Amerant Reports Fourth Quarter 2025 and Full-Year 2025 Results
CORAL GABLES, Fla.--( BUSINESS WIRE)--Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today reported net income attributable to the Company of $2.7 million in the fourth quarter of 2025, or $0.07 per diluted share, compared to net income of $14.8 million, or $0.35 earnings per diluted share, in the third quarter of 2025. Net income attributable to the Company was $52.4 million for the full-year 2025, or $1.26 per diluted share, compared to a net loss of $15.8 million, or $0.44 per diluted share, for the full-year 2024.
“Amerant’s fourth quarter reflected our significant efforts to position the bank for long‑term success. We incurred elevated non-interest expenses and experienced ongoing credit normalization, both driven by our strategic actions to address key credit matters, enhance our risk-selection processes, and improve organizational efficiencies,” stated Carlos Iafigliola, SEVP and Interim CEO. “During this period, we updated our strategic plan to prioritize sustainable growth supported by disciplined credit management and maintained a strong funding mix, high liquidity levels, and a solid capital position. We believe our full-year results underscore the resilience of our franchise, highlighted by a healthy financial margin and solid core PPNR. As we enter 2026, our priorities are clear: strengthen asset quality, optimize our balance sheet and operational processes, and accelerate profitable growth. I am confident in our team’s dedication and the fundamentals of our business model. We remain committed to delivering value to our customers, communities, and shareholders.”
Fourth Quarter Financial Highlights and Quarter-Over-Quarter Comparison:
Full-year Financial Highlights and Year-over-Year Comparison:
Additional details on fourth quarter and full-year 2025 results can be found in the Exhibits to this earnings release, and the earnings presentation available under the Investor Relations section of the Company’s website at https://investor.amerantbank.com.
1 Non-GAAP measure, see “Non-GAAP Financial Measures” for more information and Exhibit 2 for a reconciliation to GAAP measures.
Fourth Quarter and Full Year 2025 Earnings Conference Call
The Company will hold an earnings conference call on Friday, January 23, 2026 at 9:00 a.m. (Eastern Time) to discuss its fourth quarter and full-year 2025 results. The conference call and presentation materials can be accessed via webcast by logging on from the Investor Relations section of the Company’s website at https://investor.amerantbank.com. The online replay will remain available for approximately one month following the call through the above link.
About Amerant Bancorp Inc. (NYSE: AMTB)
Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its main subsidiary, Amerant Bank, N.A. (the “Bank”), as well as its other subsidiary Amerant Investments, Inc. The Company provides individuals and businesses with deposit, credit and wealth management services. The Bank, which has operated for over 45 years, is headquartered in Florida and has a network of 23 banking centers – 21 in South Florida and 2 in Tampa, Florida. For more information, visit investor.amerantbank.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” including statements with respect to the Company’s objectives, expectations and intentions and other statements that are not historical facts. Examples of forward-looking statements include but are not limited to: our future operating or financial performance, including revenues, expenses, expense savings, income or loss and earnings or loss per share, and other financial items; statements regarding expectations, plans or objectives for future operations, products or services, and our expectations on loan recoveries, reaching effective resolutions on problem loans, or significantly reducing special mention and/or non-performing loans. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target,” “goals,” “outlooks,” “modeled,” “dedicated,” “create,” and other similar words and expressions of the future.
Forward-looking statements, including those relating to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the Company’s actual results, performance, achievements, or financial condition to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not rely on any forward-looking statements as predictions of future events. You should not expect us to update any forward-looking statements, except as required by law. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in “Risk factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2024 filed on March 5, 2025 (the “Form 10-K”) and in our other filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website www.sec.gov.
Interim Financial Information
Unaudited financial information as of and for interim periods, including the three month periods ended September 30, 2025, June 30, 2025, March 31, 2025, and the three and twelve month periods ended December 31, 2025, may not reflect our results of operations for our fiscal year ended, or financial condition as of December 31, 2025, or any other period of time or date.
Non-GAAP Financial Measures
The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) with non-GAAP financial measures, such as “pre-provision net revenue (PPNR)”, “core pre-provision net revenue (Core PPNR)”, “core noninterest income”, “core noninterest expense”, “core net income”, “core earnings per share (basic and diluted)”, “core return on assets (Core ROA)”, “core return on equity (Core ROE)”, “core efficiency ratio”, "tangible common equity ratio", and “tangible stockholders’ equity (book value) per common share”. This supplemental information is not required by, or is not presented in accordance with GAAP. The Company refers to these financial measures and ratios as “non-GAAP financial measures”.
We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our business. Management believes that these supplementary non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.
Exhibit 2 reconciles these non-GAAP financial measures to GAAP reported results.
Exhibit 1- Selected Financial Information
The following table sets forth selected financial information derived from our unaudited and audited consolidated financial statements.
(in thousands)
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
Consolidated Balance Sheets
(audited)
Total assets
$
9,777,018
$
10,410,199
$
10,334,678
$
10,169,688
$
9,901,734
Total investments
2,084,569
2,307,701
1,970,888
1,761,678
1,497,925
Total gross loans (1)(2)
6,697,235
6,941,792
7,189,196
7,219,162
7,271,322
Allowance for credit losses
79,276
94,918
86,519
98,266
84,963
Total deposits
7,786,934
8,300,969
8,306,544
8,154,978
7,854,595
Core deposits (1)
5,790,895
6,203,038
6,143,625
5,993,055
5,620,150
Advances from the Federal Home Loan Bank
711,984
831,699
765,000
715,000
745,000
Senior notes (3)
—
—
—
59,922
59,843
Subordinated notes
29,795
29,752
29,710
29,667
29,624
Junior subordinated debentures
64,178
64,178
64,178
64,178
64,178
Stockholders' equity (4)(5)
938,802
944,940
924,286
906,263
890,467
Assets under management and custody (1)
3,256,754
3,169,514
3,065,020
2,932,602
2,890,048
Three Months Ended
Years Ended December 31,
(in thousands, except percentages, share data and per share amounts)
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
2025
2024
Consolidated Results of Operations
(audited)
Net interest income
$
90,150
$
94,152
$
90,479
$
85,904
$
87,635
$
360,685
$
325,957
Provision for credit losses (6)
3,490
14,600
6,060
18,446
9,910
42,596
60,460
Noninterest income
22,019
17,291
19,778
19,525
23,684
78,613
9,909
Noninterest expense
106,772
77,835
74,400
71,554
83,386
330,561
299,490
Net income (loss) attributable to Amerant Bancorp Inc.
