. See "-Average Balance Sheet,
Interest and Yield/Rate Analysis" for detailed information.


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Interest income on debt securities available for sale was $7.6 million in the
three months ended June 30, 2022, an increase of $1.2 million, or 19.1%,
compared to $6.4 million in the same period of 2021. This was mainly due to an
increase of 57 basis points in average yields, primarily driven by higher market
rates. This was partially offset by a decrease of $66.8 million, or 5.7%, in the
average balance of these securities. The decline in the average balance was
primarily due to a decrease in carrying value due to market rates increasing
throughout the first half of 2022. In the three months ended June 30, 2022, the
average balance of accumulated net unrealized net loss included in the carrying
value of these securities was $58.0 million compared to accumulated net
unrealized gain of $24.1 million in the same period last year. As of June 30,
2022, corporate debt securities comprised 29.7% of the available-for-sale
portfolio, down from 30.2% at June 30, 2021. We continue with our strategy to
insulate the investment portfolio from prepayment risk. As of June 30, 2022,
floating rate investments represent 15.3% of our total investment portfolio
compared to 11.9% at June 30, 2021. In addition, the overall duration increased
to 4.9 years at June 30, 2022 from 3.0 years at June 30, 2021, which was mainly
due to lower expected prepayment speeds recorded in our mortgage-backed
securities portfolio in light of rising interest rates.

Interest income on debt securities held to maturity was $1.0 million in the
three months ended June 30, 2022, an increase of $0.5 million, or 104.0%,
compared to $0.5 million in the same period of 2021. This was mainly due to an
increase of $80.3 million, or 82.6% in the average balance of these securities.
In addition, there was an increase of 24 basis points in average yields,
primarily driven by higher market rates.

Interest Expense



Interest expense was $12.2 million in the three months ended June 30, 2022, an
increase of $1.0 million, or 9.1%, compared to $11.2 million in the same period
of 2021. This was primarily due to: (i) higher cost of interest bearing
deposits, money market deposits, brokered time deposits and FHLB advances, and
(ii) the cost of the subordinated notes issued in March 2022. This increase was
partially offset by a decline of $299.5 million, or 5.2%, in the average balance
of total interest bearing liabilities, mainly time deposits and FHLB advances.
In addition, there was a decrease of 5 basis points in the average yields on
customer time deposits.

Interest expense on interest-bearing deposits was $6.9 million in the three
months ended June 30, 2022, a decrease of $0.5 million, or 6.7%, compared to
$7.4 million for the same period of 2021. This decline was mainly driven by a
decrease in interest expense on time deposits, primarily due to: (i) a decrease
of $533.4 million, or 29.8%, in the average balance of total time deposits, and
(ii) 5 basis points decrease in the average rates paid on customer time
deposits. These declines were partially offset by higher average rates paid on
total interest bearing checking and savings accounts and brokered time deposits.
See below for a detailed explanation of changes by major deposit category:

•Time deposits. Interest expense on total time deposits decreased $1.8 million,
or 28.8%, in the three months ended June 30, 2022 compared to the same period in
2021. This was mainly due to: (i) a decline of $533.4 million, or 29.8%, in the
average balance, including a decrease of $131.5 million in the average balance
of international time deposits, and (ii) a decline of 5 basis points in the
average cost on customer time deposits. These declines were partially offset by
an increase of 28 basis points in the average cost of brokered time deposits.
The decline in the average balance of total time deposits include decreases of
$317.0 million, $149.7 million and $66.7 million, in customer certificate of
deposits ("CDs"), brokered deposits and online deposits, respectively. The
decline in customer CDs reflects the Company's continued efforts to aggressively
lower CD rates and focus on increasing core deposits and emphasizing
multiproduct relationships versus single product higher-cost CDs.

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•Interest bearing checking and savings accounts. Interest expense on checking
and savings accounts increased $1.3 million, or 124.6%, in the three months
ended June 30, 2022 compared to the same period one year ago, mainly due to an
increase of 16 basis points in the average costs on these deposits. In addition,
there was an increase of $259.3 million, or 8.7% in the average balance of total
interest bearing checking and savings accounts in the three months ended
June 30, 2022 compared to the same period in 2021, mainly driven by: (i) higher
average domestic personal accounts; (ii) new domestic deposits from
municipalities and funds from escrow accounts in the three months ended June 30,
2022, and (iii) an increase of $102.4 million, or 5.0%, in the average balance
of international accounts, including increases of $73.2 million, or 4.3%, and
$29.1 million, or 8.4%, in personal and commercial accounts, respectively. These
increases in average balances were partially offset by a decline of $79.5
million in the average balance of third-party interest-bearing domestic brokered
deposits in the three months ended June 30, 2022 compared to the same period in
2021, as the Company continued to focus on reducing reliance on this source of
funding.

Interest expense on FHLB advances increased $1.1 million, or 48.2%, in the three
months ended June 30, 2022 compared to the same period of 2021, primarily driven
by an increase of 56 basis points in the average rate paid on these borrowings.
This was partially offset by a decline of $54.5 million, or 5.9%, in the average
balance on this funding source. In May 2021, the Company completed the
restructuring of $285 million of its fixed-rate FHLB advances and incurred an
early termination and modification penalty of $6.6 million which was deferred
and is being amortized over the term of the new advances, as an adjustment to
the yields. In the three months ended June 30, 2022, we recognized $0.5 million,
included as part of interest expense resulting from this amortization.
Additionally, in the first quarter of 2022, we repaid $180 million in callable
FHLB advances and borrowed $350.0 million in longer-term FHLB advances.
Furthermore, during the second quarter of 2022, the Company repaid
$350.0 million in FHLB callable advances and borrowed $200.0 million in
long-term fixed advances to extend duration of this portfolio and lock-in fixed
interest rates. See "Item 7. Management's Discussion and Analysis Of Financial
Condition And Results Of Operations" included in the Form 10-K for more details
on the $285 million FHLB advances restructuring completed in May 2021.

On March 9, 2022, the Company sold and issued $30.0 million aggregate principal
amount of its 4.25% Fixed-to-Floating Rate Subordinated Notes due on March 15,
2032. The Subordinated Notes will initially bear interest at a fixed rate of
4.25% per annum, from and including March 9, 2022, to but excluding March 15,
2027, with interest payable semi-annually in arrears. In the three months ended
June 30, 2022 interest expense on these subordinated notes was $0.4 million. See
"Capital Resources and Liquidity Management" in this Form 10-Q for more
information on the Subordinated Notes.

Six Months Ended June 30, 2022 and 2021



In the six months ended June 30, 2022, net interest income was $114.6 million,
an increase of $17.1 million, or 17.5%, from $97.5 million in the same period of
2021. This was mainly driven by: (i) an increase of 43 basis points in the yield
on total interest earning assets, mainly loans and debt securities available for
sale and held to maturity and interest earnings deposits with banks; (ii) higher
average balance of debt securities held to maturity, and (iii) a decline of
$383.2 million, or 6.52%, in the average balance of total interest bearing
liabilities, mainly time deposits and FHLB advances, and (iii) a decline of 16
basis points in the average costs of customer time deposits. The increase in net
interest income was partially offset by: (i) higher cost of interest bearing
deposits, money market deposits, brokered time deposits and FHLB advances, and
(ii) decreases of $37.9 million, or 0.7%, and $50.3 million, or 4.2%, in the
average balance of loans and debt securities available for sale, respectively.
In addition, the six months ended June 30, 2022 include the additional interest
expense associated with subordinated notes issued in March 2022. The increase in
average yields on interest earning assets includes the effect of the
aforementioned increase in the Federal reserve's benchmark interest rate in
2022. Net interest margin was 3.23% in the six months ended June 30, 2022, an
increase of 49 basis points from 2.74% in the six months ended June 30, 2021.
See discussions further below for more details.

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Interest Income



Total interest income was $136.3 million in the six months ended June 30, 2022,
an increase of $14.8 million, or 12.2%, compared to $121.5 million for the same
period of 2021. This was primarily driven by a 43 basis points increase in the
average yield on total interest earning assets, mainly driven by higher market
rates on loans and debt securities available for sale and held to maturity and
interest earning deposits with banks. In addition, there was an increase of
$63.7 million, or 77.2%, in the average balance of debt securities held to
maturity. These increases were partially offset by decreases of $37.9 million,
or 0.7%, and $50.3 million, or 4.2%, in the average balance of loans and debt
securities available for sale, respectively.

Interest income on loans in the six months ended June 30, 2022 was $117.9
million, an increase of $11.5 million, or 10.8%, compared to $106.4 million for
the comparable period of 2021. This result was primarily due to a 44 basis
points increase in average yields, mainly attributable to higher market rates as
well as higher-yielding consumer loans purchased throughout 2021 and the first
half of 2022. In addition, the increase in average yields includes the effect of
an increase in prepayment penalties of $0.7 million in the six months ended
June 30, 2022 compared to the same period last year. This increase was partially
offset by a slight decrease of $37.9 million, or 0.7%, in the average balance of
loans compared to the same period in 2021, mainly attributable to loan
prepayments, the sale of and forgiveness of PPP loans and the sale of New York
real estate loans. The decrease in the average balance of loans was partially
offset by: (i) higher volumes of commercial loans driven by our loan origination
and cross-sale efforts during the first half of 2022, and (ii) purchases of
consumer loans as discussed above. See "-Average Balance Sheet, Interest and
Yield/Rate Analysis" for detailed information.

Interest income on debt securities available for sale was $15.0 million in the
six months ended June 30, 2022, an increase of $2.1 million, or 16.3%, compared
to $12.9 million in the same period of 2021. This was mainly due to an increase
of 47 basis points in average yields, primarily on lower prepayments and higher
market rates. This was partially offset by a decrease of $50.3 million, or 4.2%,
in the average balance of these securities. The decline in the average balance
was due to prepayments and a decrease in carrying value due to market rates
increasing throughout the first half of 2022. In the six months ended June 30,
2022, the average balance of accumulated net unrealized net loss included in the
carrying value of these securities was $28.0 million compared to accumulated net
unrealized gain of $28.7 million in the same period last year.

Interest income on debt securities held to maturity was $1.7 million in the six
months ended June 30, 2022, an increase of $0.9 million, or 115.1%, compared to
$0.8 million in the same period of 2021. This was mainly due to an increase of
$63.7 million, or 77.2% in the average balance of these securities. In addition,
there was an increase of 41 basis points in average yields, primarily driven by
higher market rates.

Interest Expense

Interest expense was $21.7 million in the six months ended June 30, 2022, a
decrease of $2.3 million, or 9.5%, compared to $24.0 million in the same period
of 2021. This was primarily due to a decrease of $383.2 million, or 6.52%, in
the average balance of total interest bearing liabilities, mainly time deposits
and FHLB advances. In addition, there was a decline of 16 basis points in the
average costs of customer time deposits. This was partially offset by: (i)
higher cost of interest bearing deposits, money market deposits, brokered time
deposits and FHLB advances, and (ii) the additional interest expense associated
with the subordinated notes issued in March 2022.

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Interest expense on interest-bearing deposits was $12.2 million in the six
months ended June 30, 2022, a decrease of $3.6 million, or 22.9%, compared to
$15.8 million for the same period of 2021. This decline was mainly driven by:
(i) a decrease of $597.0 million, or 31.9%, in the average balance of total time
deposits, and (ii) a decline of 16 basis points in the average cost of customer
time deposits. These declines were partially offset by higher average rates paid
on total interest bearing checking and savings accounts. See below for a
detailed explanation of changes by major deposit category:

•Time deposits. Interest expense on total time deposits decreased $4.9 million,
or 35.8%, in the six months ended June 30, 2022 compared to the same period in
2021. This was mainly due to: (i) a decline of $597.0 million, or 31.9%, in the
average balance, including a decrease of $141.1 million in the average balance
of international time deposits, and (ii) decline of 16 basis points in the
average cost on customer time deposits. These declines were partially offset by
an increase of 27 basis points in the average cost on brokered time deposits.
The decline in the average balance of total time deposits include decreases of
$338.6 million, $181.1 million and $77.3 million, in customer certificate of
deposits ("CDs"), brokered deposits and online deposits, respectively. The
decline in customer CDs reflects the Company's continued efforts to aggressively
lower CD rates and focus on increasing core deposits and emphasizing
multiproduct relationships versus single product higher-cost CDs.

•Interest bearing checking and savings accounts. Interest expense on checking
and savings accounts increased $1.3 million, or 58.9%, in the six months ended
June 30, 2022 compared to the same period one year ago, mainly due to an
increase of 13 basis points in the average costs on interest bearing demand
deposit accounts. In addition, there was an increase of $288.8 million, or 10.0%
in the average balance of total interest bearing checking and savings accounts
in the six months ended June 30, 2022 compared to the same period in 2021,
mainly driven by: (i) higher average domestic personal accounts; (ii) new
domestic deposits from municipalities and funds from escrow accounts in the
three months ended June 30, 2022, and (iii) an increase of $111.6 million, or
5.46%, in the average balance of international accounts, including increases of
$75.0 million, or 4.4%, and $36.6 million, or 10.7%, in personal and commercial
accounts, respectively. These increases in average balances were partially
offset by a decline of $64.2 million in the average balance of third-party
interest-bearing domestic brokered deposits in the six months ended June 30,
2022 compared to the same period in 2021, as the Company continued to focus on
reducing reliance on this source of funding.

Interest expense on FHLB advances increased $0.8 million, or 16.1%, in the six
months ended June 30, 2022 compared to the same period of 2021, mainly due to an
increase of 29 basis points in the average rate paid on these borrowings. This
increase was partially offset by a decline of $93.5 million, or 9.5%, in the
average balance on this funding source which includes the effect of the
repayment of $235.0 million of FHLB advances in the second quarter of 2021. In
May 2021, the Company completed the restructuring of $285 million of its
fixed-rate FHLB advances and incurred an early termination and modification
penalty of $6.6 million which was deferred and is being amortized over the term
of the new advances, as an adjustment to the yields. In the six months ended
June 30, 2022, we recognized $0.9 million, included as part of interest expense
resulting from this amortization. Additionally, in the first quarter of 2022, we
repaid $180 million in callable FHLB advances and borrowed $350.0 million in
longer-term FHLB advances. Furthermore, during the second quarter of 2022, the
Company repaid $350.0 million in FHLB callable advances and borrowed
$200.0 million in long-term fixed advances to extend duration of this portfolio
and lock-in fixed interest rates. See "Item 7. Management's Discussion and
Analysis Of Financial Condition And Results Of Operations" included in the Form
10-K for more details on the $285 million FHLB advances restructuring completed
in May 2021.

Interest expense on subordinated notes was $0.4 million in the six months ended
June 30, 2022. We had no interest expense on subordinated notes in the six
months ended June 30, 2021. See "Capital Resources and Liquidity Management" in
this Form 10-Q for more information on the Subordinated Notes.

