Amerant Bancorp : Investor Presentation March 31, 2021

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Investor Update

As of March 31, 2021

Important Notices and Disclaimers

Forward-Looking Statements

2

This presentation contains "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, including, statements with respect to our objectives, expectations and intentions and other statements that are not historical facts. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target," "goals," "outlooks," "modeled," "create" and other similar words and expressions of the future.

Forward-looking statements, including those as to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the Company's actual results, performance, achievements, or financial condition to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not rely on any forward-looking statements as predictions of future events. You should not expect us to update any forward-looking statements. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in "Risk factors" in our annual report on Form 10-K for the fiscal year ended December 31, 2020, and in our other filings with the U.S. Securities and Exchange Commission (the "SEC"), which are available at the SEC's website www.sec.gov.

Interim Financial Information

Unaudited financial information as of and for interim periods, including as of and for the three-month periods ended March 31, 2021 and 2020, may not reflect our results of operations for our fiscal year ending, or financial condition as of December 31, 2021, or any other period of time or date.

Non-GAAP Financial Measures

The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP") with non-GAAP financial measures, such as "pre-provision net revenue (PPNR)", "adjusted noninterest income", "adjusted noninterest expense", "adjusted net income (loss)", "adjusted net income (loss) per share (basic and diluted)", "adjusted return on assets (ROA)", "adjusted return on equity (ROE)", and other ratios. This supplemental information is not required by, or are not presented in accordance with, U.S. generally accepted accounting principles ("GAAP"). The Company refers to these financial measures and ratios as "non-GAAP financial measures" and they should not be considered in isolation or as a substitute for the GAAP measures presented herein.

We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our businesses. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance, especially in light of the additional costs we have incurred in connection with the Company's restructuring activities that began in 2018 and continued into 2021 and the one-time loss on sale of the Beacon operations center in the fourth quarter of 2020. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

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About Us

• Founded in 1979
• Acquired in 1987 by MSF (1)
• 80.1% spin-off in Aug. 2018

History • Completed IPO in Dec. 2018

• Rebranded as Amerant in June 2019
• MSF no longer has stake in the Company

		Headquarters	• Coral Gables, FL
		Employees	• 731 FTEs (7)
		Footprint	• 25 branches throughout South
		Florida and Houston
		Market Share	• Second largest community bank
			headquartered in Florida
		Assets	• $7.75 billion
		Deposits	• $5.68 billion
		AUM	• $2.0 billion under management/
		custody

Geographic Mix

March 31, 2021

LoansDeposits

2%

44%

												3
Financial Highlights
(in millions, except per share		2018				2019			2020		1Q21
data and percentages)
Balance Sheet
Assets		$	8,124			$	7,985		$	7,771	$	7,751
Loans			5,920				5,744			5,842		5,755
Deposits			6,033				5,757			5,732		5,678
Tangible Common Equity (2)(3)		726				813			762		763
Income Statement
Net Income (Loss)		$	45.8			$	51.3		$	(1.7)	$	14.5
Adjusted Net Income	(3)	$	57.9			$	53.1		$	3.7	$	14.7
Pre-provision revenue	(3)	$	57.9			$	60.9		$	84.3	$	18.1
Net Income (Loss) per Share - Basic	$	1.08			$	1.21		$	(0.04)	$	0.38
Adjusted Net Income per Share -	$	1.36			$	1.25		$	0.09	$	0.39
Basic (3)
ROA			0.55 %			0.65 %		0.65 %	0.76 %
Adjusted ROA (3)			0.69 %			0.67 %		0.67 %	0.77 %
ROE			6.29 %			6.43 %		6.43 %	7.47 %
Adjusted ROE (3)			7.95 %			6.66 %		6.66 %	7.57 %
Efficiency Ratio (4)			78.8	%			77.5	%		77.5	%	70.7	%
Capital
Tier 1 Common Ratio			11.1 %			12.6 %		12.6 %	11.9 %
Tier 1 Capital Ratio			12.7	%			13.9	%		13.9	%	12.9	%
Total Risk-based Capital		13.5	%			14.8	%		14.8	%	14.1	%
Tangible Common Equity Ratio		9.0 %			10.2 %		10.2 %	9.9 %
Stockholders' book value per	$	17.31			$	19.35		$	19.35	$	20.70
common share
Tangible Book Value per Common	$	16.82		(2)	$	18.84		$	18.84	$	20.13
Share (3)
Credit
Non-performing Assets (5) / Assets		0.22	%			0.41	%		1.13	%	1.16	%
Net charge offs (Recoveries) /		0.18 %			0.11 %		0.52 %		- %
Average Total Loans (6)