2,701
14,756
23,002
11,958
16,881
52,417
(15,752
)
Effective income tax rate
(41.64
)%
22.37
%
22.80
%
22.50
%
6.34
%
20.75
%
34.60
%
Common Share Data
Stockholders' book value per common share
$
23.13
$
22.90
$
22.14
$
21.60
$
21.14
$
23.13
$
21.14
Tangible stockholders' equity (book value) per common share (7)
$
22.56
$
22.32
$
21.56
$
21.03
$
20.56
$
22.56
$
20.56
Basic earnings (loss) per common share
$
0.07
$
0.35
$
0.55
$
0.28
$
0.40
$
1.26
$
(0.44
)
Diluted earnings (loss) per common share (8)
$
0.07
$
0.35
$
0.55
$
0.28
$
0.40
$
1.26
$
(0.44
)
Basic weighted average shares outstanding
40,915,733
41,590,201
41,805,550
42,015,507
42,069,098
41,578,758,000
35,755,375,000
Diluted weighted average shares outstanding (8)
41,102,760
41,774,101
41,873,551
42,186,759
42,273,778
41,731,303,000
35,755,375,000
Cash dividend declared per common share (5)
$
0.09
$
0.09
$
0.09
$
0.09
$
0.09
$
0.36
$
0.36
Three Months Ended
Years Ended December 31,
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
2025
2024
Other Financial and Operating Data (9)
Profitability Indicators (%)
Net interest income / Average total interest earning assets (NIM) (1)
3.78
%
3.92
%
3.81
%
3.75
%
3.75
%
3.82
%
3.58
%
Net income (loss) / Average total assets (ROA) (1)
0.10
%
0.57
%
0.90
%
0.48
%
0.67
%
0.51
%
(0.16
)%
Net income(loss) / Average stockholders' equity (ROE) (1)
1.12
%
6.21
%
10.06
%
5.32
%
7.38
%
5.62
%
(1.99
)%
Noninterest income / Total revenue (1)
19.63
%
15.52
%
17.94
%
18.52
%
21.28
%
17.90
%
2.95
%
Capital Indicators (%)
Total capital ratio (1)
14.10
%
13.90
%
13.49
%
13.45
%
13.43
%
14.10
%
13.43
%
Tier 1 capital ratio (1)
12.58
%
12.28
%
11.97
%
11.84
%
11.95
%
12.58
%
11.95
%
Tier 1 leverage ratio (1)
9.62
%
9.73
%
9.69
%
9.73
%
9.66
%
9.62
%
9.66
%
Common equity tier 1 capital ratio (CET1) (1)
11.80
%
11.54
%
11.24
%
11.11
%
11.21
%
11.80
%
11.21
%
Tangible common equity ratio (1)(7)
9.39
%
8.87
%
8.73
%
8.69
%
8.77
%
9.39
%
8.77
%
Liquidity Ratios (%)
Loans to Deposits (1)
86.01
%
83.63
%
86.55
%
88.52
%
92.57
%
86.01
%
92.57
%
Asset Quality Indicators (%)
Non-performing assets / Total assets (1)
1.91
%
1.34
%
0.95
%
1.38
%
1.23
%
1.91
%
1.23
%
Non-performing loans / Total loans (1)
2.56
%
1.79
%
1.15
%
1.71
%
1.43
%
2.56
%
1.43
%
Allowance for credit losses / Total non-performing loans
46.26
%
76.37
%
104.89
%
79.75
%
81.62
%
46.26
%
81.62
%
Allowance for credit losses / Total loans held for investment
1.20
%
1.37
%
1.20
%
1.37
%
1.18
%
1.20
%
1.18
%
Net charge-offs / Average total loans held for investment (1)(10)
1.07
%
0.39
%
0.86
%
0.22
%
0.26
%
0.63
%
0.99
%
Efficiency Indicators (% except FTE)
Noninterest expense / Average total assets
4.14
%
3.01
%
2.91
%
2.89
%
3.29
%
3.24
%
3.03
%
Salaries and employee benefits / Average total assets
1.50
%
1.36
%
1.41
%
1.35
%
1.39
%
1.40
%
1.39
%
Other operating expenses/ Average total assets (1)
2.64
%
1.66
%
1.50
%
1.54
%
1.90
%
1.84
%
1.64
%
Efficiency ratio (1)
95.19
%
69.84
%
67.48
%
67.87
%
74.91
%
75.25
%
89.17
%
Full-Time-Equivalent Employees (FTEs) (11)
694
704
692
726
698
694
698
Three Months Ended
Years Ended December 31,
(in thousands, except percentages and per share amounts)
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
2025
2024
Core Selected Consolidated Results of Operations and Other Data (7)
Pre-provision net revenue (PPNR)
$
5,397
$
33,608
$
35,857
$
33,875
$
27,933
$
108,737
$
36,376
Core pre-provision net revenue (Core PPNR)
$
29,307
$
35,765
$
37,122
$
31,546
$
37,217
$
133,740
$
125,556
Core net income
$
21,670
$
16,425
$
23,984
$
10,153
$
21,160
$
72,232
$
50,446
Core basic earnings per common share
0.53
0.39
0.57
0.24
0.50
1.74
1.41
Core earnings per diluted common share (8)
0.53
0.39
0.57
0.24
0.50
1.73
1.41
Core net income / Average total assets (Core ROA) (1)
0.84
%
0.64
%
0.94
%
0.41
%
0.83
%
0.71
%
0.51
%
Core net income / Average stockholders' equity (Core ROE) (1)
8.98
%
6.91
%
10.49
%
4.52
%
9.25
%
7.75
%
6.37
%
Core efficiency ratio
72.58
%
67.96
%
66.35
%
69.24
%
64.71
%
69.00
%
68.51
%
__________________
(1)
See Glossary of Terms and Definitions for definitions of financial terms.
(2)
At December 31, 2025 and March 31, 2025 includes both mortgage loans held for sale carried at fair value and loans held for sale carried at the lower of cost or fair value. There were no loans held for sale at September 30, 2025, while all other periods include mortgage loans held for sale carried at fair value.
(3)
On April 01, 2025, the Company redeemed all outstanding Senior Notes. See Note 1 to the Company’s consolidated financial statements in our March 31, 2025 Form 10-Q for more information.
(4)
On December 11, 2024, the Company announced that the Board of Directors approved to extend the expiration date of its share repurchase program that was set to expire on December 31, 2024 to December 31, 2025 (the “Repurchase Program”). Subsequently, on May 28, 2025, the Company announced that the Board of Directors approved an increase in the amount available for repurchases of the Company’ shares of Class A common stock under the Repurchase Program to $25 million. In the fourth quarter of 2025 the Company repurchased an aggregate of 737,334 shares of Class A common stock at a weighted average price of $17.63 per share under the Repurchase Program. The aggregate purchase price for these transactions was approximately $13.0 million which includes transaction costs. For all other periods, see September 30, 2025 Form 10-Q, June 30, 2025 Form 10-Q, March 31, 2025 Form 10-Q and December 31, 2024 Form 10-K.
(5)
During the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, the Company’s Board of Directors declared cash dividends of $0.09 per share of the Company’s common stock and paid an aggregate amount of $3.7 million in the fourth quarter of 2025 and $3.8 million per quarter in all other periods shown in connection with these dividends. The dividend declared in the fourth quarter of 2025 was paid on November 28, 2025 to shareholders of record at the close of business on November 14, 2025. See December 31, 2024 Form 10-K for more information on dividend payments during the previous quarters.
(6)
In all periods shown, includes reserves on loans and contingent loans. In the fourth, third, second and first quarter of 2025, and the fourth quarter of 2024, includes $2.8 million, $15.3 million, $3.6 million, $17.2 million, and $9.7 million of provision for credit losses on loans. The provision for (reversal of) unfunded commitments (contingencies) in the fourth, third, second and first quarters of 2025 and the fourth quarter of 2024, were $0.7 million, ($0.7 million), $2.5 million, $1.3 million, and $0.2 million, respectively.
(7)
This presentation contains adjusted financial information determined by methods other than GAAP. This adjusted financial information is reconciled to GAAP in Exhibit 2 - Non-GAAP Financial Measures Reconciliation.
(8)
See 2024 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation.
(9)
Operating data for the periods presented have been annualized.
(10)
See the Company’s September 30, 2025 Form 10-Q, June 30, 2025 Form 10-Q and March 31, 2025 Form 10-Q as well as 2024 Form 10-K, for more details on charge-offs for all previous periods.
(11)
As of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, includes 3, 5, 35, 77 and 80 FTEs for Amerant Mortgage, respectively.
Exhibit 2- Non-GAAP Financial Measures Reconciliation
The following table sets forth selected financial information derived from the Company’s interim unaudited and annual audited consolidated financial statements, adjusted for certain costs incurred by the Company in the periods presented related to tax deductible restructuring costs, provision for (reversal of) credit losses, provision for income tax expense (benefit), the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, the valuation of securities, derivatives, loans held for sale and other real estate owned and repossessed assets, the early repayment of FHLB advances, impairment of investments, enhancement of the bank owned life insurance and other non-core actions intended to improve customer service and operating performance. The Company believes these adjusted numbers are useful to understand the Company’s performance absent these transactions and events.