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Average Balance Sheet, Interest and Yield/Rate Analysis



The following tables present average balance sheet information, interest income,
interest expense and the corresponding average yields earned and rates paid for
the three and six month periods ended June 30, 2022 and 2021. 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 June 30,
                                                                   2022                                                     2021
                                                Average            Income/           Yield/             Average             Income/           Yield/
(in thousands, except percentages)             Balances            Expense            Rates             Balances            Expense            Rates
Interest-earning assets:
Loan portfolio, net (1)(2)                  $ 5,635,147          $ 61,514              4.38  %       $ 5,526,727          $ 53,612              3.89  %
Debt securities available for sale (3) (4)    1,113,994             7,614              2.74  %         1,180,766             6,393              2.17  %
Debt securities held to maturity (5)            177,483               981              2.22  %            97,208               481              1.98  %
Debt securities held for trading                    101                 1              3.97  %               258                 2              3.11  %
Equity securities with readily determinable
fair value not held for trading                  12,407                 -                 -  %            24,010                75              1.25  %
Federal Reserve Bank and FHLB stock              49,476               539              4.37  %            51,764               548              4.25  %
Deposits with banks                             224,751               518              0.92  %           239,951                62              0.10  %
Total interest-earning assets                 7,213,359            71,167              3.96  %         7,120,684            61,173              3.45  %
Total non-interest-earning assets less
allowance for loan losses                       635,871                                                  559,807
Total assets                                $ 7,849,230                                              $ 7,680,491












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                                                                                    Three Months Ended June 30,
                                                                   2022                                                     2021
                                                Average            Income/           Yield/             Average             Income/           Yield/
(in thousands, except percentages)             Balances            Expense            Rates             Balances            Expense            Rates
Interest-bearing liabilities:
Checking and saving accounts
Interest bearing DDA                        $ 1,654,232          $  1,034              0.25  %       $ 1,292,612          $    123              0.04  %
Money market                                  1,262,566             1,351              0.43  %         1,310,133               931              0.29  %
Savings                                         318,967                14              0.02  %           373,723                14              0.02  %
Total checking and saving accounts            3,235,765             2,399              0.30  %         2,976,468             1,068              0.14  %
Time deposits                                 1,256,112             4,503              1.44  %         1,789,517             6,327              1.42  %
Total deposits                                4,491,877             6,902              0.62  %         4,765,985             7,395              0.62  %
Securities sold under agreements to
repurchase                                           60                 -                 -  %               440                 1              0.91  %
Advances from the FHLB and other borrowings
(6)                                             867,573             3,341              1.54  %           922,050             2,255              0.98  %
Senior notes                                     59,013               942              6.40  %            58,697               942              6.44  %
Subordinated notes                               29,178               361              4.96  %                 -                 -                 -  %
Junior subordinated debentures                   64,178               676              4.22  %            64,178               609              3.81  %
Total interest-bearing liabilities            5,511,879            12,222              0.89  %         5,811,350            11,202              0.77  %
Non-interest-bearing liabilities:
Non-interest-bearing demand deposits          1,309,520                                                  937,275
Accounts payable, accrued liabilities and
other liabilities                               283,721                                                  142,226
Total non-interest-bearing liabilities        1,593,241                                                1,079,501
Total liabilities                             7,105,120                                                6,890,851
Stockholders' equity                            744,110                                                  789,640
Total liabilities and stockholders' equity  $ 7,849,230                                              $ 7,680,491
Excess of average interest-earning assets
over average interest-bearing liabilities   $ 1,701,480                                              $ 1,309,334
Net interest income                                              $ 58,945                                                 $ 49,971
Net interest rate spread                                                               3.07  %                                                  2.68  %
Net interest margin (7)                                                                3.28  %                                                  2.81  %
Cost of total deposits (8)                                                             0.48  %                                                  0.52  %
Ratio of average interest-earning assets to
average interest-bearing liabilities             130.87  %                                                122.53  %
Average non-performing loans/ Average total
loans                                              0.56  %                                                  1.84  %


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                                                                                 Six Months Ended
                                                             June 30, 2022                         June 30, 2021
                                                         Average         Income/          Yield/                                    Income/
(in thousands, except percentages)                      Balances         Expense          Rates            Average Balances         Expense       Yield/ Rates
Interest-earning assets:
Loan portfolio, net (1)(2)                           $ 5,564,362       $ 117,852            4.27  %       $      5,602,218       $  106,383            3.83  %
Debt securities available for sale (3)(4)              1,142,087          14,992            2.65  %              1,192,342           12,888            2.18  %
Debt securities held to maturity (5)                     146,243           1,684            2.32  %                 82,550              783            1.91  %
Debt securities held for trading                              68               2            5.93  %                    181                3            3.34  %
Equity securities with readily determinable fair
value not held for trading                                 6,885               -               -  %                 24,117              159            1.33  %
Federal Reserve Bank and FHLB stock                       50,485           1,085            4.33  %                 57,650            1,173            4.10  %
Deposits with banks                                      241,893             650            0.54  %                222,749              113            0.10  %
Total interest-earning assets                          7,152,023         136,265            3.84  %              7,181,807          121,502            3.41  %
Total non-interest-earning assets less allowance for
loan losses                                              626,501                                                   532,232
Total assets                                         $ 7,778,524                                          $      7,714,039

Interest-bearing liabilities:
Checking and saving accounts
Interest bearing DDA                                 $ 1,605,626       $   1,324            0.17  %       $      1,302,603       $      236            0.04  %
Money market                                           1,257,955           2,084            0.33  %              1,273,284            1,897            0.30  %
Savings                                                  322,027              26            0.02  %                320,903               28            0.02  %
Total checking and saving accounts                     3,185,608           3,434            0.22  %              2,896,790            2,161            0.15  %
Time deposits                                          1,275,587           8,784            1.39  %              1,872,577           13,687            1.47  %
Total deposits                                         4,461,195          12,218            0.55  %              4,769,367           15,848            0.67  %
Securities sold under agreements to repurchase                30               -               -  %                    221                1            0.91  %
Advances from the FHLB and other borrowings (6)          892,170           5,822            1.32  %                985,672            5,013            1.03  %
Senior notes                                              58,974           1,884            6.44  %                 58,658            1,884            6.48  %
Subordinated notes                                        18,375             449            4.93  %                      -                -               -  %
Junior subordinated debentures                            64,178           1,302            4.09  %                 64,178            1,216            3.82  %
Total interest-bearing liabilities                     5,494,922          21,675            0.80  %              5,878,096           23,962            0.82  %
Non-interest-bearing liabilities:
Non-interest-bearing demand deposits                   1,254,948                                                   931,291
Accounts payable, accrued liabilities and other
liabilities                                              257,559                                                   118,021
Total non-interest-bearing liabilities                 1,512,507                                                 1,049,312
Total liabilities                                      7,007,429                                                 6,927,408
Stockholders' equity                                     771,095                                                   786,631
Total liabilities and stockholders' equity           $ 7,778,524                                          $      7,714,039
Excess of average interest-earning assets over
average interest-bearing liabilities                 $ 1,657,101                                          $      1,303,711
Net interest income                                                    $ 114,590                                                 $   97,540
Net interest rate spread                                                                    3.04  %                                                    2.59  %
Net interest margin (7)                                                                     3.23  %                                                    2.74  %
Cost of total deposits (8)                                                                  0.43  %

0.56 % Ratio of average interest-earning assets to average interest-bearing liabilities

                              130.16  %                                                 122.18  %
Average non-performing loans/ Average total loans           0.63  %                                                   1.69  %


                                       76


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(1)  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
$55.9 million and $110.8 million in the three months ended June 30, 2022 and
2021, respectively, and $61.7 million and $110.9 million in the six months ended
June 30, 2022 and 2021, respectively. The average balance of total loans held
for sale was $112.2 million and $296 thousand in the three months ended June 30,
2022 and 2021, respectively, and $123.6 million and $0.2 million in the six
months ended June 30, 2022 and 2021, respectively.
(2)  Includes average non-performing loans of $32.7 million and $103.6 million
for the three months ended June 30, 2022 and 2021, respectively, and $36.0
million and $96.4 million for the six months ended June 30, 2022 and 2021,
respectively. Interest income that would have been recognized on outstanding
non-performing loans at June 30, 2022 and 2021 was $0.1 million and $0.9 million
in the three months ended June 30, 2022 and 2021, respectively, and $0.6 million
and $1.7 million in the six months ended June 30, 2022 and 2021, respectively.
(3)  Includes average balance of accumulated net unrealized gains and losses in
the fair value of debt securities available for sale. The average balance
includes average accumulated net unrealized loss of $58.0 million and
accumulated net unrealized gain of $24.1 million in the three months ended
June 30, 2022 and 2021, respectively, and average accumulated net unrealized
loss of $28.0 million and average accumulated net unrealized gain of $28.7
million in the six months ended June 30, 2022 and 2021, respectively.
(4)  Includes nontaxable securities with average balances of $14.8 million and
$27.3 million for the three months ended June 30, 2022 and 2021, respectively,
and $15.7 million and $47.9 million in the six months ended June 30, 2022 and
2021, respectively. The tax equivalent yield for these nontaxable securities was
2.97% and 2.15% for the three months ended June 30, 2022 and 2021, respectively,
and 2.85% and 2.77% for the six months ended June 30, 2022 and 2021,
respectively. In 2022 and 2021, the tax equivalent yields were calculated by
assuming a 21% tax rate and dividing the actual yield by 0.79.
(5) Includes nontaxable securities with average balances of $42.7 million and
$52.2 million for the three months ended June 30, 2022 and 2021, respectively,
and $43.4 million and $54.4 million in the six months ended June 30, 2022 and
2021, respectively. The tax equivalent yield for these nontaxable securities was
3.31% and 2.19% for the three months ended June 30, 2022 and 2021, respectively,
and 3.22% and 2.30% in the six months ended June 30, 2022 and 2021,
respectively. In 2022 and 2021, the tax equivalent yields were calculated by
assuming a 21% tax rate and dividing the actual yield by 0.79.
(6)  The terms of the FHLB advance agreements require the Bank to maintain
certain investment securities or loans as collateral for these advances.
(7)  Net interest margin is defined as net interest income divided by average
interest-earning assets, which are loans, securities, deposits with banks and
other financial assets which yield interest or similar income.
(8)  Calculated based upon the average balance of total noninterest bearing and
interest bearing deposits.
                                       77

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Analysis of the Allowance for Loan Losses

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



                                                Three Months Ended June 30,                 Six Months Ended June 30,
(in thousands)                                    2022                  2021                 2022                 2021

Balance at the beginning of the period $ 56,051 $ 110,940 $ 69,899 $ 110,902



Charge-offs
Domestic Loans:
Real estate loans
Commercial Real Estate (CRE)

Single-family residential                                -                (58)                   (10)               (58)

Commercial                                          (4,605)            (1,688)                (7,880)            (1,923)
Consumer and others                                   (915)              (786)                (1,948)            (1,217)
                                                    (5,520)            (2,532)                (9,838)            (3,198)

International Loans (1):
Single-family residential                                -                  -                     (4)                 -

Total Charge-offs                           $       (5,520)         $  (2,532)         $      (9,842)         $  (3,198)

Recoveries
Domestic Loans:
Real estate loans
Commercial Real Estate (CRE)

Land development and construction loans     $           10          $      70          $          14          $      70

Single-family residential                               76                 53                    110                 79

Commercial                                           1,058                303                  1,259                750
Consumer and others                                      2                108                    132                152
                                                     1,146                534                  1,515              1,051

International Loans (2):

Commercial                                             338                214                    437                372
Consumer and others                                     12                 29                     18                 58
                                                       350                243                    455                430
Total Recoveries                            $        1,496          $     777          $       1,970          $   1,481

Net charge-offs                                     (4,024)            (1,755)                (7,872)            (1,717)
Provision for (reversal of) provision for
loan losses                                              -             (5,000)               (10,000)            (5,000)
Balance at the end of the period            $       52,027          $

104,185 $ 52,027 $ 104,185

__________________

(1) Primarily from Venezuela customers. (2) Includes transactions in which the debtor or the customer is domiciled outside the U.S., even when the collateral is located in the U.S.

--------------------------------------------------------------------------------

Three Months Ended June 30, 2022 and 2021



There was no provision expense or release from the ALL in the second quarter of
2022, compared to a release from the ALL of $5.0 million in the same period last
year. During the second quarter of 2022, we had releases from the ALL of: (i)
$1.0 million due to upgrades, payoffs and pay-downs of non-performing loans and
special mention loans, (ii) $5.1 million as a result of improved macro-economic
conditions, and (iii) $1.5 million due to recoveries. These releases from the
ALL in the second quarter of 2022 were offset by $6.0 million in additional
reserves requirements for charge-offs and $1.6 million in reserves requirements
due to loan growth. The ALL release in the second quarter of 2021 was mainly
driven by a decrease in reserves associated with the COVID-19 pandemic, as a
result of improved macro-economic conditions and credit outlook, as the Florida
and Texas economies continued to recover from the COVID-19 pandemic in the
second quarter of 2021. In addition, the decrease in the loan portfolio
outstanding balance in the second quarter of 2021, compared to the close of the
first quarter of 2021, also contributed to lower reserve requirements. These
results were partially offset by loan downgrades and additional reserves
allocated in connection with the COVID-19 pandemic, primarily due to slower
economic recovery of the New York market in the second quarter of 2021.

The ALL associated with the COVID-19 pandemic at June 30, 2022 was $2.7 million
compared to $14.8 million as of June 30, 2021. This reduction in the ALL
associated with the COVID-19 pandemic is the result of improved macro-economic
conditions, while still taking into account the impact of supply chain
disruptions, inflationary pressures and labor shortages prevalent in the current
economic environment.

During the three months ended June 30, 2022, charge-offs increased $3.0 million,
or 118.0%, compared to the same period of the prior year. In the three months
ended June 30, 2022, charge-offs included: (i) $4.1 million related to two
commercial loans, primarily including $3.6 million related to a loan
relationship with a Miami-based U.S. coffee trader ("the Coffee Trader"), and
(ii) an aggregate of $0.9 million in consumer loans. In the three months ended
June 30, 2021, the Company charged-off an aggregate of $0.7 million related to
consumer loans under indirect lending programs.The ratio of net charge-offs over
the average total loan portfolio held for investment was 0.29% in the second
quarter of 2022, compared to 0.12% in the second quarter of 2021.

As of December 31, 2021, the Coffee Trader had an outstanding balance of
approximately $9.1 million. In the second quarter of 2022, the Company collected
a partial principal payment of $5.5 million and charged off the remaining
balance of $3.6 million against the allowance for loans losses. Therefore, as of
June 30, 2022, there were no outstanding balances associated with this loan
relationship. See "Item 7. Management's Discussion and Analysis Of Financial
Condition And Results Of Operations" included in the Form 10-K, for more details
on the Coffee Trader.

During the second quarter of 2022, consistent with the Company's applicable
policy, the Company obtained independent third-party collateral valuations on
all real estate securing non-performing loans with existing valuations older
than 12-months, to support current ALL levels. No additional loan loss reserves
were deemed necessary as a result of these valuations.

