Amerant Bancorp Inc.

What they do

Amerant provides deposit, credit, investment, wealth management, retail banking, mortgage and fiduciary services to individuals and businesses in its U.S. markets and to select international customers. Services are delivered through its main subsidiary, Amerant Bank, N.A., and the Bank's broker-dealer, Amerant Investments, Inc. Fiduciary, investment, wealth management and mortgage services are provided by the Bank and Amerant Investments. The Bank operates 21 banking centers in Miami-Dade, Broward and Palm Beach counties and two in Tampa, Florida.

Revenue drivers

• Net interest income — Earned on $6.9 billion of gross loans and $2.6 billion of investments, funded largely by $8.4 billion of deposits; NII was $82.6 million in 2Q26, up 2.9% from 1Q26, making it the dominant revenue line.
• Noninterest income — Includes investment, wealth management, fiduciary, brokerage and mortgage services; totaled $18.2 million in 2Q26, up 4.5% from 1Q26, versus $82.6 million of NII.
• Wealth management / AUM — Assets under management and custody totaled $3.37 billion at 2Q26, down 1.5% from $3.42 billion in 1Q26, generating fee income through Amerant Investments and the Bank.

Recent performance

Second quarter 2026 net income attributable to the Company was $21.0 million, or $0.53 per diluted share, compared with $17.9 million, or $0.44 per diluted share, in the first quarter of 2026. Total assets grew 3.9% to $10.3 billion and total deposits rose 5.2% to $8.4 billion, with core deposits up 9.4% to $6.4 billion. NIM was 3.52% versus 3.55%, ROA was 0.84% versus 0.73%, and ROE was 9.23% versus 7.63%. Classified loans fell 14.7% to $273.1 million and non-performing assets declined 2.6% to $186.6 million, while the allowance for credit losses rose to $85.5 million from $79.2 million. The efficiency ratio was 68.37% compared with 68.52%.

Strategy

Amerant is executing a plan to dissolve Elant Bank & Trust Ltd., the Cayman Islands bank and trust company, after transferring many of its trust relationships to the Bank; completion is expected in 2026 pending regulatory approval. The Company is also executing a plan to wind down Amerant Mortgage. It continues to expand its Florida footprint, having opened a regional headquarters and banking center in West Palm Beach, a Miami Beach center and a second Tampa center in 2025, a Bay Harbor Islands center in January 2026, and expecting to open a St. Petersburg center in 2026 after receiving regulatory approval in July 2025. In 2Q26 it repurchased 690,000 Class A shares at a weighted average price of $23.29 for approximately $16.1 million, and it declared a quarterly cash dividend of $0.09 per share. Management cited balance sheet growth, deposit generation and disciplined expense management as priorities.

Risks

• CRE concentration — The 10-K risk factors state that the Company's concentration of commercial real estate loans could result in increased loan losses.
• Credit quality — Non-performing loans were $171.1 million and classified loans $273.1 million at 2Q26, and the 10-K notes the allowance for credit losses may prove inadequate.
• Funding and liquidity — The 10-K states funding sources include brokered deposits and wholesale funding, which increase liquidity risk and could raise interest rate expense and deposit insurance costs.
• Venezuela exposure — The 10-K lists conditions or developments in Venezuela as a factor that could adversely affect the Company's operations, reflecting its international customer base.

Outlook

Management said the second quarter reflected continued execution of strategic priorities and balance sheet growth, with net income rising to $21.0 million and ROA and ROE increasing to 0.84% and 9.23%. The Company expects to complete the dissolution of Elant Bank & Trust in 2026 once regulatory approval is received, and expects to open a new St. Petersburg banking center in 2026. It declared a $0.09 per share dividend payable August 28, 2026 to shareholders of record on August 14, 2026.