Three Months Ended,
Years Ended December 31,
(in thousands)
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
2025
2024
Net income (loss) attributable to Amerant Bancorp Inc.
$
2,701
$
14,756
$
23,002
$
11,958
$
16,881
$
52,417
$
(15,752
)
Plus: provision for credit losses (1)
3,490
14,600
6,060
18,446
9,910
42,596
60,460
Plus: provision for income tax (benefit) expense
(794
)
4,252
6,795
3,471
1,142
13,724
(8,332
)
Pre-provision net revenue (PPNR)
5,397
33,608
35,857
33,875
27,933
108,737
36,376
Plus: non-core noninterest expense items (2)
29,199
1,977
1,192
534
15,148
32,902
26,382
(Less) plus: non-core noninterest income items
(5,289
)
180
73
(2,863
)
(5,864
)
(7,899
)
62,798
Core pre-provision net revenue (Core PPNR)
$
29,307
$
35,765
$
37,122
$
31,546
$
37,217
$
133,740
$
125,556
Total noninterest income
$
22,019
$
17,291
$
19,778
$
19,525
$
23,684
$
78,613
$
9,909
Less: Non-core noninterest income items:
Derivative losses, net (3)
(120
)
(1,383
)
(1,852
)
—
—
(3,355
)
(196
)
Securities gains (losses), net (4)
2,054
1,203
1,779
64
(8,200
)
5,100
(76,855
)
Gain on sale of loans (5)
—
—
—
2,799
—
2,799
—
Gain on sale of Houston Franchise (6)
—
—
—
—
12,636
—
12,636
Gains on early extinguishment of FHLB advances, net
12
—
—
—
1,428
12
1,617
Gain on the sale and lease back of branches (7)
3,343
—
—
—
—
3,343
—
Total non-core noninterest income items
$
5,289
$
(180
)
$
(73
)
$
2,863
$
5,864
$
7,899
$
(62,798
)
Core noninterest income
$
16,730
$
17,471
$
19,851
$
16,662
$
17,820
$
70,714
$
72,707
Total noninterest expenses
$
106,772
$
77,835
$
74,400
$
71,554
$
83,386
$
330,561
$
299,490
Less: non-core noninterest expense items
Restructuring costs (8)
Contract termination costs (9)
7,483
—
—
—
—
7,483
—
Total restructuring costs
$
7,483
$
—
$
—
$
—
$
—
$
7,483
$
—
Non-core noninterest expense items:
Losses on loans held for sale carried at the lower of cost or fair value (6)(10)
14,850
881
—
—
12,642
15,731
13,900
Net losses on sale and valuation expense on other real estate owned (11)
64
516
822
534
—
1,936
5,672
Goodwill and intangible assets impairment (6)(12)
500
—
—
—
—
500
300
Fixed assets impairment (6)(13)
—
—
—
—
—
—
3,443
Legal, broker fees, and other costs (6)
—
—
—
—
2,506
—
3,067
Impairment charge on investment carried at cost
2,500
—
—
—
—
2,500
—
Amerant Mortgage downsize costs (14)
—
580
370
—
—
950
—
Staff separation costs (15)
3,802
—
—
—
—
3,802
—
Total non-core noninterest expense items
$
29,199
$
1,977
$
1,192
$
534
$
15,148
$
32,902
$
26,382
Core noninterest expenses
$
77,573
$
75,858
$
73,208
$
71,020
$
68,238
$
297,659
$
273,108
(in thousands, except percentages and per share data)
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
2025
2024
Net income (loss) attributable to Amerant Bancorp Inc.
$
2,701
$
14,756
$
23,002
$
11,958
$
16,881
$
52,417
$
(15,752
)
Plus after-tax non-core items in noninterest expense:
Non-core items in noninterest expense before income tax effect
29,199
1,977
1,192
534
15,148
32,902
26,382
Income tax effect (16)
(5,990
)
(445
)
(272
)
(120
)
(3,409
)
(6,827
)
(5,937
)
Total after-tax non-core items in noninterest expense
23,209
1,532
920
414
11,739
26,075
20,445
(Less) plus: before-tax non-core items in noninterest income:
Non-core items in noninterest income before income tax effect
(5,289
)
180
73
(2,863
)
(5,864
)
(7,899
)
62,798
Income tax effect (16)
1,049
(43
)
(11
)
644
(1,596
)
1,639
(17,045
)
Total after-tax non-core items in noninterest income
(4,240
)
137
62
(2,219
)
(7,460
)
(6,260
)
45,753
Core net income
$
21,670
$
16,425
$
23,984
$
10,153
$
21,160
$
72,232
$
50,446
Basic earnings (loss) per share
$
0.07
$
0.35
$
0.55
$
0.28
$
0.40
$
1.26
$
(0.44
)
Plus: after tax impact of non-core items in noninterest expense
0.57
0.04
0.02
0.01
0.28
0.63
0.57
(Less) plus: after tax impact of non-core items in noninterest income
(0.11
)
—
—
(0.05
)
(0.18
)
(0.15
)
1.28
Total core basic earnings per common share
$
0.53
$
0.39
$
0.57
$
0.24
$
0.50
$
1.74
$
1.41
Diluted earnings (loss) per share (17)
$
0.07
$
0.35
$
0.55
$
0.28
$
0.40
$
1.26
$
(0.44
)
Plus: after tax impact of non-core items in noninterest expense
0.56
0.04
0.02
0.01
0.28
0.62
0.57
(Less) plus: after tax impact of non-core items in noninterest income
(0.10
)
—
—
(0.05
)
(0.18
)
(0.15
)
1.28
Total core diluted earnings per common share
$
0.53
$
0.39
$
0.57
$
0.24
$
0.50
$
1.73
$
1.41
Net income (loss) / Average total assets (ROA)
0.10
%
0.57
%
0.90
%
0.48
%
0.67
%
0.51
%
(0.16
)%
Plus: after tax impact of non-core items in noninterest expense
0.90
%
0.06
%
0.04
%
0.02
%
0.46
%
0.26
%
0.21
%
(Less) plus: after tax impact of non-core items in noninterest income
(0.16
)%
0.01
%
—
%
(0.09
)%
(0.30
)%
(0.06
)%
0.46
%
Core net income / Average total assets (Core ROA)
0.84
%
0.64
%
0.94
%
0.41
%
0.83
%
0.71
%
0.51
%
Net income (loss) / Average stockholders' equity (ROE)
1.12
%
6.21
%
10.06
%
5.32
%
7.38
%
5.62
%
(1.99
)%
Plus: after tax impact of non-core items in noninterest expense
9.62
%
0.64
%
0.40
%
0.19
%
5.13
%
2.80
%
2.58
%
(Less) plus: after tax impact of non-core items in noninterest income
(1.76
)%
0.06
%
0.03
%
(0.99
)%
(3.26
)%
(0.67
)%
5.78
%
Core net income / Average stockholders' equity (Core ROE)
8.98
%
6.91
%
10.49
%
4.52
%
9.25
%
7.75
%
6.37
%
Efficiency ratio
95.19
%
69.84
%
67.48
%
67.87
%
74.91
%
75.25
%
89.17
%
(Less): impact of non-core items in noninterest expense and
noninterest income
(22.61
)%
(1.88
)%
(1.13
)%
1.37
%
(10.20
)%
(6.25
)%
(20.66
)%
Core efficiency ratio
72.58
%
67.96
%
66.35
%
69.24
%
64.71
%
69.00
%
68.51
%
(in thousands, except percentages, share data and per share data)
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
2025
2024
Stockholders' equity
$
938,802
$
944,940
$
924,286
$
906,263
$
890,467
$
938,802
$
890,467
Less: goodwill and other intangibles (18)
(23,103
)
(23,784
)
(24,016
)
(24,135
)
(24,314
)
(23,103
)
(24,314
)
Tangible common stockholders' equity
$
915,699
$
921,156
$
900,270
$
882,128
$
866,153
$
915,699
$
866,153
Total assets
9,777,018
10,410,199
10,334,678
10,169,688
9,901,734
9,777,018
9,901,734
Less: goodwill and other intangibles (18)
(23,103
)
(23,784
)
(24,016
)
(24,135
)
(24,314
)
(23,103
)
(24,314
)
Tangible assets
$
9,753,915
$
10,386,415
$
10,310,662
$
10,145,553
$
9,877,420
$
9,753,915
$
9,877,420
Common shares outstanding
40,595,273
41,265,378
41,748,434
41,952,590
42,127,316
40,595,273
42,127,316
Tangible common equity ratio
9.39
%
8.87
%
8.73
%
8.69
%
8.77
%
9.39
%
8.77
%
Stockholders' book value per common share
$
23.13
$
22.90
$
22.14
$
21.60
$
21.14
$
23.13
$
21.14
Tangible stockholders' book value per common share
$
22.56
$
22.32
$
21.56
$
21.03
$
20.56
$
22.56
$
20.56
____________
(1)
Includes provision for credit losses on loans and provision for loan contingencies. See Footnote 6 in Exhibit 1 - Selected Financial Information for more details.