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


                                       79

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Six Months Ended June 30, 2022 and 2021



The Company released $10.0 million from the ALL in the six months ended June 30,
2022, compared to $5.0 million in the same period last year. The ALL release in
the first half of 2022 was primarily attributed to releases of: (i) $4.4 million
due to upgrades, payoffs and pay-downs of non-performing loans and special
mention loans; (ii) $12.3 million as a result of improved macro-economic
conditions, and (iii) $2.0 million due to recoveries. These releases from the
ALL in the first half of 2022 were partially offset by $5.8 million in
additional reserve requirements for charge-offs and $2.9 million in reserve
requirements due to loan growth.The ALL release in the first half of 2021 was
mainly driven by a decrease in reserves associated with the COVID-19 pandemic,
as a result of improved macro-economic conditions and credit outlook, as the
Florida and Texas economies continued to recover from the COVID-19 pandemic in
the second quarter of 2021. In addition, the decrease in the loan portfolio
outstanding balance in the second quarter of 2021, compared to the close of the
first quarter of 2021, also contributed to lower reserve requirements. These
results were partially offset by loan downgrades and additional reserves
allocated in connection with the COVID-19 pandemic, primarily due to slower
economic recovery of the New York market in the second quarter of 2021.

During the six months ended June 30, 2022, charge-offs increased $6.6 million,
or 207.8%, compared to the same period of the prior year. In the six months
ended June 30, 2022, charge-offs included: (i) $7.4 million related to four
commercial loans, including $3.6 million related to the Coffee Trader and $2.5
million related to a nonaccrual loan paid off during the period, and (ii) an
aggregate of $1.9 million in consumer loans. In the six months ended June 30,
2021, the Company charged-off an aggregate of $1.9 million related to consumer
loans under indirect lending programs. The ratio of net charge-offs over the
average total loan portfolio held for investment was 0.29% in the first half of
2022, compared to 0.06% in the first half of 2021.


                                       80

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Noninterest Income

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



                                                          Three Months Ended June 30,                                            Change
                                                   2022                                    2021                               2022 vs 2021
                                         Amount                 %               Amount               %                 Amount                  %
(in thousands, except percentages)
Deposits and service fees           $       4,577               35.4  %       $  4,284               27.2  %       $        293                 6.8  %
Brokerage, advisory and fiduciary
activities                                  4,439               34.3  %          4,431               28.2  %                  8                 0.2  %
Loan-level derivative income (1)            1,009                7.8  %          1,293                8.2  %               (284)              (22.0) %
Change in cash surrender value of
bank owned life insurance
("BOLI")(2)                                 1,334               10.3  %          1,368                8.7  %                (34)               (2.5) %
Cards and trade finance servicing
fees                                          508                3.9  %            388                2.5  %                120                30.9  %
Gain (loss) on early extinguishment
of FHLB advances, net                           2                  -  %         (2,488)             (15.8) %              2,490               100.1  %
Securities (losses) gains, net (3)         (2,602)             (20.1) %          1,329                8.5  %             (3,931)             (295.8) %
Derivative gains, net (4)                     855                6.6  %              -                  -  %       $        855                    N/M
Other noninterest income (5) (6)            2,809               21.8  %          5,129               32.5  %             (2,320)              (45.2) %
   Total noninterest income         $      12,931              100.0  %       $ 15,734              100.0  %       $     (2,803)              (17.8) %



                                                           Six Months Ended June 30,                                             Change
                                                   2022                                   2021                               2022 over 2021
                                        Amount                 %               Amount               %                  Amount                  %
(in thousands, except percentages)
Deposits and service fees           $      9,197               34.1  %       $  8,390               28.1  %       $         807                 9.6  %
Brokerage, advisory and fiduciary
activities                                 9,035               33.5  %          9,034               30.2  %                   1                   -  %
Loan-level Derivative income (1)           4,161               15.4  %          1,525                5.1  %               2,636               172.9  %
Change in cash surrender value of
bank owned life insurance
("BOLI")(2)                                2,676                9.9  %          2,724                9.1  %                 (48)               (1.8) %
Cards and trade finance servicing
fees                                       1,098                4.1  %            727                2.4  %                 371                51.0  %
Loss on early extinguishment of
FHLB advances, net                          (712)              (2.6) %         (2,488)              (8.3) %               1,776                71.4  %
Securities (losses) gains, net (3)        (1,833)              (6.8) %          3,911               13.1  %              (5,744)             (146.9) %
Derivative losses, net (4)                  (490)              (1.8) %              -                  -  %                (490)                    NM

Other noninterest income (5) (6)           3,824               14.2  %          6,074               20.3  %              (2,250)              (37.0) %
   Total noninterest income         $     26,956              100.0  %       $ 29,897              100.0  %       $      (2,941)               (9.8) %




___________
(1)  Income from interest rate swaps and other derivative transactions with
customers. The Company incurred expenses related to derivative transactions with
customers of $2.0 million and $0.2 million in the three months ended June 30,
2022 and 2021, respectively, and $3.1 million and $0.2 million in the six months
ended June 30, 2022 and 2021, respectively, which are included as part of
noninterest expenses under professional and other services fees.
(2)  Changes in cash surrender value of BOLI are not taxable.
(3) Includes: (i) net gain on sale of debt securities of $1.3 million in the
three months ended June 30, 2021, and $49 thousand and $4.2 million in the six
months ended June 30, 2022 and 2021, respectively, (ii) unrealized losses of
$2.6 million and unrealized gains of $22 thousand in the three months ended
June 30, 2022 and 2021, respectively, and unrealized losses of $1.9 million and
$0.4 million in the six months ended June 30, 2022 and 2021, respectively,
related to the change in fair value of marketable equity securities not held for
trading.
(4)  Net unrealized gains and losses related to uncovered interest rate caps
with clients.
(5)  Includes mortgage banking revenue related to Amerant Mortgage of $2.4
million and $3.1 million in the three and six month periods ended June 30, 2022,
respectively, primarily consisting of gain on sale of loans, gain on loans
market valuation, other fees and smaller sources of income. Other sources of
income in the periods shown include income from foreign currency exchange
transactions with customers and valuation income on the investment balances held
in the non-qualified deferred compensation plan.
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(6)  Beginning in the three months ended March 31, 2022, rental income
associated with the subleasing of portions of the Company's headquarters
building is presented as a reduction to rent expense under lease agreements
under occupancy and equipment cost (included as part of other noninterest income
in 2021 in connection with the previously-owned headquarters building). Rental
income from subleases was $0.7 million in each of the three months ended
June 30, 2022 and 2021, respectively, and $1.4 million and $1.3 million, in the
six months ended June 30, 2022 and 2021, respectively.
N/M Means not meaningful

Three Months Ended June 30, 2022 and 2021



Total noninterest income decreased $2.8 million, or 17.8%, in the three months
ended June 30, 2022 compared to the same period of 2021, mainly due to: (i) net
unrealized losses on marketable equity securities of $2.6 million in the three
months ended June 30, 2022; (ii) lower other noninterest income, and (iii) lower
loan-level derivative income. The decrease in noninterest income was partially
offset by: (i) the absence of a loss of $2.5 million on the early extinguishment
of $235.0 million of FHLB advances in the three months ended June 30, 2021; (ii)
net unrealized gains on derivative valuation of $0.9 million in the three months
ended June 30, 2022 related to interest rate caps with clients, and (iii) higher
deposit and service fees.

Other noninterest income decreased $2.3 million, or 45.2%, in the three months
ended June 30, 2022 compared to the same period in 2021, mainly due to the
absence of a gain of $3.8 million on the sale of $95.1 million of PPP loans in
the three months ended June 30, 2021. This was partially offset by mortgage
banking income of $2.4 million related to Amerant Mortgage in the three months
ended June 30, 2022 (mortgage banking income in the three months ended June 30,
2021 was not significant). Beginning in the three months ended March 31, 2022,
rental income associated with the subleasing of portions of the Company's
headquarters building is presented as a reduction to rent expense under lease
agreements under occupancy and equipment cost (included as part of other
noninterest income in 2021 in connection with the previously-owned headquarters
building). In each of the three months ended June 30, 2022 and 2021 rental
income from subleases was $0.7 million.

Amerant Mortgage continues to execute on its growth strategy. In the second
quarter of 2022, the Company increased its ownership interest in Amerant
Mortgage to 80% from 57.4% at March 31, 2022, due to two former principals
surrendering their interest in Amerant Mortgage to the Company when they became
full time employees of the Bank, and an additional $1 million capital
contribution made by the Company to Amerant Mortgage in the second quarter of
2022. Total mortgage loans held for sale were $54.9 million as of June 30, 2022,
compared to $14.9 million at December 31, 2021.

Loan-level derivative income decreased $0.3 million, or 22.0%, in the three months ended June 30, 2022 compared to the same period in 2021, mainly driven by a lower volume of interest rate swap transactions with clients.



Deposits and service fees increased $0.3 million, or 6.8%, in the three months
ended June 30, 2022 compared to the same period last year, primarily due to
higher service charge fee income. In addition, we received higher wire transfer
fees from increased activity in the three months ended June 30, 2022.

Brokerage, advisory and fiduciary activities remained relatively flat in the
three months ended June 30, 2022 compared to the same period last year, as an
increase of $0.2 million in brokerage fees was offset by a decrease of $0.2
million in advisory and fiduciary fees. The increase in brokerage fees was
mainly driven by higher fixed income trading revenues coupled with higher
administrative fees. The decrease in advisory fees is mainly the result of lower
market valuations of AUM in our client's advisory accounts.

Our AUM totaled $1.9 billion at June 30, 2022, a decrease of $353.1 million, or
15.9%, from $2.2 billion at December 31, 2021, primarily driven by lower market
valuations, due to decreased valuations in equity and fixed income markets.




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Six Months Ended June 30, 2022 and 2021



Total noninterest income decreased $2.9 million, or 9.8%, in the six months
ended June 30, 2022 compared to the same period of 2021, mainly due to: (i) net
unrealized losses on marketable equity securities of $1.9 million in the six
months ended June 30, 2022; (ii) lower noninterest income, and (iii) net
unrealized losses on derivative valuation of $0.5 million in the six months
ended June 30, 2022 related to interest rate caps with clients. The decrease in
noninterest income was partially offset by: (i) higher loan-level derivative
income; (ii) lower losses on the early extinguishment of FHLB advances, which
decreased $1.8 million in the period, and (iii) higher deposit and service fees.
In the first half of 2022, the Company recorded a loss of $0.7 million on the
early extinguishment of around $180.0 million of FHLB advances. In the first
half of 2021, the Company recorded a loss of $2.5 million on the early
extinguishment of around $235 million of FHLB advances.

Other noninterest income decreased $2.3 million, or 37.0%, in the six months
ended June 30, 2022 compared to the same period in 2021, mainly due to the
absence of a gain of $3.8 million on the sale of $95.1 million of PPP loans in
the six months ended June 30, 2021. This was partially offset by mortgage
banking income of $3.1 million related to Amerant Mortgage in the six months
ended June 30, 2022 (mortgage banking income in the six months ended June 30,
2021 was not significant). Beginning in the three months ended March 31, 2022,
rental income associated with the subleasing of portions of the Company's
headquarters building is presented as a reduction to rent expense under lease
agreements under occupancy and equipment cost (included as part of other
noninterest income in 2021 in connection with the previously-owned headquarters
building). In the six months ended June 30, 2022 and 2021 rental income from
subleases was $1.4 million and $1.3 million, respectively.

Loan-level derivative income increased $2.6 million, or 172.9%, in the six months ended June 30, 2022 compared to the same period in 2021, mainly driven by a higher volume of interest rate swap transactions with clients.



Deposits and service fees increased $0.8 million, or 9.6%, in the six months
ended June 30, 2022 compared to the same period last year, primarily due to
higher service charge fee income. In addition, we received higher wire transfer
fees from increased activity in the six months ended June 30, 2022.

Brokerage, advisory and fiduciary activities remained relatively flat in the six
months ended June 30, 2022 compared to the same period last year, as an increase
of $0.1 million in brokerage fees was offset by an increase of $0.1 million in
advisory and fiduciary fees. The increase in brokerage fees was mainly driven by
higher fixed income trading revenues coupled with higher administrative fees.
The decrease in advisory fees is mainly the result of lower market valuations of
AUM in our client's advisory accounts.

                                       83

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Noninterest Expense

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



                                                             Three Months Ended June 30,                                            Change
                                                      2022                                    2021                               2022 vs 2021
                                            Amount                 %               Amount               %                 Amount                 %
(in thousands, except percentages)
Salaries and employee benefits (1)     $      30,212               48.5  %       $ 30,796               60.2  %       $       (584)              (1.9) %
Occupancy and equipment (2) (3)                7,760               12.5  %          5,342               10.4  %              2,418               45.3  %
Professional and other services fees
(4) (5)                                        6,746               10.8  %          4,693                9.2  %              2,053               43.8  %
Telecommunications and data processing         3,214                5.2  %          3,515                6.9  %               (301)              (8.6) %
Advertising expenses                           3,253                5.2  %            827                1.6  %              2,426              293.4  %
Depreciation and amortization (6)              1,294                2.1  %          1,872                3.7  %               (578)             (30.9) %
FDIC assessments and insurance                 1,526                2.5  %          1,702                3.3  %               (176)             (10.3) %
Loans held for sale valuation reversal
(7)                                             (300)              (0.5) %              -                  -  %               (300)


Other real estate owned valuation
expense (8)                                    3,174               5.10  %              -                  -  %              3,174


Contract termination costs (9)                 2,802                4.5  %              -                  -  %              2,802


Other operating expenses (10)                  2,560                4.1  %          2,378                4.7  %                182                7.7  %
   Total noninterest expenses (11)     $      62,241              100.0  %       $ 51,125              100.0  %       $     11,116               21.7  %



                                                                 Six Months Ended June 30,                                               Change
                                                         2022                                      2021                               2022 vs 2021
                                              Amount                    %               Amount               %                 Amount                  %
(in thousands, except percentages)
Salaries and employee benefits (1)     $      60,615                    49.3  %       $ 57,223               60.4  %       $      3,392                 5.9  %
Occupancy and equipment (2) (3)               14,485                    11.8  %          9,830               10.4  %              4,655                47.4  %
Professional and other services fees
(4) (5)                                       13,928                    11.3  %          8,477                8.9  %              5,451                64.3  %
Telecommunications and data processing         7,252                     5.9  %          7,242                7.6  %                 10                 0.1  %
Advertising Expenses                           6,225                     5.1  %          1,143                1.2  %              5,082               444.6  %
Depreciation and amortization (6)              2,446                     2.0  %          3,658                3.9  %             (1,212)              (33.1) %
FDIC assessments and insurance                 2,922                     2.4  %          3,457                3.6  %               (535)              (15.5) %
Loans held for sale valuation
allowance (7)                                    159                     0.1  %              -                  -  %                159