98%

56%

(1)	Mercantil Servicios Financieros, C.A. ("MSF"), the Company's former parent company
(2)	Reflects special one-time dividend of $40.0 million paid on March 13, 2018 to MSF in connection with the spin-off

Domestic

International

amerantbank.com

(3)	See Appendix 2 "Non-GAAP Financial Measures Reconciliations" for a reconciliation of these non-GAAP financial measures to their
(4)	GAAP counterparts.
Efficiency ratio is the result of noninterest expense, respectively divided by the sum of noninterest income and net interest income
(5)	Non-performing assets include all accruing loans past due 90 days or more, all nonaccrual loans, restructured loans that are
(6)	considered "troubled debt restructurings" or "TDRs", and OREO properties acquired through or in lieu of foreclosure
Calculated based upon the average daily balance of outstanding loan principal balance net of unamortized deferred loan origination
(7)	fees and costs, excluding the allowance for loan losses
Since 2018, the Company has reduced FTEs by 19.8%.

l

Investment Opportunity Highlights

4

Established	Strong and
Franchise in
Diverse Deposit
Attractive
Base
Markets

Well-Positioned

Loan

Portfolio

Significant Fee

Income

Platform

Pathway to

Strong

Profitability

• Long history with strong reputation and deep customer relationships
• Presence in high- growth markets of Miami, Florida and Houston, Texas
• Seasoned management team and board
• Second largest community bank headquartered in Florida (1)

• Growing customer deposit base (approximately 3% CAGR since 2018)
• Low-costinternational customer deposit are a strategic advantage (0.16% average cost in the first three months of 2021)
• Retaining international deposits by adding new and revamped product bundles and services, and improved customer experience

• Loan book well- diversified across various asset classes and markets
• Strong reserve coverage and disciplined credit culture
• High level of relationship lending
• Solid risk management to allow adjustments based on market conditions

• Wealth management and brokerage platform with accompanying trust and private banking capabilities
• Emphasizing growth in treasury management and other commercial fee generating opportunities
• Launched Amerant Mortgage; expected opening June 1, 2021

• Dynamic initiatives to improve ROA/ ROE through efficiency, fee income, and other levers
• Proactive strategy to enhance financial performance as part of a multi-year shift towards increasing core domestic growth and profitability
• Ongoing digital transformation to adapt to a new competitive environment

1. Community banks include those with less than $10 billion in assets. Source: S&P Market Intelligence - March 2021
2. See Appendix 2 "Non-GAAP Financial Measures Reconciliations" for a reconciliation of this non-GAAP financial measure to its GAAP counterpart

amerantbank.com

Experienced Management Team	5

Jerry

Plush

Vice-Chairman &

Chief Executive Officer

62 years old

• Vice-Chairman& Chief Executive Officer since March 2021
• Served as Executive Vice-Chairman from Feb 2021 until Mar 2021 and has served on the Board of Directors since July 2019
• Former partner at Patriot Financial Partners
• Prior experience includes:
• • Sr. executive roles at Verdigris Holdings, Santander USA, Webster Bank and MBNA America
  • Board director at Santander Consumer, FHLB of Pittsburgh and Webster Bank

Carlos	• CFO since May 2020
Iafigliola	• 22 years with MSF / AMTB
Executive Vice President &
• Head of Treasury from 2015 to April 2020
Chief Financial Officer	• Asset & Liability Manager at AMTB from 2004 to 2015
44 years old	• Served in Market Risk Management at MSF 1998 to 2004
Alfonso
Figueredo	• President and COO since February 2018
President &	• 32 years with MSF / AMTB
Chief Operating Officer	• Executive Vice President of Operations and Administration of MSF from 2015 to 2018
60 years old	• CFO of MSF from 2008 to 2015
Alberto
Capriles	• Executive Vice President and Chief Risk Officer since 2015
Executive Vice President	• 25 years with MSF / AMTB
& Chief Risk Officer	• Corporate Treasurer of MSF from 2008 to 2015
53 years old	• Corporate Market Risk Manager of MSF from 1999 to 2008
Miguel	• Executive Vice President and Chief Business Officer since February 2018
Palacios
• All 28 years of banking experience spent with MSF / AMTB
Executive Vice President
• Domestic Personal and Commercial Manager from 2012 to 2018
& Chief Business Officer
• Special Assets Manager from 2009 to 2012
52 years old

amerantbank.com