(2)
Beginning in the fourth quarter of 2025, we updated the terminology used to describe non‑GAAP adjustments, referring to them as “non‑core’” rather than “non‑routine.” This change reflects a labeling update only; the methodology used for these adjustments remains unchanged from prior periods.
(3)
In the three months ended December 31, 2025 September 30, 2025 and June 30, 2025 and the year ended December 31, 2025, includes net unrealized losses in connection with to-be announced (TBA) mortgage back-securities (MBS) derivative contracts. We enter into these contracts to economically offset changes in market valuation on the trading securities portfolio. Additionally, in the three months ended December 31, 2025, the Company terminated the TBA MBS trading derivative contracts.
(4)
In the three months and year ended December 31, 2025, the results include a realized gain on the sale of debt securities available for sale of $2.2 million. Additionally, the three months ended December 31, 2025, include losses from the market valuation of trading securities, partially offset by realized gains resulting from the sale of the entire trading securities portfolio in the fourth quarter of 2025. In the three months ended September 30, 2025 and June 30, 2025, amounts are primarily in connection with gains on market valuation of the trading securities portfolio. In the three months ended December 31, 2024, includes a total net loss of $8.1 million, as a result of the investment portfolio repositioning initiated during the third quarter of 2024. In the year ended December 31, 2024, includes $76.7 million as a result of the investment portfolio repositioning.
(5)
In the year ended December 31, 2025 and the three months ended March 31, 2025, includes gain on sale of $3.2 million, related to the sale of a loan that had been charged off in prior periods.
(6)
In the three months and year ended December 31, 2024, amounts shown are in connection with the Houston Transaction. See Form 8-K filed on April 17, 2024 for more details on the Houston Transaction.
(7)
In the three months ended December 31, 2025, gains resulting from the sale and lease back of two banking centers located in South Florida.
(8)
In the three months and year ended December 31, 2025, restructuring costs primarily relate to cost reduction initiatives intended to improve the Company’s cost structure and efforts to de-risk the loan portfolio. These initiatives include terminating certain advertising contracts and a third-party loan origination agreement under a white-label program.
(9)
In the three months and year ended December 31, 2025, primarily includes costs related to the termination of advertising contracts and a third-party loan origination agreement under a white-label program.
(10)
In the three months and year ended December 31, 2025, amounts include a loss of $13.8 million related to the valuation of loans held for sale carried at the lower of cost or fair value, which had an outstanding principal balance of $93.7 million as of December 31, 2025. In addition, in the three months and year ended December 31, 2025, amounts include a $1.1 million loss on the sale of loans associated with our white‑label equipment finance solution. In the three months ended September 30, 2025, includes loss on sale of $0.9 million related to the sale of one Substandard owner occupied loan with an outstanding balance of $30.4 million at the time of sale. In the three months ended December 31, 2024, includes loss on sale of $12.6 million, including transaction costs, related to the sale of a portfolio of 323 business-purpose, investment property, residential mortgage loans with a balance of approximately $71.4 million.
(11)
The three months ended December 31, 2025, September 30, 2025 and March 31, 2025 include OREO valuation expenses of $0.1 million, $0.5 million and $0.5 million, respectively. In the three months ended June 30, 2025, includes a net loss on the sale of two OREO properties of $0.8 million.
(12)
In the three months and year ended December 31, 2025, amounts shown are in connection with an intangible asset impairment related to Amerant Mortgage.
(13)
Related to Houston branches and included as part of occupancy and equipment expenses. See Exhibit 5 for additional information.
(14)
In the three months ended September 30, 2025 and June 30, 2025, includes salaries and employee benefit expenses in connection with the Amerant Mortgage downsizing. See First Quarter Earnings Presentation filed on April 24, 2025 for more information.
(15)
In 2025, includes severance, accelerated stock-based compensation and related reversals, and other expenses associated with the leadership transition completed in early November 2025. These costs also include severance related to the departure of other senior positions in 2025. Additional details regarding the CEO transition are available in the current reports on Form 8-K filed on November 6, and December 1, 2025.
(16)
In the three months ended March 31, 2025 and year ended December 31, 2025, amounts were calculated based upon the effective tax rate for those periods of 22.50% and 20.75%, respectively. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect. In the year ended December 31, 2024, income tax effect amounts on non-core items of noninterest income and expense were calculated using estimated tax rates of 27.14% and 22.50%, respectively.
(17)
See 2024 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation.
(18)
Other intangible assets primarily consist of naming rights and mortgage servicing rights (“MSRs”). Goodwill and other intangible assets are included in other assets in the Company’s consolidated balance sheets.
Exhibit 3 - Average Balance Sheet, Interest and Yield/Rate Analysis
The following tables present average balance sheet information, interest income, interest expense and the corresponding average yields earned and rates paid for the periods presented. The average balances for loans include both performing and nonperforming balances. Interest income on loans includes the effects of discount accretion and the amortization of non-refundable loan origination fees, net of direct loan origination costs, as well as premiums paid on purchased loans, accounted for as yield adjustments. Average balances represent the daily average balances for the periods presented.