Other real estate owned valuation
expense (8)                                    3,174                     2.6  %              -                  -  %              3,174


Contract Termination Costs (9)                 6,814                     5.5  %              -                  -  %              6,814


Other operating expenses (10)                  5,039                     4.0  %          3,720                3.9  %              1,319

35.5 %


   Total noninterest expenses (11)     $     123,059                   100.0  %       $ 94,750              100.0  %       $     28,309                29.9  %


_______
(1)  In the three and six month periods ended June 30, 2022, includes $0.7
million and $1.4 million, respectively, of severance expenses, mainly in
connection with the restructuring of business lines and the elimination of
certain support functions. In the three and six month periods ended June 30,
2021, includes $3.3 million of severance expenses, mainly related to the
departure of the Company's COO and elimination of various support function
positions.
(2)  In the three months ended June 30, 2022 and 2021, includes ROU asset
impairment charges of $1.6 million and $0.8 million, respectively, in connection
with the closure of a branch in Pembroke Pines, Florida in 2022, and the close
of our NY loan production office in 2021. In addition, in the six months ended
June 30, 2022, includes $47 thousand related to the lease termination of a
branch in Fort Lauderdale, Florida in 2021.
(3) Beginning in the three months ended March 31, 2022, rental income associated
with the subleasing of portions of the Company's headquarters building is
presented as a reduction to rent expense under lease agreements under occupancy
and equipment cost (included as
                                       84

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part of other noninterest income in 2021 in connection with the previously-owned
headquarters building). Rental income from subleases was $0.7 million in each of
the three months ended June 30, 2022 and 2021, and $1.4 million and $1.3
million, in the six months ended June 30, 2022 and 2021, respectively.
(4) In the six months ended June 30, 2022, includes additional expenses of $1.2
million: including (i) $0.8 million resulting from the Company's transition to
our new technology provider; (ii) $0.2 million in connection with certain search
and recruitment expenses, and (iii) $0.1 million of costs associated with the
subleasing of the New York office space.
(5) Other services fees include expenses of $2.0 million and $0.2 million in the
three months ended June 30, 2022 and 2021, respectively, and $3.1 million and
$0.2 million in the six months ended June 30, 2022 and 2021, respectively, in
connection with our loan-level derivative income generation activities. See
"Noninterest income" for more details.
(6) In the three and six month periods ended June 30, 2021, includes $0.5
million and $1.1 million, respectively, of depreciation expense associated with
the Company's previously owned headquarters building. No depreciation expense
related to the headquarters building was recorded in the three and six month
periods ended June 30, 2022 as this property was sold and leased-back in the
fourth quarter of 2021.
(7)  Valuation allowance as a result of changes in the fair value of loans held
for sale carried at the lower of cost or fair value.
(8)  Fair value adjustment related to one OREO property in New York.
(9)  Estimated contract terminations and related costs associated with third
party vendors resulting from the Company's transition to our new technology
provider.
(10)  Includes charitable contributions, community engagement, postage and
courier expenses, provisions for possible losses on 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 our liability to
participants of the deferred compensation plan.
(11)  Includes $3.7 million and $1.2 million in the three months ended June 30,
2022 and 2021, respectively, and $7.1 million and $1.5 million in the six months
ended June 30, 2022 and 2021, respectively, related to Amerant Mortgage,
primarily consisting of salaries and employee benefits, mortgage lending costs
and professional and other services fees.
NM Means not meaningful

Three Months Ended June 30, 2022 and 2021



Noninterest expense increased $11.1 million, or 21.7%, in the three months ended
June 30, 2022 compared to the same period in 2021, mainly due to: (i) a
non-routine charge of $3.2 million resulting from the market valuation
adjustment of one OREO property in New York, and (ii) $2.8 million of estimated
contract termination costs associated with third party vendors resulting from
the Company's transition to our new technology provider. In addition, in the
three months ended June 30, 2022, we had higher advertising and marketing
expenses, occupancy and equipment expenses and professional and other service
fees. These results were partially offset by: (i) lower total salaries and
employee benefits; (ii) lower depreciation and amortization expenses; (iii)
lower FDIC assessments and insurance expenses, and (iv) a $0.3 million reversal
from the valuation allowance related to the change in fair value of New York
loans held for sale.

Advertising expenses increased $2.4 million, or 293.4%, in the three months
ended June 30, 2022 compared to the same period last year, mainly as a result of
the Company's efforts to build brand awareness as well as account opening
campaigns and different market efforts to drive or increase digital and branch
traffic. These impactful campaigns include out-of-home advertising and various
campaigns via social media and public relations. Additionally, in July 2022, we
entered into a new multi-year agreement to become the official bank of the NBA's
Miami Heat. We also entered into a new multi-year agreement as a proud partner
of the NHL's Florida Panthers. We also continue to leverage other local
partnerships with the University of Miami Athletics, United Way, and Habitat for
Humanity.

Occupancy and equipment costs increased $2.4 million, or 45.3%, in the three
months ended June 30, 2022 compared to the same period last year, mainly driven
by additional rent expense of $2.5 million associated with the previously-owned
headquarters building, as this property was sold and leased-back in the fourth
quarter of 2021. In addition, in the second quarter of 2022, the Company
recorded a lease impairment charge of $1.6 million related to the closure of a
branch, in Pembroke Pines, Florida. These increases were partially offset by the
absence of a lease impairment of $0.8 million in the second quarter of 2021 in
connection with the closing of the NY LPO. Additionally, beginning in the three
months ended March 31, 2022, rental income associated with the subleasing of
portions of the Company's headquarters building is presented as a reduction to
rent expense under lease agreements under occupancy and equipment cost (included
as part of other noninterest income in 2021 in connection with the
previously-owned headquarters building). In each of the three months ended
June 30, 2022 and 2021 rental income from subleases was $0.7 million.
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Professional and other services fees increased $2.1 million, or 43.8%, in the
three months ended June 30, 2022 compared to the same period last year. This
increase was mainly driven by higher expenses in connection with our loan-level
derivative income generation activities (derivative transactions with clients).

Salaries and employee benefits decreased $0.6 million, or 1.9%, in the three
months ended June 30, 2022 compared to the same period one year ago, mainly due
to: (i) lower severance expenses, as the second quarter of 2021 included $3.3
million in connection with the departure of the Company's Chief Operating
Officer and elimination of various support functions, and (ii) decreases in
salaries and employee benefits associated with the Company's ongoing
transformation and efficiency improvement efforts. These results were partially
offset by: (i) higher non-equity variable compensation; (ii) commissions paid
primarily related to loan origination efforts in the mortgage banking business,
and (iii) higher equity variable compensation in connection with the long term
incentive program which has been in place since 2021. At June 30, 2022, our FTEs
were 680, a net decrease of 39 FTEs, or 5.4% compared to 719 FTEs at June 30,
2021. The 680 FTEs at June 30, 2022 include the new staff associated with
Amerant Mortgage, which had 67 FTEs at June 30, 2022, compared to 38 FTEs at
June 30, 2021. In the second quarter of 2022, the company rebalanced its
workforce in the mortgage banking business in light of current market
conditions. In addition, as a result of the Company's agreement with FIS, there
were 80 FTEs who moved to FIS effective in January 2022.

Depreciation and amortization expenses decreased $0.6 million, or 30.9%, in the
three months ended June 30, 2022 compared to the same period last year. This was
mainly due to the absence of depreciation expense related to the Company's
previously-owned headquarters building, as this property was sold and
leased-back in the fourth quarter of 2021. In the three months ended June 30,
2021, the Company recorded $0.5 million of depreciation expense associated with
the headquarters building.

FDIC assessments and insurance expenses decreased $0.2 million, or 10.3%, in the three months ended June 30, 2022 compared to the same period one year ago, mainly due to lower FDIC assessment rates.

Six Months Ended June 30, 2022 and 2021



Noninterest expense increased $28.3 million, or 29.9%, in the three months ended
June 30, 2022 compared to the same period in 2021, mainly due to additional
expenses in the six months ended June 30, 2022, including: (i) $6.8 million of
estimated contract termination costs associated with third party vendors
resulting from the Company's transition to our new technology provider; (ii) a
non-routine charge of $3.2 million resulting from the market valuation
adjustment of one OREO property in New York, and (iii) a valuation expense of
$0.2 million related to the change in fair value of New York loans held for
sale. In addition, in the six months ended June 30, 2022, we had higher
professional and other service fees, advertising and marketing expenses,
occupancy and equipment expenses, salary and employee benefits and other
expenses. These increases were partially offset by lower depreciation and
amortization expenses and FDIC assessments and insurance expenses.

Professional and other services fees increased $5.5 million, or 64.3%, in the
six months ended June 30, 2022 compared to the same period last year. This
increase was mainly driven by: (i) higher expenses in connection with our
loan-level derivative income generation activities (derivative transactions with
clients); (ii) $0.8 million of consulting fees resulting from the Company's
transition to our new technology provider; (iii) higher expenses related to the
onboarding of a new firm as a result of the outsourcing of the Company's
internal audit function late in the second quarter of 2021, and (iv) higher
search and recruitment expenses.


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Advertising expenses increased $5.1 million, or 444.6%, in the six months ended
June 30, 2022 compared to the same period last year, mainly as a result of the
Company's efforts to build brand awareness as well as account opening campaigns
and different market efforts to drive or increase digital and branch traffic.
These impactful campaigns include out-of-home advertising and various campaigns
via social media and public relations. In addition, in July 2022, we entered
into a new multi-year agreement to become the official bank of the NBA's Miami
Heat and we also entered into a new multi-year agreement as a proud partner of
the NHL's Florida Panthers. We continue to leverage other local partnerships
with the University of Miami Athletics, United Way and Habitat for Humanity.

Occupancy and equipment costs increased $4.7 million, or 47.4%, in the six
months ended June 30, 2022 compared to the same period last year, mainly driven
by additional rent expense of $5.0 million associated with the previously-owned
headquarters building, as this property was sold and leased-back in the fourth
quarter of 2021. In addition, in the first half of 2022, the Company recorded a
lease impairment charge of $1.6 million related to the closure of a branch, in
Pembroke Pines, Florida. These increases were partially offset by the absence of
a lease impairment of $0.8 million in the first half of 2021 in connection with
the closing of the New York LPO. Additionally, beginning in the three months
ended March 31, 2022, rental income associated with the subleasing of portions
of the Company's headquarters building is presented as a reduction to rent
expense under lease agreements under occupancy and equipment cost (included as
part of other noninterest income in 2021 in connection with the previously-owned
headquarters building). In the six months ended June 30, 2022 and 2021 rental
income from subleases was $1.4 million and $1.3 million, respectively.

Salaries and employee benefits increased $3.4 million, or 5.9%, in the six
months ended June 30, 2022 compared to the same period one year ago, mainly due
to: (i) higher non-equity variable compensation; (ii) commissions paid primarily
related to loan origination efforts in the mortgage banking area; (ii) higher
equity variable compensation in connection with the long term incentive program
which has been in place since 2021, and (iii) higher salaries and employee
benefits in connection with new hires, primarily in Amerant Mortgage. These
results were partially offset by: (i) lower severance expenses, as the first
half of 2021 included $3.3 million in connection with the departure of the
Company's Chief Operating Officer and elimination of various support functions;
and (ii) decreases in salaries and employee benefits associated with the
Company's ongoing transformation and efficiency improvement efforts. At June 30,
2022, our FTEs were 680, a net decrease of 39 FTEs, or 5.4% compared to 719 FTEs
at June 30, 2021. The 680 FTEs at June 30, 2022 include the new staff associated
with Amerant Mortgage, which had 67 FTEs at June 30, 2022, compared to 38 FTEs
at June 30, 2021. In addition, as a result of the Company's agreement with FIS,
there were 80 FTEs who moved to FIS effective in January 2022.

Other operating expenses increased $1.3 million, or 35.5%, in the six months
ended June 30, 2022 compared to the same period last year. This includes
increases in public relations/sponsorships expenses, new mortgage lending cost
related to Amerant Mortgage and other smaller expenses.

Depreciation and amortization expenses decreased $1.2 million, or 33.1%, in the
six months ended June 30, 2022 compared to the same period last year. This was
mainly due to the absence of depreciation expense related to the Company's
previously-owned headquarters building, as this property was sold and
leased-back in the fourth quarter of 2021. In the six months ended June 30,
2021, the Company recorded $1.1 million of depreciation expense associated with
the headquarters building.

FDIC assessments and insurance expenses decreased $0.5 million, or 15.5%, in the
six months ended June 30, 2022 compared to the same period one year ago, mainly
due to lower FDIC assessment rates.


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Income Taxes



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

                            Three Months Ended June 30,                      Change                            Six Months Ended June 30,                       Change
                            2022                2021                      2022 vs 2021                        2022                2021                      2022 vs 2021
(in thousands, except
effective tax rates
and percentages)

Income before income
tax expense           $      9,635           $ 19,580                 ($9,945)           (50.8) %       $     28,487           $ 37,687                 ($9,200)            (24.4) %
Income tax expense    $      2,033           $  4,435                 ($2,402)           (54.2) %       $      6,011           $  8,083                 ($2,072)            (25.6) %
Effective income tax
rate                         21.10   %          22.65  %                (1.55) %          (6.8) %              21.10   %          21.45  %                (0.35) %           (1.6) %


In the second quarter and the first half of 2022, income tax expense decreased
to $2.0 million and $6.0 million, respectively, from $4.4 million and $8.1
million in the second quarter and first half of 2021, respectively. This was
mainly driven by lower income before income taxes in the second quarter and
first half of 2022 compared to the same periods last year.

As of June 30, 2022, the Company's net deferred tax assets were $33.3 million,
an increase of $22.0 million, or 194.4%, compared to $11.3 million as of
December 31, 2021. This was mainly driven by an increase of $22.5 million in
connection with $88.6 million in net unrealized holding losses on debt
securities available for sale during the six months ended June 30, 2022.

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Financial Condition - Comparison of Financial Condition as of June 30, 2022 and December 31, 2021



Assets. Total assets were $8.2 billion as of June 30, 2022, an increase of
$512.8 million, or 6.7%, compared to $7.6 billion at December 31, 2021. In the
six months ended June 30, 2022, total loans held for investment and held for
sale, net of the allowance for loan losses, debt securities held to maturity,
and cash and cash equivalents increased $297.7 million, or 5.4%, $120.4 million,
or 101.9%, and $79.8 million, or 29.1%, respectively. See "-Average Balance
Sheet, Interest and Yield/Rate Analysis" for detailed information, including
changes in the composition of our interest-earning assets.

Cash and Cash Equivalents. Cash and cash equivalents increased to $354.1 million
at June 30, 2022 from $274.2 million at December 31, 2021. At June 30, 2022, the
Company' cash and cash equivalents included restricted cash of $21.8 million,
which was held primarily to cover margin calls on derivative transactions with
certain brokers. There were no restricted cash balances at December 31, 2021.