Three Months Ended
December 31, 2025
September 30, 2025
December 31, 2024
(in thousands, except percentages)
Average
Balances
Income/
Expense
Yield/
Rates
Average
Balances
Income/
Expense
Yield/
Rates
Average
Balances
Income/
Expense
Yield/
Rates
Interest-earning assets:
Loan portfolio, net (1)(2)
$
6,770,724
$
114,824
6.73
%
$
6,946,370
$
121,414
6.93
%
$
7,322,613
$
128,910
7.00
%
Debt securities available for sale (3)(4)
2,039,573
24,916
4.85
%
1,973,763
24,146
4.85
%
1,346,108
16,069
4.75
%
Debt securities held for trading
61,478
1,134
7.32
%
119,429
1,665
5.53
%
—
—
—
%
Equity securities with readily determinable fair value not held for trading
2,550
29
4.51
%
2,528
20
3.14
%
2,509
19
3.01
%
Federal Reserve Bank and FHLB stock
59,605
965
6.42
%
57,681
906
6.23
%
58,861
1,035
7.00
%
Deposits with banks
531,010
5,244
3.92
%
413,522
4,516
4.33
%
560,323
6,811
4.84
%
Other short-term investments
7,119
70
3.90
%
7,122
76
4.23
%
6,380
74
4.61
%
Total interest-earning assets
9,472,059
147,182
6.16
%
9,520,415
152,743
6.37
%
9,296,794
152,918
6.54
%
Total non-interest-earning assets (6)
763,723
723,510
798,113
Total assets
$
10,235,782
$
10,243,925
$
10,094,907
Three Months Ended
December 31, 2025
September 30, 2025
December 31, 2024
(in thousands, except percentages)
Average
Balances
Income/
Expense
Yield/
Rates
Average
Balances
Income/
Expense
Yield/
Rates
Average
Balances
Income/
Expense
Yield/
Rates
Interest-bearing liabilities:
Checking and saving accounts -
Interest bearing demand, savings and money market deposits (7)
4,452,931
28,387
2.53
%
4,395,707
28,900
2.61
%
4,097,986
28,579
2.77
%
Time deposits
2,050,101
19,798
3.83
%
2,084,940
20,950
3.99
%
2,336,324
26,427
4.50
%
Total deposits
6,503,032
48,185
2.94
%
6,480,647
49,850
3.05
%
6,434,310
55,006
3.40
%
Securities sold under agreements to repurchase
102
1
3.89
%
—
—
—
%
115
1
3.46
%
Advances from the FHLB (8)
765,225
7,518
3.90
%
726,520
7,316
4.00
%
782,242
7,946
4.04
%
Senior notes
—
—
—
%
—
—
—
%
59,804
941
6.26
%
Subordinated notes
29,774
361
4.81
%
29,731
362
4.83
%
29,604
361
4.85
%
Junior subordinated debentures
64,178
967
5.98
%
64,178
1,063
6.57
%
64,178
1,030
6.38
%
Total interest-bearing liabilities
7,362,311
57,032
3.07
%
7,301,076
58,591
3.18
%
7,370,253
65,285
3.52
%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits
1,649,262
1,726,507
1,469,726
Accounts payable, accrued liabilities and other liabilities
266,810
273,921
344,770
Total non-interest-bearing liabilities
1,916,072
2,000,428
1,814,496
Total liabilities
9,278,383
9,301,504
9,184,749
Stockholders’ equity
957,399
942,421
910,158
Total liabilities and stockholders' equity
$
10,235,782
$
10,243,925
$
10,094,907
Excess of average interest-earning assets over average interest-bearing liabilities
$
2,109,748
$
2,219,339
$
1,926,541
Net interest income
$
90,150
$
94,152
$
87,633
Net interest rate spread
3.09
%
3.19
%
3.02
%
Net interest margin (8)
3.78
%
3.92
%
3.75
%
Cost of total deposits (8)
2.34
%
2.41
%
2.77
%
Ratio of average interest-earning assets to average interest-bearing liabilities
128.66
%
130.40
%
126.14
%
Average non-performing loans/ Average total loans
1.90
%
1.30
%
1.36
%
Year Ended December 31,
2025
2024
(audited)
(in thousands, except percentages)
Average
Balances
Income/
Expense
Yield/
Rates
Average
Balances
Income/
Expense
Yield/
Rates
Interest-earning assets:
Loan portfolio, net (1)(2)
$
7,001,076
$
479,425
6.85
%
$
7,157,991
$
505,484
7.06
%
Debt securities available for sale (3)(4)
1,815,976
88,957
4.90
%
1,291,974
57,631
4.46
%
Debt securities held to maturity (5)
—
—
—
%
162,657
5,597
3.44
%
Debt securities held for trading
60,429
3,142
5.20
%
—
—
—
%
Equity securities with readily determinable fair value not held for trading
2,521
89
3.53
%
2,495
106
4.25
%
Federal Reserve Bank and FHLB stock
57,925
3,724
6.43
%
56,234
3,957
7.04
%
Deposits with banks
509,456
21,804
4.28
%
423,185
22,492
5.31
%
Other short-term investments
6,933
287
4.14
%
6,348
322
5.07
%
Total interest-earning assets
9,454,316
597,428
6.32
%
9,100,884
595,589
6.54
%
Total non-interest-earning assets (6)
740,972
790,919
Total assets
$
10,195,288
$
9,891,803
Interest-bearing liabilities:
Checking and saving accounts
Interest bearing demand, savings and money market deposits (7)
4,371,668
114,013
2.61
%
4,099,123
125,129
3.05
%
Time deposits
2,127,602
86,891
4.08
%
2,302,798
105,780
4.59
%
Total deposits
6,499,270
200,904
3.09
%
6,401,921
230,909
3.61
%
Securities sold under agreements to repurchase
52
2
3.85
%
60
3
5.00
%
Advances from the FHLB (8)
733,264
29,264
3.99
%
757,502
29,303
3.87
%
Senior notes
14,766
1,020
6.91
%
59,686
3,767
6.31
%
Subordinated notes
29,710
1,445
4.86
%
29,540
1,444
4.89
%
Junior subordinated debentures
64,178
4,108
6.40
%
64,178
4,206
6.55
%
Total interest-bearing liabilities
7,341,240
236,743
3.22
%
7,312,887
269,632
3.69
%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits
1,639,953
1,461,940
Accounts payable, accrued liabilities and other liabilities
281,927
324,932
Total non-interest-bearing liabilities
1,921,880
1,786,872
Total liabilities
9,263,120
9,099,759
Stockholders’ equity
932,168
792,044
Total liabilities and stockholders' equity
$
10,195,288
$
9,891,803
Excess of average interest-earning assets over average interest-bearing liabilities
$
2,113,076
$
1,787,997
Net interest income
$
360,685
$
325,957
Net interest rate spread
3.10
%
2.85
%
Net interest margin (8)
3.82
%
3.58
%
Cost of total deposits (8)
2.47
%
2.94
%
Ratio of average interest-earning assets to average interest-bearing liabilities
128.78
%
124.45
%
Average non-performing loans/ Average total loans
1.49
%
1.03
%
(1)
Includes loans held for investment, net of the allowance for credit losses, and loans held for sale. The average balance of the allowance for credit losses was $99.8 million, $88.1 million and $80.5 million in the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively, and $91.6 million and $90.0 million in the years ended December 31, 2025 and 2024, respectively. The average balance of total loans held for sale was $4.0 million, $8.9 million and $357.2 million in the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively, and $28.0 million and $353.9 million in the years ended December 31, 2025 and 2024, respectively.
(2)
Includes average non-performing loans of $130.3 million, $91.2 million and $101.0 million for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively, and $105.7 million and $74.9 million for the years ended December 31, 2025 and 2024, respectively.
(3)
Includes the average balance of net unrealized gains and losses in the fair value of debt securities available for sale. The average balance includes average net unrealized losses of $5.6 million, $32.7 million and $31.7 million in the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively, and $32.1 million and $84.5 million in the years ended December 31, 2025 and 2024, respectively.
(4)
Includes nontaxable securities with average balances of $54.0 million, $54.2 million and $60.4 million for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively, and $54.4 million and $29.4 million in the years ended December 31, 2025 and 2024, respectively. The tax equivalent yield for these nontaxable securities was 4.48%, 4.60% and 4.39% for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively, and 4.64% and 4.45% for the years ended December 31, 2025 and 2024, respectively. In 2025 and 2024, the tax equivalent yields were calculated by assuming a 21% tax rate and dividing the actual yield by 0.79.
(5)
We had no average held to maturity balances in the year ended December 31, 2025. We had average balances of $35.2 million in the year ended December 31, 2024. The tax equivalent yield for these nontaxable securities was 4.29% in the year ended December 31, 2024. In 2024, the tax equivalent yields were calculated assuming a 21% tax rate and dividing the actual yield by 0.79.
(6)
Excludes the allowance for credit losses.
(7)
To emphasize material items, certain line items that were presented separately in prior years have been aggregated into a single line item in this table. This includes interest-bearing demand, savings, and money market deposits. Prior periods have been conformed to this presentation for comparability.
(8)
See Glossary of Terms and Definitions for definitions of financial terms.
Exhibit 4 - Noninterest Income
This table shows the amounts of each of the categories of noninterest income for the periods presented.
Three Months Ended
Year Ended December 31,
December 31, 2025
September 30, 2025
December 31, 2024
2025
2024
(audited)
(in thousands, except percentages)
Amount
%
Amount
%
Amount
%
Amount
%
Amount
%
Deposits and service fees
$
4,938
22.4
%
$
5,056
29.2
%
$
5,501
23.2
%
$
20,099
25.6
%
$
20,156
203.4
%
Brokerage, advisory and fiduciary activities
5,304
24.1
%
4,995
28.9
%
4,653
19.7
%
20,021
25.5
%
17,984
181.5
%
Change in cash surrender value of bank owned life insurance (“BOLI”) (1)
2,602
11.9
%
2,554
14.8
%
2,364
10.0
%
10,096
12.8
%
9,280
93.7
%
Cards and trade finance servicing fees
1,505
6.8
%
1,321
7.6
%
1,533
6.5
%
6,022
7.7
%
5,514
55.6
%
Gain (loss) on early extinguishment of FHLB advances, net
12
0.1
%
—
—
%
1,428
6.0
%
12
—
%
1,617
16.3
%
Securities (losses) gains, net (2)
2,054
9.3
%
1,203
7.0
%
(8,200
)
(34.6
)%
5,100
6.5
%
(76,855
)
(775.6
)%
Loan-level derivative income (3)
1,398
6.4
%
2,372
13.7
%
706
3.0
%
8,482
10.8
%
7,044
71.1
%
Derivative losses, net (4)
(120
)
(0.5
)%
(1,383
)
(8.0
)%
—
—
%
(3,355
)
(4.3
)%
(196
)
(2.0
)%
Gain on sale of Houston Franchise
—
—
%
—
—
%
12,636
53.4
%
—
—
%
12,636
127.5
%
Other noninterest income (5)
4,326
19.6
%
1,173
6.8
%
3,063
12.8
%
12,136
15.4
%
12,729
128.5
%
Total noninterest income
$
22,019
100.0
%
$
17,291
100.0
%
$
23,684
100.0
%
$
78,613
100.0
%
$
9,909
100.0
%
(1)
Changes in cash surrender value of BOLI are not taxable.
(2)
In the three months and year ended December 31, 2025, the results include a realized gain on the sale of debt securities available for sale of $2.2 million. Additionally, the three months ended December 31, 2025, include losses from the market valuation of trading securities, partially offset by realized gains resulting from the sale of the entire trading securities portfolio in the fourth quarter of 2025. In the three months ended September 30, 2025, amounts are primarily in connection with gains on market valuation of the trading securities portfolio. In the three months ended December 31, 2024, includes a total net loss of $8.1 million, as a result of the investment portfolio repositioning initiated during the third quarter of 2024. In the year ended December 31, 2024, includes $76.7 million as a result of the investment portfolio repositioning.
(3)
Income from interest rate swaps and other derivative transactions with customers. The Company incurs expenses related to derivative transactions with customers which are included as part of noninterest expenses under loan-level derivative expense. See Exhibit 5 for more details.
(4)
In the three months ended December 31, 2025 September 30, 2025 and June 30, 2025 and the year ended December 31, 2025, includes net unrealized losses in connection with TBA MBS derivative contracts. We enter into these contracts to economically offset changes in market valuation on the trading securities portfolio. Additionally, in the three months ended December 31, 2025, the Company terminated the TBA MBS trading derivative contracts. In all other prior periods, includes net unrealized losses and gains related to uncovered interest rate caps with clients.
(5)
Includes mortgage banking loss of $0.1 million and $0.4 million in the three months ended December 31, 2025 and September 30, 2025, respectively, and mortgage banking income of $1.1 million, $0.7 million and $6.9 million in the three months ended December 31, 2024, and in the years ended December 31, 2025 and 2024, respectively. These amounts primarily consist of net gains on sale, valuation and derivative transactions associated with mortgage loans held for sale activity, and other smaller sources of income related to the operations of Amerant Mortgage. Also, in the three months and year ended December 31, 2025, includes a non-core gain of $3.3 million on the sale and leaseback of two banking centers located in South Florida. In addition, includes $0.5 million BOLI death benefits received in the year ended December 31, 2024. Other sources of income in the periods shown include foreign currency exchange transactions with customers and valuation income on the investment balances held in the non-qualified deferred compensation plan.
Exhibit 5 - Noninterest Expense
This table shows the amounts of each of the categories of noninterest expense for the periods presented.
Three Months Ended
Year Ended December 31,
December 31, 2025
September 30, 2025
December 31, 2024
2025
2024
(audited)
(in thousands, except percentages)
Amount
%
Amount
%
Amount
%
Amount
%
Amount
%
Salaries and employee benefits (1)
$
38,757
36.3
%
$
35,094
45.1
%
$
35,284
42.3
%
$
143,234
43.3
%
$
137,082
45.8
%
Occupancy and equipment (2)
5,809
5.4
%
5,211
6.7
%
5,719
6.9
%
22,647
6.9
%
27,127
9.1
%
Professional and other services fees (3)
16,875
15.8
%
15,997
20.6
%
14,308
17.2
%
61,103
18.5
%
51,088
17.1
%
Loan-level derivative expense (4)
919
0.9
%
1,834
2.4
%
34
—
%
4,226
1.3
%
2,420
0.8
%
Telecommunications and data processing
3,569
3.3
%
3,155
4.1
%
2,967
3.6
%
13,128
4.0
%
12,223
4.1
%
Depreciation and amortization
2,060
1.9
%
1,487
1.9
%
1,734
2.1
%
6,686
2.0
%
6,600
2.2
%
FDIC assessments and insurance
2,746
2.6
%
2,549
3.3
%
2,932
3.5
%
11,427
3.5
%
11,575
3.9
%
Losses on loans held for sale carried at the lower of cost or fair value (5)
14,850
13.9
%
881
1.1
%
12,642
15.2
%
15,731
4.8
%
13,900
4.6
%
Advertising expenses
3,542
3.3
%
3,987
5.1
%
3,703
4.4
%
15,983
4.8
%
14,492
4.8
%
Other real estate owned and repossessed assets (income) expense, net (6)
(129
)
(0.1
)%
215
0.3
%
(196
)
(0.2
)%
851
0.3
%
4,837
1.6
%
Contract termination costs (7)
7,483
7.0
%
—
—
%
—
—
%
7,483
2.3
%
—
—
%
Other operating expenses (8)(9)
10,291
9.7
%
7,425
9.4
%
4,259
5.0
%
28,062
8.3
%
18,146
6.0
%
Total noninterest expense (10)
$
106,772
100.0
%
$
77,835
100.0
%
$
83,386
100.0
%
$
330,561
100.0
%
$
299,490
100.0
%
(1)
In the three months and year ended December 31, 2025, includes non-core staff separation costs of $3.7 million. Additionally, in the three months ended September 30, 2025 and the year ended December 31, 2025, includes expenses in connection with the Amerant Mortgage downsizing of $0.6 million and $1.0 million. Also, includes $1.4 million in expenses related to the Houston Transaction in the three months and year ended December 31, 2024. See Exhibit 2- Non-GAAP Financial Measures Reconciliation for more details.
(2)
In the year ended December 31, 2024, includes fixed assets impairment charge of $3.4 million in connection with the Houston Transaction.