Cash flows used in operating activities were $48.7 million in the six months
ended June 30, 2022, primarily driven by: (i) higher volume of originations of
mortgage loans held for sale, and (ii) a reduction in operating liabilities
mainly as the Company paid amounts due from variable compensation plans and
other liabilities during the period.

Net cash used in investing activities was $412.6 million during the six months
ended June 30, 2022, mainly driven by: (i) a net increase in loans of $302.1
million, and (ii) purchases of investment securities totaling $327.2 million.
These disbursements were partially offset by: (i) maturities, sales, calls and
paydowns of investment securities totaling $151.1 million, and (ii) proceeds
from loan sales of $70.1 million.

In the six months ended June 30, 2022, net cash provided by financing activities
was $541.2 million. These activities included: (i) a net increase of $655.4
million in total demand, savings and money market deposit balances; (ii) net
proceeds from the issuance of subordinated notes of $29.1 million, and (iii) net
proceeds from FHLB advances of $19.3 million. These proceeds were partially
offset by: (i) a decrease of $83.4 million in time deposits; (ii) an aggregate
$72.1 million in connection with the repurchase of shares of Class A common
stock under repurchase programs launched in 2021 and in 2022; and (iii) $6.2
million of dividends declared and paid by the Company in the first half of 2022.
See "-Capital Resources and Liquidity Management" for more details on changes in
FHLB advances, issuance of subordinated notes and the stock repurchase programs
launched in 2021 and 2022.

Loans

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



                                                              June 30, 2022          December 31, 2021
(in thousands, except percentages)
Total loans, gross (1)                                       $   5,847,384          $       5,567,540
Total loans, gross / total assets                                     71.7  %                    72.9  %

Allowance for loan losses                                    $      52,027          $          69,899
Allowance for loan losses / total loans held for investment,
gross (1) (2)                                                         0.91  %                    1.29  %

Total loans, net (3)                                         $   5,795,357          $       5,497,641
Total loans, net / total assets                                       71.1  %                    72.0  %


_______________

(1)  Total loans, gross are outstanding loans principal balance, net of
unamortized deferred nonrefundable loan origination fees and loan origination
costs, as well as unamortized premiums paid on purchased loans, excluding the
allowance for loan losses. At June 30, 2022 and
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December 31, 2021, the Company had $66.4 million and $143.2 million in loans
held for sale carried at the lower of cost or estimated fair value,
respectively, and $54.9 million and $14.9 million, in loans held for sale
carried at fair value in connection with Amerant Mortgage's ongoing business,
respectively.
(2)  See Note 5 of our audited consolidated financial statements included in the
Form 10-K and our unaudited interim consolidated financial statements included
in this Form 10-Q for more details on our impairment models.
(3)  Total loans, net are outstanding loans principal balance, net of
unamortized deferred nonrefundable loan origination fees and loan origination
costs, as well as unamortized premiums paid on purchased loans and net of the
allowance for loan losses.

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

(in thousands)                                                 June 30, 2022           December 31, 2021
Domestic Loans:
Real Estate Loans
Commercial real estate (CRE)
Non-owner occupied                                           $    1,530,293          $        1,540,590
Multi-family residential                                            532,066                     514,679
Land development and construction loans                             288,581                     327,246
                                                                  2,350,940                   2,382,515
Single-family residential                                           664,818                     586,783
Owner occupied                                                      954,538                     962,538
                                                                  3,970,296                   3,931,836
Commercial loans                                                  1,094,287                     942,781
Loans to depository institutions and acceptances (1)                 13,250                      13,710
Consumer loans and overdrafts (2) (3)                               555,036                     421,471
Total Domestic Loans                                              5,632,869                   5,309,798

International Loans:
Real Estate Loans
Single-family residential (4)                                        62,894                      74,556
Commercial loans                                                     27,961                      22,892

Consumer loans and overdrafts (5)                                     2,407                       2,194
Total International Loans                                            93,262                      99,642
Total Loans held for investment                              $    5,726,131          $        5,409,440



__________________
(1)  Mostly comprised of loans secured by cash or U.S. Government securities.
(2)  Includes customers' overdraft balances totaling $5.9 million and $0.6
million as of June 30, 2022 and December 31, 2021, respectively.
(3)  Includes indirect lending loans purchased with an outstanding balance of
$477.3 million and $297.0 million at June 30, 2022 and December 31, 2021,
respectively. As of June 30, 2022 and December 31, 2021, the outstanding balance
of indirect lending loans includes unamortized premiums paid of $13.0 million
and $9.1 million, respectively.
(4)  Secured by real estate properties located in the U.S.
(5)  International customers' overdraft balances were de minimis at each of the
dates presented.

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The composition of our CRE loan portfolio held for investment by industry
segment at June 30, 2022 and December 31, 2021 is depicted in the following
table:

(in thousands)              June 30, 2022       December 31, 2021
Retail (1)                 $      731,696      $          751,202
Multifamily                       532,066                 514,679
Office space                      352,523                 361,921
Land and construction             288,581                 327,246
Hospitality                       242,663                 241,336
Industrial and warehouse          116,741                 100,001
Specialty (2)                      86,670                  86,130
 Total CRE (3)             $    2,350,940      $        2,382,515


_________

(1)  Includes loans generally granted to finance the acquisition or operation of
non-owner occupied properties such as retail shopping centers, free-standing
single-tenant properties, and mixed-use properties with a primary retail
component, where the primary source of repayment is derived from the rental
income generated from the use of the property by its tenants. As of December 31,
2021, these balances were revised to exclude the Specialty industry segment
which is now disclosed separately.
(2)  Includes marinas, nursing and residential care facilities, and other
specialty type CRE properties.
(3)   Includes loans held for investment in the NY loan portfolio, which were
$287.0 million at June 30, 2022 and $346.3 million at December 31, 2021.

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



                                                                   June 30,            December 31,
(in thousands)                                                       2022                  2021
Loans held for sale at the lower of cost or fair value
Real estate loans
Commercial real estate
Non-owner occupied                                               $   44,568          $     110,271
Multi-family residential                                             20,684                 31,606

                                                                     65,252                141,877

Owner occupied                                                        1,297                  1,318
Total real estate loans                                              66,549                143,195
Less: valuation allowance                                               159                      -

Total loans held for sale at the lower of cost or fair value 66,390

                143,195

Loans held for sale at fair value (1)
Land development and construction loans                               2,366                      -
Single-family residential                                            52,497                 14,905

Total loans held for sale at fair value                              54,863                 14,905

  Total loans held for sale (2)                                  $  121,253          $     158,100

_______________


(1)Loans held for sale in connection with Amerant Mortgage's ongoing business.
(2)Remained current and in accrual status as of June 30, 2022 and December 31,
2021.


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In 2021, in connection with the closing of our former NYC LPO, the Company
elected to market and sell a portion of the loan portfolio held for investment
to shorten duration and significantly reduce the number of loans being serviced.
Therefore, in 2021, the Company classified certain New York real estate loans as
held for sale carried at the lower of cost or estimated fair value. These loans
had been previously carried at their original cost. At June 30, 2022 these loans
were $66.4 million, net of a $0.2 million valuation allowance resulting from
their fair value measurement during the period, compared to $143.2 million at
December 31, 2021. During the first half of 2022, the Company sold $57.3 million
of these loans at their par value, and collected approximately $19.5 million in
full or partial satisfaction of these loans.

As of June 30, 2022 and December 31, 2021, CRE loans held for sale carried at
the lower of cost or estimated fair value include $25.7 million and $85.4
million in the retail segment, respectively, $20.7 million and $31.6 million in
the multifamily segment, respectively, and $18.9 million and $25.0 million, in
the office segment, respectively.

During May 2021, Amerant Mortgage started taking loan applications. It also
acquired an Idaho-based mortgage operation which allows it to operate its
mortgage business nationally with direct access to important federal housing
agencies. At June 30, 2022 and December 31, 2021, there were $54.9 million and
$14.9 million, respectively, of primarily single-family residential loans held
for sale carried at their estimated fair value.

As of June 30, 2022, total loans, including loans held for sale, were $5.8
billion, up $279.8 million, or 5.0%, compared to December 31, 2021. Domestic
loans increased $286.2 million, or 5.2%, as of June 30, 2022, compared to
December 31, 2021. The increase in total domestic loans includes net increases
of $151.5 million, or 16.1%, $133.6 million, or 31.7%, and $115.6 million, or
19.7%, in domestic commercial loans, consumer loans and single-family
residential loans. These increases were partially offset by a net decrease of
$105.8 million, or 4.2%, in domestic CRE loans, including $76.6 million in
domestic CRE loans held for sale related to our New York loan portfolio. These
increases in domestic loans in the first half of 2022 were primarily driven by
origination and cross-sale efforts in commercial loans, partially offset by loan
prepayments. In addition, the domestic loan growth was complemented with
purchases of approximately $254 million under indirect consumer lending
programs. Also during the second quarter of 2022, the Company launched a new
white label equipment finance solution.

As of June 30, 2022, loans under syndication facilities, including loans held
for investment and held for sale, were $338.1 million, a decline of $50.9
million, or 13.1%, compared to $389.0 million at December 31, 2021. This decline
was primarily driven by payoffs totaling $52.0 million in connection with two
CRE construction loans, including: (i) $31.0 million related to one construction
loan in the hotel industry in New York, and (ii) $21.0 million related to a
construction multifamily loan in Florida. As of June 30, 2022, syndicated loans
that financed highly leveraged transactions were $13.7 million, or 0.2%, of
total loans, compared to $17.1 million, or 0.3%, of total loans as of
December 31, 2021.

Loans to international customers, primarily from Venezuela and other customers
in Latin America, decreased $6.4 million, or 6.4%, in the six months ended June
30, 2022, mainly driven by a $11.7 million in residential loan payoffs from
Venezuelan borrowers. This was partially offset by an increase of $5.1 million
in commercial loans and $0.2 million in consumer loans.
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Foreign Outstanding
The table below summarizes the composition of our international loan portfolio
by country of risk for the periods presented. All of our foreign loans are
denominated in U.S. Dollars, and bear fixed or variable rates of interest based
upon different market benchmarks plus a spread.

                                                         June 30, 2022                               December 31, 2021
                                                                             %              Net Exposure               %
                                             Net Exposure (1)          Total Assets              (1)             Total Assets
(in thousands, except percentages)
Venezuela (2)                              $          53,979                   0.7  %       $   64,636                   0.9  %
Other (3)                                             39,283                   0.4  %           35,006                   0.4  %

Total                                      $          93,262                   1.1  %       $   99,642                   1.3  %


_________________
(1)  Consists of outstanding principal amounts, net of collateral of cash, cash
equivalents or other financial instruments totaling $53.5 million and $21.1
million as of June 30, 2022 and December 31, 2021, respectively.
(2)  Includes mortgage loans for single-family residential properties located in
the U.S. totaling $54.0 million and $64.6 million as of June 30, 2022 and
December 31, 2021, respectively.
(3)  Includes loans to borrowers in other countries which do not individually
exceed one percent of total assets in any of the reported periods.

The maturities of our outstanding international loans were:



                                                       June 30, 2022                                                             December 31, 2021
                           Less than 1                            More than 3                          Less than 1                            More than 3
                               year            1-3 Years             years              Total              year            1-3 Years             years              Total
(in thousands)
Venezuela (1)              $   2,561          $   2,477          $   48,941          $ 53,979          $     961          $   4,987          $   58,688          $ 64,636
Other (2)                     12,986             17,886               8,411            39,283                416             14,690              19,900            35,006

Total (3)                  $  15,547          $  20,363          $   57,352          $ 93,262          $   1,377          $  19,677          $   78,588          $ 99,642


_________________
(1)  Includes mortgage loans for single-family residential properties located in
the U.S. totaling $54.0 million and $64.6 million as of June 30, 2022 and
December 31, 2021, respectively.
(2)  Includes loans to borrowers in other countries which do not individually
exceed one percent of total assets in any of the reported periods.
(3)  Consists of outstanding principal amounts, net of cash collateral, cash
equivalents or other financial instruments totaling $53.5 million and $21.1
million as of June 30, 2022 and December 31, 2021, respectively.
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Loan Quality

Allocation of Allowance for Loan Losses



In the following table, we present the allocation of the ALL by loan segment at
the end of the periods presented. The amounts shown in this table should not be
interpreted as an indication that charge-offs in future periods will occur in
these amounts or percentages. These amounts represent our best estimates of
losses incurred, but not yet identified, at the reported dates, derived from the
most current information available to us at those dates and, therefore, do not
include the impact of future events that may or may not confirm the accuracy of
those estimates at the dates reported. Our ALL is established using estimates
and judgments, which consider the views of our regulators in their periodic
examinations. We also show the percentage of each loan class, which includes
loans in nonaccrual status.

                                                             June 30, 2022                                  December 31, 2021
                                                                     % of Loans in Each                                 % of Loans in Each
                                                                      Category to Total                                  Category to Total
                                                                       Loans Held for                                     Loans Held for
                                                  Allowance              Investment                Allowance                Investment
(in thousands, except percentages)
Domestic Loans
Real estate                                    $     14,166                      40.5  %       $       17,952                       43.5  %
Commercial                                           29,323                      38.6  %               38,616                       38.7  %
Financial institutions                                    -                       0.2  %                   41                        0.3  %
Consumer and others (1)                               7,787                      19.1  %               11,762                       15.7  %
                                                     51,276                      98.4  %               68,371                       98.2  %

International Loans (2)
Commercial                                              323                       0.5  %                  363                        0.4  %
Financial institutions                                    -                         -  %                    1                          -  %
Consumer and others (1)                                 428                       1.1  %                1,164                        1.4  %
                                                        751                       1.6  %                1,528                        1.8  %

Total Allowance for Loan Losses                $     52,027                     100.0  %       $       69,899                      100.0  %
% of Total Loans held for investment                   0.91  %                                           1.29   %

__________________


(1)   Includes (i) unsecured indirect consumer loans (domestic) to qualified
individuals purchased in 2022, 2021 and 2020; and (ii) mortgage loans for and
secured by single-family residential properties located in the U.S.
(2)   Includes transactions in which the debtor or customer is domiciled outside
the U.S. and all collateral is located in the U.S.

In the six months ended June 30, 2022, the changes in the allocation of the ALL
were primarily attributed to improved macro-economic conditions and loan
upgrades, as well as loan payoffs and pay-downs of non-performing loans and
special mention loans, as well as sales of non-performing loans. This was
partially offset by additional reserve requirements for charge-offs, commercial,
CRE and consumer loan growth and loans downgraded to non-performing during the
period. The ALL associated with the COVID-19 pandemic was reduced to $2.7
million as of June 30, 2022 from $14.1 million as of December 31, 2021. The
reduction reflects improved macro-economic conditions, partially offset by the
impact of supply chain disruptions, inflationary pressures and labor shortages
prevalent in the current economic environment.

                                       94

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Non-Performing Assets



In the following table, we present a summary of our non-performing assets by
loan class, which includes non-performing loans by portfolio segment, both
domestic and international, and other real estate owned, or OREO, at the dates
presented. Non-performing loans consist of: (i) nonaccrual loans where the
accrual of interest has been discontinued; (ii) accruing loans 90 days or more
contractually past due as to interest or principal; and (iii) restructured loans
that are considered TDRs.
                                  June 30, 2022       December 31, 2021
(in thousands)
Non-Accrual Loans (1)
Domestic Loans:
Real Estate Loans
Commercial real estate (CRE)
Non-owner occupied               $        1,251      $            7,285

Single-family residential                 2,733                   3,349
Owner occupied                            9,558                   8,665
                                         13,542                  19,299
Commercial loans (2)                      8,987                  28,440
Consumer loans and overdrafts             2,394                     251
Total Domestic                           24,923                  47,990

International Loans: (3)
Real Estate Loans
Single-family residential                    22                   1,777

Consumer loans and overdrafts                 4                       6
Total International                          26                   1,783
Total Non-Accrual Loans          $       24,949      $           49,773

Past Due Accruing Loans (4)
Domestic Loans:
Real Estate Loans

Single-family residential        $          162      $                -

Consumer loans and overdrafts                42                       8
Total Domestic                              204                       8

Total Past Due Accruing Loans               204                       8

Total Non-Performing Loans       $       25,153      $           49,781
Other Real Estate Owned                   6,545                   9,720
Total Non-Performing Assets      $       31,698      $           59,501


__________________
(1)  Includes loan modifications that met the definition of TDRs that may be
performing in accordance with their modified loan terms. As of June 30, 2022 and
December 31, 2021, non-performing TDRs include $8.3 million and $9.1 million,
respectively, in a multiple loan relationship to a South Florida borrower.
(2)  As of December 31, 2021, includes $9.1 million in a commercial relationship
placed in nonaccrual status during the second quarter of 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. Furthermore, In the second quarter
of 2022, the Company collected an additional partial principal payment of $5.5
million and charged off the remaining balance of $3.6 million against the
allowance for loans losses. Therefore, as of June 30, 2022, there were no
outstanding balances associated with this loan relationship.
(3)  In the first quarter of 2022, the Company collected a partial payment of
around $9.8 million on one commercial nonaccrual loan of $12.4 million. Also, in
the first quarter of 2022, the Company charged-off the remaining balance of this
loan of $2.5 million against its specific reserve at December 31, 2021.
(4)  Includes transactions in which the debtor or customer is domiciled outside
the U.S., but where all collateral is located in the U.S.
(5)  Loans past due 90 days or more but still accruing.
                                       95

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At June 30, 2022, non-performing assets decreased $27.8 million, or 46.7%,
compared to December 31, 2021. This was primarily driven by: (i) loan payoffs
totaling $20.2 million, including $16.2 million related to three commercial
loans, $1.0 million related to one owner occupied loan, $0.9 million related to
one single-family residential loan and a total of $2.1 million related to
smaller loans; (ii) loans sales totaling $12.9 million, including $11.6 million
related to two non-owner occupied loans and a total of $1.3 million related to
multiple single-family residential loans; (iii) charge-offs against the ALL of
$9.5 million, including $6.1 million related to two commercial nonaccrual loans
paid off during the period, $1.5 million related to multiple commercial loans
and an aggregate $1.9 million related to multiple consumer loans, and (iv) a
decrease of $3.2 million resulting from the market valuation adjustment of one
OREO property in New York. These decreases were partially offset by the
placement in non accrual status of loans totaling $18.0 million: (i) one
commercial loan relationship with a South Florida borrower in the construction
industry totaling $9.1 million, including a commercial loan of $5.0 million, two
non-owner occupied loans totaling $2.4 million, and multiple consumer loans
totaling $1.8 million; (ii) one non-owner occupied loan of $5.7 million which
was among the loans sold during the period, and (iii) an aggregate of $3.2
million in smaller loans.

We recognized no interest income on non accrual loans during the six months ended June 30, 2022 and 2021.

In January 2022, the Company collected a partial payment of approximately $9.8 million on one commercial nonaccrual loan with a carrying value of $12.4 million and charged-off the remaining balance of this loan of $2.5 million against its allocated specific reserve at December 31, 2021.

In April 2022, the Company completed the sale of two non-owner occupied nonaccrual loan of around $11.6 million, at its par value. In addition in January 2022, the Company completed the sale of multiple single-family residential nonaccrual loans of around $1.3 million at its par value.



In the second quarter of 2022, in connection with the loan relationship with the
Coffee Trader, the Company collected an additional partial principal payment of
$5.5 million and charged off the remaining balance of $3.6 million against the
allowance for loans losses. Therefore, as of June 30, 2022, there were no
outstanding balances associated with this loan relationship.

The Company's loans by credit quality indicators are summarized in the following table. We have no purchased-credit-impaired loans.


                                                             June 30, 2022                                                               December 31, 2021
                                  Special                                                                       Special
(in thousands)                    Mention            Substandard          Doubtful          Total (1)           Mention            Substandard          Doubtful          Total (1)
Real Estate Loans
Commercial Real
Estate (CRE)
Non-owner
occupied                        $  29,799          $          -          $  1,257          $  31,056          $  34,205          $      5,890          $  1,395          $  41,490

Single-family residential               -                 3,011                 -              3,011                  -                 5,221                 -              5,221
Owner occupied                          -                 9,649                 -              9,649              7,429                 8,759                 -             16,188
                                   29,799                12,660             1,257             43,716             41,634                19,870             1,395             62,899
Commercial loans (2)                7,873                 9,663               604             18,140             32,452                20,324             9,497             62,273

Consumer loans and
overdrafts                              -                 2,398                 -              2,398                  -                   270                 -                270
                                $  37,672          $     24,721          $  1,861          $  64,254          $  74,086          $     40,464          $ 10,892          $ 125,442


__________
(1) There are no loans categorized as a "Loss" as of the dates presented.
(2) As of December 31, 2021, includes $9.1 million in a commercial relationship
placed in nonaccrual status during the second quarter of 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 a 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. Furthermore, in the second quarter
of 2022, the Company collected an additional partial principal payment of $5.5
million and charged off the remaining balance of $3.6 million against the
allowance for loan losses. Therefore, as of June 30, 2022, there were no
outstanding balances associated with this loan relationship.
                                       96

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Classified loans, which includes substandard and doubtful loans, totaled $26.6
million at June 30, 2022, compared to $51.4 million at December 31, 2021. This
decrease of $24.8 million, or 48.2%, compared to December 31, 2021, was
primarily driven by: (i) loan payoffs totaling $20.4 million, including $16.2
million related to three commercial loans, $1.0 million related to one owner
occupied loan, $0.9 million related to one single-family residential loan and a
total of $2.3 million related to smaller loans; (ii) loans sales totaling $12.9
million, including $11.6 million related to two non-owner occupied loans and a
total of $1.3 million related to multiple single-family residential loans, and
(iii) charge-offs against the ALL of $9.5 million, including $6.1 million
related to two commercial nonaccrual loans paid off during the period, $1.5
million related to multiple commercial loans and an aggregate $1.9 million
related to multiple consumer loans. These decreases were partially offset by the
placement in non accrual status of loans totaling $18.0 million: (i) one
commercial loan relationship with a South Florida borrower in the construction
industry totaling $9.1 million, including a commercial loan of $5.0 million, two
non-owner occupied loans totaling $2.4 million, and multiple consumer loans
totaling $1.8 million; (ii) one non-owner occupied loan of $5.7 million which
was among the loans sold during the period, and (iii) an aggregate of $3.2
million in smaller loans.

Special mention loans as of June 30, 2022 totaled $37.7 million, a decrease of
$36.4 million, or 49.2%, from $74.1 million as of December 31, 2021. This
decrease was primarily due to: (i) a decrease of $40.8 million due to the
upgrade of one non-owner occupied loan of $24.9 million, and two commercial
loans totaling $15.8 million, (ii) paydowns/payoffs of $18.2 million, including
one non-owner occupied loan of $2.6 million, one commercial loan of $8.3
million, and one owner-occupied loan of $7.4 million. In addition, there was a
non-owner occupied loan of $5.7 million further downgraded to substandard and
sold during the period. These decreases were partially offset by one non-owner
occupied loan of $29.0 million which was downgraded during the period. All
special mention loans remained current at June 30, 2022.

On March 26, 2020, the Company began offering loan payment relief options to
customers impacted by the COVID-19 pandemic, including interest only and/or
forbearance options. These programs continued throughout 2020 and in the first
half of 2021. In the third quarter of 2021, the Company ceased to offer these
loan payment relief options, including interest-only and/or forbearance options.
As of March 31, 2022, there were no loans under the deferral and/or forbearance
periods. At December 31, 2021, there were $37.1 million of loans under the
deferral and/or forbearance periods consisting of two CRE retail loans in New
York. During the first quarter of 2022, the renewal of those two CRE retail
loans in New York was completed. All loans that have moved out of forbearance
status have resumed regular payments, except for one CRE loan of $12.1 million
that was transferred to OREO during the third quarter of 2021. In accordance
with accounting and regulatory guidance, loans to borrowers benefiting from
these measures are not considered TDRs. See "Item 7. Management's Discussion and
Analysis Of Financial Condition And Results Of Operations" included in the Form
10-K for more details on the $12.1 million loan transferred to OREO in 2021.

While it is difficult to estimate the extent of the impact of the COVID-19
pandemic on the Company's credit quality, we continue to proactively and
carefully monitor the Company's credit quality practices, including examining
and responding to patterns or trends that may arise across certain industries or
regions.

                                       97


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Potential problem loans, which are accruing loans classified as substandard and
are less than 90 days past due, at June 30, 2022 and December 31, 2021, are as
follows:

(in thousands)                                        June 30, 2022              December 31, 2021
Real estate loans
Commercial real estate (CRE)

Land development and construction loans            $               -          $                 94

Single-family residential                                         95                            95
Owner occupied                                                    90                             -
                                                                 185                           189
Commercial loans                                               1,280                         1,380
Loans to depository institutions and acceptances                                                 -
Consumer loans and overdrafts (1)                                  -                            13
                                                   $           1,465          $              1,582


__________

(1) Corresponds to international consumer loans.




At June 30, 2022, total potential problem loans decreased $0.1 million, or 7.4%,
compared to December 31, 2021. This was mainly due to the paydown of one
commercial loan of $0.1 million. No new additions of potential problems loans
were recorded during the period.

The Company will no longer be deemed an EGC effective as of December 31, 2022.
Therefore, adoption of the pending new accounting guidance on CECL, will be
required on the Company's consolidated financial statements as of and for the
reporting period ending that date, with retroactive application as of January 1,
2022, the beginning of the adoption period. See Note 1 to the Company's
unaudited interim consolidated financial statements in this Form 10-Q for more
details on the pending adoption of CECL by the Company.
                                       98

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Securities

The following table sets forth the book value and percentage of each category of securities at June 30, 2022 and December 31, 2021. The book value for debt securities classified as available for sale, equity securities and trading securities, represents fair value, and the book value for debt securities classified as held to maturity represents amortized cost.



                                                               June 30, 2022                             December 31, 2021
                                                        Amount                  %                    Amount                    %
(in thousands, except percentages)
Debt securities available for sale:
U.S. government-sponsored enterprise debt           $    427,281                30.1  %       $         450,773                33.6  %
Corporate debt (1) (2)                                   334,016                23.5  %                 357,790                26.7  %
U.S. government agency debt                              355,844                25.0  %                 361,906                27.0  %
Collateralized loan obligations                            4,775                 0.3  %                       -                   -  %
U.S. Treasury debt                                           990                 0.1  %                   2,502                 0.2  %
Municipal bonds                                            1,895                 0.1  %                   2,348                 0.2  %

                                                    $  1,124,801                79.1  %       $       1,175,319                87.7  %

Debt securities held to maturity (3)                $    238,621                16.8  %       $         118,175                 8.8  %

Equity securities with readily determinable fair
value not held for trading                          $     10,767                 0.8  %       $             252                   -  %

Trading securities                                  $        103                   -  %                       -                   -  %

Other securities (4):                               $     48,187                 3.3  %       $          47,495                 3.5  %
                                                    $  1,422,479               100.0  %       $       1,341,241               100.0  %


__________________
(1)  As of June 30, 2022 and December 31, 2021 corporate debt includes $10.1
million and $12.5 million, respectively, in "investment-grade" quality debt
securities issued by foreign corporate entities. The securities' issuers were
from Canada in two different sectors at June 30, 2022, and from Canada and Japan
in three different sectors at December 31, 2021. The Company limits exposure to
foreign investments based on cross border exposure by country, risk appetite and
policy. All foreign investments are denominated in U.S. Dollars.
(2)  As of June 30, 2022 and December 31, 2021, debt securities in the financial
services sector issued by domestic corporate entities represent 2.9% and 3.1% of
our total assets, respectively.
(3)  Includes securities issued by U.S. government and U.S. government sponsored
agencies.
(4)  Includes investments in FHLB and Federal Reserve Bank stock. Amounts
correspond to original cost at the date presented. Original cost approximates
fair value because of the nature of these investments.

As of June 30, 2022, total securities increased by $81.2 million, or 6.1%, to
$1.4 billion compared to December 31, 2021. The increase in the six months ended
June 30, 2022 was mainly driven by purchases of $327.2 million, primarily debt
securities available for sale and held to maturity. This was partially offset
by: (i) maturities, sales and calls totaling $151.1 million, primarily debt
securities available for sale, and (ii) net unrealized holding loss on debt
securities available for sale of $88.6 million attributable to increases in
market interest rates during the period.


                                       99

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Debt securities available for sale had net unrealized holding losses of $73.9
million and net unrealized holding gains of $1.1 million at June 30, 2022 and
December 31, 2021, respectively. During the six months ended June 30, 2022, the
Company recorded net unrealized holding losses of $88.6 million which are
included in accumulated other comprehensive (loss) income for the period. This
was attributable to increases in market interest rates during the period which
translated into a decline in the estimated fair value of debt securities
markets. See Note 3 to the Company's unaudited interim consolidated financial
statements included in this Form 10-Q for more details on the composition of the
Company's investment portfolio.

The following tables set forth the book value, scheduled maturities and weighted
average yields for our securities portfolio at June 30, 2022 and December 31,
2021. Similar to the table above, the book value for securities available for
sale, equity securities and trading securities is equal to fair market value and
the book value for debt securities held to maturity is equal to amortized cost.