(3)
In the three months and year ended December 31, 2025, includes non-core staff separation costs of $0.1 million. Includes $0.1 million and $0.4 million, in legal expenses in connection with the Houston Transaction in the three months ended December 31, 2024 and year ended December 31, 2024, respectively. Additionally, includes recurring service fees in connection with the engagement of FIS in all periods shown. See Exhibit 2- Non-GAAP Financial Measures Reconciliation for more details.
(4)
Includes services fees in connection with our loan-level derivative income generation activities.
(5)
In the three months and year ended December 31, 2025, amounts include a loss of $13.8 million related to the valuation of loans held for sale carried at the lower of cost or fair value, which had an outstanding principal balance of $93.7 million as of December 31, 2025. In addition, in the three months and year ended December 31, 2025, amounts include a $1.1 million loss on the sale of loans associated with our white‑label equipment finance solution. In the three month period ended September 30, 2025, amounts are in connection with the sale of one loan. In the three months and year ended December 31, 2024, consists of losses on loans held for sale carried at the lower of fair value or cost, including valuation allowance as a result of changes in their fair value and losses on the sale of these loans.
(6)
Includes OREO valuation expense of $0.1 million in the three months ended December 31, 2025, $0.5 million in the three months ended September 30, 2025, and $1.2 million and $5.7 million in the years ended December 31, 2025 and 2024, respectively. In addition, includes net loss on the sale of two OREO properties of $0.8 million in the year ended December 31, 2025. See Exhibit 2- Non-GAAP Financial Measures Reconciliation for more details.
(7)
In the three months and year ended December 31, 2025, includes contract termination costs associated with certain advertising contracts and a third-party loan origination agreement under a white-label program. See Exhibit 2- Non-GAAP Financial Measures Reconciliation for more details.
(8)
In the three months and year ended December 31, 2025, includes $3.0 million of non-core expenses for an impairment charge of $2.5 million related to an investment carried at cost, and an impairment of an intangible asset of $0.5 million related to Amerant Mortgage. In addition, in the three months and year ended December 31, 2024, includes non-core broker fees of $1.0 million and $1.3 million in connection with the Houston Transaction. See Exhibit 2- Non-GAAP Financial Measures Reconciliation for more details.
(9)
Includes earnings credits which are provided to certain commercial depositors in the mortgage banking industry to help offset deposit service charges incurred. These earnings credits were $3.4 million, $3.5 million, and $10.8 million in the three months ended December 31, 2025 and September 30, 2025 and the year ended December 31, 2025, respectively.
(10)
Includes $0.9 million $2.1 million and $3.7 million, in the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively, and $9.2 million and $14.1 million in the years ended December 31, 2025 and 2024, respectively, related to Amerant Mortgage, primarily consisting of salaries and employee benefits, mortgage lending costs and professional and other service fees.
Exhibit 6 - Consolidated Balance Sheets
(in thousands, except share data)
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
Assets
(audited)
Cash and due from banks and restricted cash (1)
53,478
53,084
56,381
53,629
63,562
Interest earning deposits with banks
409,444
570,612
573,373
587,728
519,853
Other short-term investments
7,233
7,162
7,083
7,010
6,944
Cash and cash equivalents
470,155
630,858
636,837
648,367
590,359
Securities
Debt securities available for sale, at fair value
2,024,883
2,122,416
1,788,708
1,702,111
1,437,170
Trading securities (2)
—
119,935
120,226
—
—
Equity securities with readily determinable fair value not held for trading
2,548
2,542
2,525
2,523
2,477
Federal Reserve Bank and Federal Home Loan Bank stock
57,138
62,808
59,429
57,044
58,278
Securities
2,084,569
2,307,701
1,970,888
1,761,678
1,497,925
Loans held for sale, at lower of cost or fair value (3)
80,912
—
—
40,597
—
Mortgage loans held for sale, at fair value
2,932
—
6,073
20,728
42,911
Loans held for investment, gross
6,613,391
6,941,792
7,183,123
7,157,837
7,228,411
Less: Allowance for credit losses
79,276
94,918
86,519
98,266
84,963
Loans held for investment, net
6,534,115
6,846,874
7,096,604
7,059,571
7,143,448
Bank owned life insurance
260,644
258,042
255,487
252,997
243,547
Deferred tax assets, net
35,566
46,881
50,966
53,448
53,543
Operating lease right-of-use assets
110,588
102,872
102,558
104,578
100,028
Accrued interest receivable and other assets (1)(4)
197,537
216,971
215,265
227,724
229,973
Total assets
$
9,777,018
$
10,410,199
$
10,334,678
$
10,169,688
$
9,901,734
Liabilities and Stockholders' Equity
Deposits
Noninterest bearing demand
$
1,573,301
$
1,768,764
$
1,706,580
$
1,665,468
$
1,504,755
Interest bearing demand, savings and money market deposits (1)
4,217,594
4,434,274
4,437,045
4,327,587
4,115,395
Time
1,996,039
2,097,931
2,162,919
2,161,923
2,234,445
Total deposits
7,786,934
8,300,969
8,306,544
8,154,978
7,854,595
Advances from the Federal Home Loan Bank
711,984
831,699
765,000
715,000
745,000
Senior notes (5)
—
—
—
59,922
59,843
Subordinated notes
29,795
29,752
29,710
29,667
29,624
Junior subordinated debentures held by trust subsidiaries
64,178
64,178
64,178
64,178
64,178
Operating lease liabilities (6)
117,456
109,726
109,226
110,999
106,071
Accounts payable, accrued liabilities and other liabilities (7)
127,869
128,935
135,734
128,681
151,956
Total liabilities
8,838,216
9,465,259
9,410,392
9,263,425
9,011,267
Stockholders’ equity
Class A common stock
4,058
4,125
4,173
4,195
4,214
Additional paid in capital
316,067
327,205
336,021
339,038
343,828
Retained earnings
619,552
620,542
609,540
590,304
582,231
Accumulated other comprehensive loss
(875
)
(6,932
)
(25,448
)
(27,274
)
(39,806
)
Total stockholders' equity
938,802
944,940
924,286
906,263
890,467
Total liabilities and stockholders' equity
$
9,777,018
$
10,410,199
$
10,334,678
$
10,169,688
$
9,901,734
(1)
To emphasize material items, certain line items that were presented separately in prior years have been aggregated into a single line item in this table. As part of these updates, “Accrued interest receivable and other assets” now includes items that were previously presented separately, such as premises and equipment (net) and goodwill. In addition, “Cash and due from banks” and “Restricted cash” have been combined into a single line item. Furthermore, interest-bearing demand, savings, and money market deposits were also condensed into a single line item. Prior periods have been conformed to this presentation for comparability.
(2)
As of December 31, 2025, there were no trading securities as the Company sold the portfolio in the fourth quarter of 2025. As of September 30, 2025 and June 30, 2025 balances were part of the Company’s participation in trading of MBS as part of its investment portfolio strategy.
(3)
As of December 31, 2025, loans held for sale consisted of five loans with a valuation allowance of $13.8 million. As of March 31, 2025, loans held for sale consisted of one loan carried at cost for which no valuation allowance was deemed necessary.
(4)
As of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, includes derivative assets with a total fair value of $36.5 million, $40.8 million, $43.7 million, $42.8 million, and $48.0 million, respectively.
(5)
On March 03, 2025, the Company gave notice of its election to redeem all outstanding Senior Notes and they were redeemed on April 01, 2025. See Note 1 to the Company’s consolidated financial statements in our March 31, 2025 Form 10-Q for more information.
(6)
Consists of total long-term lease liabilities. Total short-term lease liabilities are included in other liabilities.
(7)
As of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, includes derivatives liabilities with a total fair value of $36.1 million, $39.9 million, $44.6 million, $42.4 million and $47.6 million, respectively.