                                                                                                                      June 30, 2022
(in thousands, except               Total                            Less than a year                    One to five years                     Five to ten years                        Over ten years                             No maturity
percentages)              Amount              Yield              Amount             Yield             Amount             Yield             Amount              Yield               Amount                Yield              Amount              Yield

Debt securities
available for sale
U.S. Government
sponsored enterprise
debt                  $   427,281               2.90  %       $     234              2.29  %       $  34,906              2.47  %       $   37,972              3.51  %       $      354,169              2.88  %       $         -                  -  %
Corporate
debt-domestic             323,964               3.48  %          19,142              2.77  %          51,047              2.98  %          234,105              3.58  %               19,670              4.25  %                 -                  -  %
U.S. Government
agency debt               355,844               2.43  %              25              3.69  %           3,762              2.43  %            8,461              2.20  %              343,596              2.44  %                 -                  -  %
Municipal bonds             1,895               2.50  %               -                 -  %               -                 -  %              393              2.05  %                1,502              2.62  %                 -                  -  %
Corporate
debt-foreign               10,052               3.64  %               -                 -  %               -                 -  %           10,052              3.64  %                    -                 -  %                 -                  -  %

Collateralized loan
obligations                 4,775               3.91  %               -                 -  %               -                 -  %                -                 -  %                4,775              3.91  %                 -                  -  %
U.S. treasury
securities                    990               1.33  %             990              1.33  %               -                 -  %                -                 -  %                    -                 -  %                 -                  -  %

                      $ 1,124,801               2.91  %       $  20,391              2.70  %       $  89,715              2.76  %       $  290,983              3.53  %       $      723,712              2.69  %       $         -                  -  %

Debt securities held
to maturity           $   238,621               3.77  %       $       -                 -  %       $   7,170              2.50  %       $   13,339              2.90  %       $      218,112              3.87  %       $         -                  -  %

Equity securities
with readily
determinable fair
value not held for
trading                    10,767                  -  %               -                 -                  -                 -                   -                 -                       -                 -               10,767                  -  %

Trading securities            103               6.90  %               -                 -                 64              6.12                  39              8.17  %                    -                 -                    -                  -  %

Other securities      $    48,187               4.37  %       $       -                 -  %       $       -                 -  %       $        -                 -  %       $            -                 -  %       $    48,187               4.37  %
                      $ 1,422,479               3.08  %       $  20,391              2.70  %       $  96,949              2.74  %       $  304,361              3.50  %       $      941,824              2.96  %       $    58,954               3.57  %





                                      100


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                                                                                                                    December 31, 2021
(in thousands,                     Total                            Less than a year                     One to five years                     Five to ten years                        Over ten years                             No maturity
except percentages)      Amount              Yield              Amount             Yield             Amount              Yield             Amount              Yield               Amount                Yield              Amount              Yield

Debt securities
available for sale
U.S. Government
sponsored enterprise
debt                 $   450,773               2.51  %       $   3,613              1.76  %       $   36,223              2.47  %       $   45,879              3.39  %       $      365,058              2.41  %       $         -                  -  %
Corporate
debt-domestic            345,262               3.40  %          25,539              2.65  %           76,052              2.59  %          222,739              3.69  %               20,932              4.11  %                 -                  -  %
U.S. Government
agency debt              361,906               2.41  %              52              4.54  %            4,700              2.41  %            9,617              2.00  %              347,537              2.42  %                 -                  -  %
Municipal bonds            2,348               2.55  %               -                 -  %                -                 -  %              486              2.08  %                1,862              2.67  %                 -                  -  %
Corporate
debt-foreign              12,528               3.43  %           1,000              1.06  %                -                 -  %           11,528              3.64  %                    -                 -  %                 -                  -  %

U.S. treasury
securities                 2,502               0.34  %           2,502              0.34  %                -                 -  %                -                 -  %                    -                 -  %                 -                  -  %

                     $ 1,175,319               2.75  %       $  32,706              2.33  %       $  116,975              2.55  %       $  290,249              3.58  %       $      735,389              2.46  %       $         -                  -  %

Debt securities held
to maturity          $   118,175               2.52  %       $       -                 -  %       $    9,343              2.48  %       $   11,189              2.92  %       $       97,643              2.48  %       $         -                  -  %

Equity securities
with readily
determinable fair
value not held for
trading                      252                  -  %               -                 -                   -                 -                   -                 -                       -                 -                  252                  -  %

Other securities     $    47,495               4.17  %       $       -                 -  %       $        -                 -  %       $        -                 -  %       $            -                 -  %       $    47,495               4.17  %
                     $ 1,341,241               2.78  %       $  32,706              2.33  %       $  126,318              2.54  %       $  301,438              3.56  %       $      833,032              2.47  %       $    47,747               4.15  %



The investment portfolio's weighted average effective duration was 4.9 years at
June 30, 2022 and 3.6 years at December 31, 2021. The increase in duration was
mainly due to actual and expected lower prepayments in our mortgage-backed
securities portfolio related to the increase in interest rates in the six months
ended June 30, 2022.
                                      101

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Liabilities



Total liabilities were $7.4 billion at June 30, 2022, an increase of $633.3
million, or 9.3%, compared to December 31, 2021. This was primarily driven by
net increases of: (i) $572.0 million, or 10.2%, in total deposits, mainly due to
an increase in interest bearing demand deposits; (ii) the issuance of $30
million of 4.25% fixed-to-floating subordinated notes due in 2032 in the first
quarter of 2022, and (iii) a net increase of $20.9 million, or 2.6%, in FHLB
advances, including the addition of $580.0 million long-term fix-rate advances
which were partially offset by the repayment of $560.7 million of these
borrowings in the first half of 2022. See "Capital Resources and Liquidity
Management" and "Deposits" for more details on the changes of FHLB advances,
total deposits and subordinated notes.

Deposits



Total deposits were $6.2 billion at June 30, 2022, an increase of $572.0
million, or 10.2%, compared to December 31, 2021. The increase in deposits in
the six months ended June 30, 2022 was mainly due to a net increase of $655.4
million, or 15.3%, in core deposits, including increases of: (i) $512.2 million,
or 34.0%, in interest bearing transaction accounts, primarily due to new
domestic deposits from escrow accounts and municipalities during the period;
(ii) $115.7 million, or 9.8%, in noninterest bearing transaction accounts, and
(ii) $27.5 million, or 1.7%, in savings and money market deposit accounts. The
increase in transaction accounts was partially offset by a decrease of $83.4
million, or 6.2%, in time deposits, primarily attributable to a $111.2 million,
or 10.6%, reduction in customer CDs compared to December 31, 2021, as the
Company continued to aggressively lower CD rates and focus on increasing core
deposits and emphasizing multi-product relationships versus single product
higher-cost CDs. Brokered time deposits increased slightly by $27.8 million, or
9.6%, compared to December 31, 2021. The increased transaction account balances
includes $704.7 million, or 16.8%, in higher customer account balances,
partially offset by a total decrease of $49.3 million in brokered interest
bearing and money market deposits. As of June 30, 2022 total brokered deposits
were $365.8 million, a decrease $21.5 million, or 5.6%, compared to $387.3
million at December 31, 2021, as the Company continued to focus on reduced
reliance on this source of funding.

We continue to move closer toward achieving our stated deposit growth targets.
Our efforts in the area of additions to Treasury Management, Retail and Private
Banking teams contributed to increasing deposit levels in the three and six
months ended June 30, 2022. See "Our Company- Business Developments" for
additional information on new digital platforms.

Deposits by Country of Domicile

The following table shows deposits by country of domicile of the depositor as of the dates presented and the changes during the period.



                                                                                                  Change

(in thousands, except
percentages)                      June 30, 2022            December 31, 2021            Amount                %
Deposits
Domestic (1) (2)               $      3,722,433          $        3,137,258          $ 585,175                18.7  %
Foreign:
Venezuela (3)                         1,964,796                   2,019,480            (54,684)               (2.7) %
Others (4)                              515,625                     474,133             41,492                 8.8  %
Total foreign                         2,480,421                   2,493,613            (13,192)               (0.5) %
Total deposits                 $      6,202,854          $        5,630,871          $ 571,983                10.2  %


_________________
(1)  Includes brokered deposits of $365.8 million and $387.3 million at June 30,
2022 and December 31, 2021, respectively.
(2)  Domestic deposits, excluding brokered, increased $606.7 million, or 22.1%,
compared to December 31, 2021.
                                      102

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(3)  Based upon the diligence we customarily perform to "know our customers" for
anti-money laundering, OFAC and sanctions purposes, and a review of the
Executive Order issued by the President of the United States on August 5, 2019
and the related Treasury Department Guidance, we do not believe that the U.S.
economic embargo on certain Venezuelan persons will adversely affect our
Venezuelan customer relationships, generally.
(4) Our other foreign deposits do not include deposits from Venezuelan resident
customers.

Our domestic deposits increased $585.2 million, or 18.7%, in the six months ended June 30, 2022, primarily driven by the aforementioned increase in interest bearing demand deposit accounts.

During the six months ended June 30, 2022, total foreign deposits decreased by $13.2 million, or 0.5%, primarily driven by a decrease of $54.7 million, or 2.7%, in deposits from customers domiciled in Venezuela. This was partially offset by an increase of $41.5 million, or 8.8%, in deposits from countries other than Venezuela, primarily driven by our efforts to grow deposits from customers in those other markets.

Core Deposits



Our core deposits were $4.9 billion and $4.3 billion as of June 30, 2022 and
December 31, 2021, respectively. Core deposits represented 79.8% and 76.2% of
our total deposits at those dates, respectively. The increase of $655.4 million,
or 15.3%, in core deposits in the six months ended June 30, 2022 was mainly
driven by the previously mentioned increase in interest bearing demand deposits.
Core deposits consist of total deposits excluding all time deposits.

Brokered Deposits



We utilize brokered deposits and, as of June 30, 2022, we had $365.8 million in
brokered deposits, which represented 5.9% of our total deposits at that date. As
of June 30, 2022, brokered deposits were down $21.5 million, or 5.6%, compared
to $387.3 million as of December 31, 2021, mainly due to a decline in brokered
money market and interest bearing demand deposits. As of June 30, 2022 and
December 31, 2021, brokered deposits included time deposits of $317.6 million
and $289.8 million, respectively, and third party interest bearing demand and
money market deposits of $48.2 million and $97.5 million, respectively. The
Company has not historically sold brokered CDs in denominations over $100,000.

Large Fund Providers



In the first quarter of 2022, the Company changed its definition of large fund
providers to include only third party relationships with balances over $20
million. As of December 31, 2021 and in prior periods, large fund providers were
defined as third party deposit relationships with balances over $10 million. At
June 30, 2022 and December 31, 2021, third-party customer relationships with
balances of over $20 million, included fourteen and eleven deposit
relationships, respectively, with total balances of $844.3 million and $376.3
million, respectively. The increase in large fund providers in the six months
ended June 30, 2022 compared to December 31, 2021 was mainly driven by new
domestic deposits from escrow accounts and municipalities during the period.




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Large Time Deposits by Maturity

The following table sets forth the maturities of our time deposits with individual balances equal to or greater than $100,000 as of June 30, 2022 and December 31, 2021:



                                              June 30, 2022                   December 31, 2021
(in thousands, except percentages)
Less than 3 months                     $     198,497        26.5  %    $        261,779        31.1  %
3 to 6 months                                103,164        13.8  %             134,709        16.0  %
6 to 12 months                               236,706        31.6  %             153,695        18.3  %
1 to 3 years                                 203,592        27.2  %             281,366        33.5  %
Over 3 years                                   7,446         0.9  %               8,902         1.1  %
Total                                  $     749,405       100.0  %    $        840,451       100.0  %



Short-Term Borrowings

In addition to deposits, we use short-term borrowings from time to time, such as
FHLB advances and borrowings from other banks, as a source of funds to meet the
daily liquidity needs of our customers and fund growth in earning assets.
Short-term borrowings have maturities of 12 months or less as of the reported
period-end. There were no outstanding short-term borrowings at June 30, 2022 and
December 31, 2021.

The following table sets forth information about the outstanding amounts of our
short-term borrowings at the close of, and for the six months ended June 30,
2022 and year ended December 31, 2021. There were no repurchase agreements
outstanding as of June 30, 2022 and December 31, 2021.

                                                        June 30,

December 31,

2021


(in thousands, except percentages)
Outstanding at period-end                             $ 104,566       $


Average amount                                           34,849

28,273


Maximum amount outstanding at any month-end             104,566

130,000

Weighted average interest rate:


 During period                                             0.81  %         0.36    %
 End of period                                             0.81  %            -    %


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Return on Equity and Assets



The following table shows annualized return on average assets, return on average
equity, and average equity to average assets ratio for the periods presented:

                                               Three Months Ended June 30,                  Six Months Ended June 30,
                                                2022                   2021                 2022                  2021
(in thousands, except percentages and per
share data)
Net income attributable to the Company    $        7,674          $    15,962          $     23,624          $    30,421
Basic earnings per common share                     0.23                 0.43                  0.69                 0.81
Diluted earnings per common share (1)               0.23                 0.42                  0.68                 0.81

Average total assets                      $    7,849,230          $

7,680,491 $ 7,778,524 $ 7,714,039 Average stockholders' equity

                     744,110              789,640               771,095              786,631
Net income attributable to the Company /
Average total assets (ROA)                          0.39  %              0.83  %               0.61  %              0.80  %
Net income attributable to the Company /
Average stockholders' equity (ROE)                  4.14  %              8.11  %               6.18  %              7.80  %

Average stockholders' equity / Average
total assets ratio                                  9.48  %             10.28  %               9.91  %             10.20  %

__________________


(1)In the three and six month periods ended June 30, 2022, potential dilutive
instruments consisted of unvested shares of restricted stock, restricted stock
units and performance share units. See Note 19 to our unaudited interim
consolidated financial statements in this Form 10-Q for details on the dilutive
effects of the issuance of restricted stock, restricted stock units and
performance share units on earnings per share for the three and six month
periods ended June 30, 2022 and 2021.

During the three and six month periods ended June 30, 2022, basic and diluted
earnings per share decreased compared to same periods one year ago, mainly due
to lower net income earned. This was partially offset by lower weighted average
number of basic and diluted shares primarily as a result of our capital
structure optimization efforts.


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Capital Resources and Liquidity Management

Capital Resources



Stockholders' equity is influenced primarily by earnings, dividends, if any, and
changes in accumulated other comprehensive income or loss (AOCI/AOCL) caused
primarily by fluctuations in unrealized holding gains or losses, net of taxes,
on debt securities available for sale and derivative instruments. AOCI or AOCL
are not included in stockholders' equity for purposes of determining our capital
for bank regulatory purposes.

Total stockholders' equity was $711.5 million as of June 30, 2022, a decrease of
$120.4 million, or 14.5%, compared to $831.9 million as of December 31, 2021.
This decrease was primarily driven by: (i) an aggregate of $72.1 million of
Class A common stock repurchased in the first half of 2022, under the Class A
repurchase programs launched in 2021 and 2022; (ii) after-tax net unrealized
holding losses of $66.1 million from the change in the market value of debt
securities available for sale as a result of the increase of approximately over
150 basis points recorded in index market rates during the six months ended June
30, 2022; and (iii) $6.2 million of dividends declared and paid by the Company
in the first half of 2022. These decreases were partially offset by net income
of $23.6 million in the first half of 2022.