Exhibit 7 - Loans
Loans by Type - Held For Investment
The loan portfolio held for investment consists of the following loan classes:
(in thousands)
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
Real estate loans
(audited)
Commercial real estate
Non-owner occupied
$
1,591,861
$
1,656,180
$
1,770,403
$
1,641,210
$
1,678,473
Multi-family residential
322,447
361,650
371,692
400,371
336,229
Land development and construction loans
534,028
544,727
543,697
499,663
483,210
2,448,336
2,562,557
2,685,792
2,541,244
2,497,912
Single-family residential
1,515,181
1,550,724
1,542,447
1,549,356
1,528,080
Owner occupied
809,336
900,596
983,090
951,311
1,007,074
4,772,853
5,013,877
5,211,329
5,041,911
5,033,066
Commercial loans
1,446,406
1,519,778
1,566,420
1,714,583
1,751,902
Loans to financial institutions and acceptances
148,602
164,974
156,918
153,345
170,435
Consumer loans and overdrafts
245,530
243,163
248,456
247,998
273,008
Total loans
$
6,613,391
$
6,941,792
$
7,183,123
$
7,157,837
$
7,228,411
Loans by Type - Held For Sale
The loan portfolio held for sale consists of the following loan classes:
(in thousands)
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
Loans held for sale at the lower of fair value or cost
(audited)
Real estate loans
Commercial real estate
Non-owner occupied
$
43,406
$
—
$
—
$
—
$
—
Multi-family residential
—
—
—
—
—
Land development and construction loans
22,339
—
—
—
—
$
65,745
$
—
$
—
$
—
$
—
Single-family residential
—
—
—
—
—
Owner occupied
15,167
—
—
40,597
—
80,912
—
—
40,597
—
Commercial loans
—
—
—
—
—
Consumer loans
—
—
—
—
—
Total loans held for sale at the lower of fair value or cost (2)
80,912
—
—
40,597
—
Mortgage loans held for sale at fair value
Land development and construction loans
—
—
2,056
7,475
10,768
Single-family residential
2,932
—
4,017
13,253
32,143
Total Mortgage loans held for sale, at fair value (1)
2,932
—
6,073
20,728
42,911
Total loans held for sale
$
83,844
$
—
$
6,073
$
61,325
$
42,911
__________________
(1)
Mortgage loans held for sale at fair value in periods prior to December 31, 2025 were in connection with Amerant Mortgage’s business.
(2)
In January 2026, we sold 4 loans with an aggregate carrying value of $65.7 million at the time of sale.
Non-Performing Assets
This table shows a summary of our non-performing assets by loan class, which includes non-performing loans, other real estate owned, or OREO, and other repossessed assets at the dates presented. Non-performing loans consist of (i) nonaccrual loans, and (ii) accruing loans 90 days or more contractually past due as to interest or principal.
(in thousands)
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
Non-Accrual Loans
(audited)
Real Estate Loans
Commercial real estate (CRE)
Non-owner occupied
$
4,288
$
4,374
$
1,022
$
—
$
—
Multi-family residential
—
7,018
—
—
—
Land development and construction loans
16,200
19,577
—
—
4,119
20,488
30,969
1,022
—
4,119
Single-family residential
26,082
8,838
7,421
15,048
8,140
Owner occupied
28,733
15,287
21,027
22,249
23,191
75,303
55,094
29,470
37,297
35,450
Commercial loans
83,761
67,081
51,157
84,907
64,572
Consumer loans and overdrafts
9,204
725
666
—
—
Total Non-Accrual Loans (1)
$
168,268
$
122,900
$
81,293
$
122,204
$
100,022
Past Due Accruing Loans
Real Estate Loans
Owner occupied
730
—
—
—
837
Single-family residential
—
—
—
886
1,201
Commercial
2,372
1,392
1,192
122
2,033
Consumer loans and overdrafts
—
—
—
7
8
Total Past Due Accruing Loans (2)
3,102
1,392
1,192
1,015
4,079
Total Non-Performing Loans
171,370
124,292
82,485
123,219
104,101
Other Real Estate Owned
15,542
15,606
15,389
17,541
18,074
Total Non-Performing Assets
$
186,912
$
139,898
$
97,874
$
140,760
$
122,175
__________________
(1)
At December 31, 2025, includes land development and construction loans with a carrying value of $16.2 million as of December 31, 2025, which were classified as loans held for sale carried at the lower of cost or fair value at that date. These loans were sold in January 2026. See “Loans by Type - Held for Sale” for more details.
(2)
Loans past due 90 days or more but still accruing.
Loans by Credit Quality Indicators
This table shows the Company’s loans by credit quality indicators. We have not purchased credit-impaired loans.
December 31, 2025
September 30, 2025
December 31, 2024
(audited)
(in thousands)
Special Mention
Substandard
Doubtful
Total (1)
Special Mention
Substandard
Doubtful
Total (1)
Special Mention
Substandard
Doubtful
Total (1)
Loans held for investment
Real Estate Loans
Commercial Real
Estate (CRE)
Non-owner
occupied
$
56,126
$
34,213
$
—
$
90,339
$
53,284
$
42,406
$
—
$
95,690
$
361
$
21,430
$
—
$
21,791
Multi-family residential
31,704
22,435
—
54,139
—
29,430
—
29,430
—
—
—
—
Land development
and
construction
loans
—
—
—
—
3,959
19,577
—
23,536
—
4,119
—
4,119
87,830
56,648
—
144,478
57,243
91,413
—
148,656
361
25,549
—
25,910
Single-family residential
733
26,010
—
26,743
738
8,717
—
9,455
—
9,438
—
9,438
Owner occupied
12,485
51,965
—
64,450
45,365
35,085
—
80,450
5,047
64,876
—
69,923
101,048
134,623
—
235,671
103,346
135,215
—
238,561
5,408
99,863
—
105,271
Commercial loans
35,408
129,610
459
165,477
120,997
105,905
—
226,902
—
66,605
—
66,605
Consumer loans and
overdrafts
—
9,204
—
9,204
—
725
—
725
—
8
—
8
Total loans held for investment
$
136,456
$
273,437
$
459
$
410,352
$
224,343
$
241,845
$
—
$
466,188
$
5,408
$
166,476
$
—
$
171,884
Loans held for sale at the lower of cost or fair value
Non-owner occupied
—
43,406
—
43,406
—
—
—
—
—
—
—
—
Land development and construction loans
—
22,339
—
22,339
—
—
—
—
—
—
—
—
Owner Occupied
—
15,167
—
15,167
—
—
—
—
—
—
—
—
Total loans held for sale (2)
—
80,912
—
80,912
—
—
—
—
—
—
—
—
Total
$
136,456
$
354,349
$
459
$
491,264
$
224,343
$
241,845
$
—
$
466,188
$
5,408
$
166,476
$
—
$
171,884
__________________
(1)
There were no loans categorized as “loss” as of the dates presented.
(2)
At December 31, 2025, includes 4 loans with an aggregate carrying value of $65.7 million, which were subsequently sold in January 2026. See “Loans by Type - Held for Sale” for more details.
Exhibit 8 - Deposits by Country of Domicile
This table shows the Company’s deposits by country of domicile of the depositor as of the dates presented.
(in thousands)
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
(audited)
Domestic
$
5,168,372
$
5,732,799
$
5,707,272
$
5,592,575
$
5,278,289
Foreign:
Venezuela
1,910,980
1,881,871
1,897,631
1,862,614
1,889,331
Others
707,583
686,299
701,641
699,789
686,975
Total foreign
2,618,562
2,568,170
2,599,272
2,562,403
2,576,306
Total deposits
$
7,786,934
$
8,300,969
$
8,306,544
$
8,154,978
$
7,854,595
Glossary of Terms and Definitions