Non-controlling Interest



The Company records net loss attributable to non-controlling interests in its
condensed consolidated statement of operations equal to the percentage of the
economic or ownership interest retained in the interest of Amerant Mortgage, and
presents non-controlling interests as a component of stockholders' equity on the
consolidated balance sheets. Equity attributable to the non-controlling interest
was a net loss of $1.9 million as of June 30, 2022, compared to a net loss of
$2.6 million as of December 31, 2021. In the three and six months ended June 30,
2022, net loss attributable to the non-controlling interest was approximately
$100 thousand and $1.2 million, respectively.

Non-controlling interests on the consolidated financial statements included a
49% non-controlling interest of Amerant Mortgage since May 2021, when this
subsidiary commenced its operations, through March 30, 2022. Beginning March 31,
2022, the minority interest share changed from 49% to 42.6%. This change had no
material impact to the Company's financial condition or results of operations as
of and for the three months ended March 31, 2022. In addition, in the three
months ended June 30, 2022, the Company increased its ownership interest in
Amerant Mortgage to 80% from 57.4%. This change was the result of: (i) two
former principals of Amerant Mortgage surrendering their interest in Amerant
Mortgage to the Company, when they became full time employees of the Bank (the
"Transfer of Subsidiary Shares From Non-controlling Interest"), and (ii) an
additional contribution made by the Company of $1 million, in cash, to Amerant
Mortgage in the three months ended June 30, 2022. As a result of the Transfer of
Subsidiary Shares From Non-controlling Interest, the Company reduced its
additional paid-in capital by a total of $1.9 million with a corresponding
increase to the equity attributable to non-controlling Interest.


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Common Stock Transactions



Class A Common Stock Repurchases and Cancellation of Treasury Shares. In January
2022, the Company repurchased an aggregate of 652,118 shares of Class A common
stock at a weighted average price of $33.96 per share, under the Class A Common
Stock Repurchase Program. The aggregate purchase price for these transactions
was approximately $22.1 million, including transaction costs. On January 31,
2022, the Company announced the completion of the Class A Common Stock
Repurchase Program.

Also, on January 31, 2022, the Company announced the New Common Stock Repurchase
Program pursuant to which the Company may purchase, from time to time, up to an
aggregate amount of $50 million of its shares of Class A common stock. In the
first half of 2022, the Company repurchased an aggregate of 1,602,887 shares of
Class A common stock at a weighted average price of $31.14 per share, under the
New Common Stock Repurchase Program. The aggregate purchase price for these
transactions was approximately $49.9 million, including transaction costs. On
May 19, 2022, the Company announced the completion of the New Class Common Stock
Repurchase Program.

For more information about these repurchase programs, see Note 17 to the Company's consolidated financial statements on Form 10-K for the year ended December 31, 2021.

In the first half of 2022, the Company's Board of Directors authorized the cancellation of all shares of Class A common stock repurchased in the first half of 2022. As of June 30, 2022 and December 31, 2021, there were no shares of Class A common stock held as treasury stock.



Dividends. On January 19, 2022, the Company's Board of Directors declared a cash
dividend of $0.09 per share of the Company's Class A common stock. The dividend
was paid on or before February 28, 2022 to shareholders of record at the close
of business on February 11, 2022. The aggregate amount in connection with this
dividend was $3.2 million.

On April 14, 2022, the Company's Board of Directors declared a cash dividend of
$0.09 per share of the Company's Class A common stock. The dividend was paid on
May 31, 2022 to shareholders of record at the close of business on May 13, 2022.
The aggregate amount in connection with this dividend was $3.0 million.

Liquidity Management

The Company's liquidity position includes cash and cash equivalents of $354.1 million at June 30, 2022, compared to $274.2 million at December 31, 2021.



At June 30, 2022 and December 31, 2021, the Company had $830.5 million and
$980.0 million, respectively, of outstanding advances from the FHLB. At June 30,
2022 and December 31, 2021, we had an additional $1.5 billion and $1.4 billion,
respectively, of available borrowing capacity under FHLB facilities. In the
three and six months ended June 30, 2022, the Company repaid $530.0 million in
callable FHLB advances, and borrowed $550.0 million in longer-term advances, to
extend the duration of this portfolio and lock-in fixed interest rates.

There were no other borrowings as of June 30, 2022 and December 31, 2021.



We also have available uncommitted federal funds lines with several banks, and
had $102.7 million and $105.0 million of availability under these lines at June
30, 2022 and December 31, 2021, respectively.


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On March 9, 2022, the Company entered into a Subordinated Note Purchase
Agreement (the "Purchase Agreement") with the Company's wholly-owned subsidiary
Amerant Florida Bancorp Inc., and qualified institutional buyers pursuant to
which the Company sold and issued $30.0 million aggregate principal amount of
its 4.25% Fixed-to-Floating Rate Subordinated Notes due March 15, 2032. Net
proceeds were $29.1 million, after estimated direct issuance costs of
approximately $0.9 million. Unamortized direct issuance cost are deferred and
amortized over the term of the Subordinated Notes of 10 years. These
Subordinated Notes are unsecured, subordinated obligations of the Company and
rank junior in right of payment to all of the Company's current and future
senior indebtedness. The Subordinated Notes have been structured to qualify as
Tier 2 capital of the Company for regulatory capital purposes, and rank equally
in right of payment to all of our existing and future subordinated indebtedness.
See Note 9 "Subordinated Notes" in the Company's unaudited interim consolidated
financial statements in this Form 10-Q for more details.

We and our subsidiary, Amerant Florida, are corporations separate and apart from
the Bank and, therefore, must provide for our own liquidity. Historically, our
main source of funding has been dividends declared and paid to us and Amerant
Florida by the Bank, while the Company issued the Senior Notes in 2020. The
Company, which is the issuer of the Senior Notes, held cash and cash equivalents
of $70.0 million as of June 30, 2022 and $23.8 million as of December 31, 2021,
in funds available to service its Senior Notes and Subordinated Notes and for
general corporate purposes, as a separate stand-alone entity. Our subsidiary,
Amerant Florida, which is an intermediate bank holding company, the obligor on
our junior subordinated debt and the guarantor of the Senior Notes and
Subordinated Notes, held cash and cash equivalents of $7.0 million as of
June 30, 2022 and $6.3 million as of December 31, 2021, in funds available to
service its junior subordinated debt and for general corporate purposes, as a
separate stand-alone entity.

We have not provided summarized financial information for the Company and
Amerant Florida as we do not believe it would be material information since the
assets, liabilities and results of operations of the Company and Amerant Florida
are not materially different from the amounts reflected in the consolidated
financial statements of the Company.

Amerant Florida Merger



On July 20, 2022, the Company's Board of Directors approved an intercompany
transaction of entities under common control, pursuant to which the Company's
wholly owned subsidiary, Amerant Florida, would merge with and into the Company,
with the Company as sole survivor (the "Amerant Florida Merger"). In connection
with the Amerant Florida Merger, the Company will assume all assets and
liabilities of Amerant Florida, including its direct ownership of the Bank, the
common capital securities issued by the 5 trust subsidiaries, and the junior
subordinated debentures issued by Amerant Florida and related agreements. The
Amerant Florida Merger will have no impact to the Company's consolidated
financial condition and results of operations. See Note 10 to the Company's
consolidated financial statements on the Form 10-K, for additional information
on the common capital securities issued by the 5 trust subsidiaries, and the
junior subordinated debentures. The Amerant Florida Merger is not subject to
regulatory approvals. The Company expects to effect the Amerant Florida Merger
in the third quarter of 2022.

Subsidiary Dividends

There are statutory and regulatory limitations that affect the ability of the
Bank to pay dividends to the Company. These limitations exclude the effects of
AOCI. Management believes that these limitations will not affect the Company's
ability, and Amerant Florida's ability, to meet their ongoing short-term cash
obligations. See "Supervision and Regulation" in the Form 10-K.

In January and April 2022, the Boards of Directors of the Bank and Amerant Florida approved the payment of cash dividends of $40 million and $34 million, respectively on each date, by the Bank to Amerant Florida and in the same amounts by Amerant Florida to Amerant Bancorp.


                                      108

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Based on our current outlook, we believe that net income, advances from the FHLB, available other borrowings and any dividends paid to us and Amerant Florida by the Bank will be sufficient to fund liquidity requirements for at least the next twelve months.

Regulatory Capital Requirements

The Company's consolidated regulatory capital amounts and ratios are presented in the following table:



                                                                         Required for Capital Adequacy               Regulatory Minimums To be Well
                                         Actual                                    Purposes                                    Capitalized
(in thousands, except
percentages)                  Amount               Ratio                 Amount                 Ratio                 Amount                 Ratio
June 30, 2022
Total capital ratio        $ 891,818                  13.21  %       $    539,935                  8.00  %       $     674,919                  10.00  %
Tier 1 capital ratio         808,934                  11.99  %            404,951                  6.00  %             539,935                   8.00  %
Tier 1 leverage ratio        808,934                  10.25  %            315,706                  4.00  %             394,633                   5.00  %
Common Equity Tier 1
(CET1)                       747,907                  11.08  %            303,713                  4.50  %             438,697                   6.50  %

December 31, 2021
Total capital ratio        $ 934,512                  14.56  %       $    513,394                  8.00  %       $     641,742                  10.00  %
Tier 1 capital ratio         862,962                  13.45  %            385,045                  6.00  %             513,394                   8.00  %
Tier 1 leverage ratio        862,962                  11.52  %            299,746                  4.00  %             374,683                   5.00  %
Common Equity Tier 1
(CET1)                       801,907                  12.50  %            288,784                  4.50  %             417,133                   6.50  %

The Bank's consolidated regulatory capital amounts and ratios are presented in the following table:



                                                                         Required for Capital Adequacy               Regulatory Minimums to be Well
                                         Actual                                    Purposes                                    Capitalized
(in thousands, except
percentages)                  Amount               Ratio                 Amount                 Ratio                 Amount                 Ratio
June 30, 2022
Total capital ratio        $ 856,800                  12.73  %       $    538,441                  8.00  %       $     673,051                  10.00  %
Tier 1 capital ratio         803,115                  11.93  %            403,830                  6.00  %             538,441                   8.00  %
Tier 1 leverage ratio        803,115                  10.23  %            313,937                  4.00  %             392,421                   5.00  %
Common Equity Tier 1
(CET1)                       803,115                  11.93  %            302,873                  4.50  %             437,483                   6.50  %

December 31, 2021
Total capital ratio        $ 957,852                  14.94  %       $    512,780                  8.00  %       $     640,976                  10.00  %
Tier 1 capital ratio         886,301                  13.83  %            384,585                  6.00  %             512,780                   8.00  %
Tier 1 leverage ratio        886,301                  11.84  %            299,466                  4.00  %             374,332                   5.00  %
Common Equity Tier 1
(CET1)                       886,301                  13.83  %            288,439                  4.50  %             416,634                   6.50  %


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Tangible Common Equity Ratio and Tangible Book Value Per Common Share



Tangible common equity ratio and tangible book value per common share are
non-GAAP financial measures, used 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. Tangible
common equity is 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 consist of, among other things, mortgage
servicing rights and are included in other assets in the Company's consolidated
balance sheets.

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

Latest news about Amerant Bancorp Inc.

Earnings Flash (AMTB) AMERANT BANCORP Posts Q1 EPS $0.32, vs. Street Est of $0.38	Apr. 24	MT
Amerant Bancorp Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024	Apr. 24	CI
Amerant Bancorp Inc. Declares Cash Dividend, Payable on May 30, 2024	Apr. 24	CI
Amerant Bancorp Selling 6 Branches in Houston to MidFirst Bank	Apr. 17	MT
Transcript : Amerant Bancorp Inc., MidFirst Bank - M&A Call	Apr. 17
North American Morning Briefing : Cautious Start -2-	Jan. 29	DJ
Keefe, Bruyette & Woods Adjusts Price Target on Amerant Bancorp to $28 From $27, Maintains Market Perform Rating	Jan. 26	MT
Piper Sandler Downgrades Amerant Bancorp to Neutral From Overweight	Jan. 26	MT
Transcript : Amerant Bancorp Inc., Q4 2023 Earnings Call, Jan 25, 2024	Jan. 25
Earnings Flash (AMTB) AMERANT BANCORP Posts Q4 EPS $0.46, vs. Street Est of $0.44	Jan. 24	MT
Tranche Update on Amerant Bancorp Inc.'s Equity Buyback Plan announced on December 19, 2022.	Jan. 24	CI
Amerant Bancorp Inc. Reports Earnings Results for the Full Year Ended December 31, 2023	Jan. 24	CI
Amerant Bancorp Inc. Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	Jan. 24	CI
North American Morning Briefing : S&P 500 Futures Point to Fresh Record on Netflix Results	Jan. 24	DJ
Amerant Bancorp Keeps Quarterly Dividend at $0.09 a Share, Payable Feb. 29 to Shareholders of Record on Feb. 14	Jan. 18	MT
Amerant Bancorp Inc. Declares Cash Dividend, Payable on February 29, 2024	Jan. 18	CI
Amerant Bancorp Inc.'s Equity Buyback Plan Extended till December 31, 2024.	Dec. 05	CI
Amerant Bancorp Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	23-10-27	CI
Raymond James Adjusts Amerant Bancorp's Price Target to $23 From $24, Keeps Outperform Rating	23-10-23	MT
Transcript : Amerant Bancorp Inc., Q3 2023 Earnings Call, Oct 20, 2023	23-10-20
Tranche Update on Amerant Bancorp Inc.'s Equity Buyback Plan announced on December 19, 2022.	23-10-19	CI
Amerant Bancorp Maintains Quarterly Dividend at $0.09 a Share, Payable Nov. 30 to Shareholders of Record on Nov. 14	23-10-19	MT
Amerant Bancorp Inc. Declares Dividend, Payable on November 30, 2023	23-10-19	CI
Amerant Bancorp Inc.(NYSE:AMTB) dropped from NASDAQ Composite Index	23-08-28	CI
Stephens Adjusts Price Target on Amerant Bancorp to $22 From $20, Maintains Equal-Weight Rating	23-07-24	MT

Chart Amerant Bancorp Inc.

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Company Profile

Amerant Bancorp Inc. is a bank holding company. It operates through its subsidiary, Amerant Bank, N.A. (the Bank). It provides individuals and businesses with a comprehensive array of deposit, credit, investment, wealth management, retail banking, mortgage services and fiduciary services. It offers a variety of trust and estate planning products and services catering to high-net-worth customers, its trust and estate planning products include simple and complex trusts, private foundations, personal investment companies and escrow accounts. It offers a full suite of online banking services including online account opening for domestic and international customers, access to account balances, statements, and other documents, Zelle for consumer and businesses, online transfers, online bill payment and electronic delivery of customer statements, as well as automated teller machines (ATMs), and banking by mobile devices, telephone, and mail. It also offers overdraft protection program.

Sector

Banks

Calendar

2024-05-08 - Annual General Meeting

Related indices

Russell 2000

More about the company

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Ratings for Amerant Bancorp Inc.

Trading Rating

Investor Rating

ESG Refinitiv

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Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

22.08 USD

Average target price

26.25 USD

Spread / Average Target

+18.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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