Amerant Bancorp Inc. · NYSE:AMTB
Amerant Bancorp — Investor Presentation (November 2024)
38 slides from Amerant Bancorp's investor presentation, Nov 12, 2024
Slide 1: Investor Update
Investor Update November 12, 2024 NYSE: AMTB amerantbank.com
Slide 2: Table of Contents
Being the bank of choice in the markets we serve. Table of Contents 1 About Us 2 Company Updates 3 Performance Updates 4 Community Updates Investor Update | 2
Slide 3: Important Notices and Disclosures
Important Notices and Disclosures Updated Information As outlined in the Form 10-Q for the quarterly period ended September 30, 2024 (the “3Q24 Form 10-Q”) which was filed on November 4, 2024, the Company’s interim consolidated financial statements were finalized and certain line items and financial
Slide 4: About Us
AMERANT BANK ARENA
Slide 5: About Us
About Us Financial and non-financial information provided here is as of September 30, 2024 Founded in 1979 History Completed IPO in December 2018 Rebranded as Amerant in June 2019 Team Members 735 FTEs (81 FTEs - Amerant Mortgage) Assets $10.35 billion Deposits $8.11 billion AUM $2.55 billion under
Slide 6: Our Investment Proposition
Our Investment Proposition Established franchise with high scarcity value; presence in attractive, high- growth markets of South Florida, Tampa and Central Florida. Strong and diverse deposit base; organic, deposits-first focus. Well capitalized; solid credit reserve coverage. Completed multiyear tr
Slide 7: Our Mission, Vision, and Precepts
Our Mission, Vision, and Precepts Mission To provide our customers with the products, services and advice they need to achieve financial success, through our diverse, inclusive and motivated team that is personally involved with the communities we serve, all of which result in increased shareholder
Slide 8: Experienced Leadership Team
Experienced Leadership Team Jerry Plush | Chairman and CEO Mr. Plush serves as the Company’s Chairman, President, and CEO since June 8, 2022, having served previously as Vice-Chairman & CEO since March 20, 2021, and as Vice Chairman since February 15, 2021. Mr. Plush is a highly respected financial
Slide 9: Our Team
Our Team Workforce Demographics as of 12/31/23 2% 4% 3% 10% 11% 31% Race/ Age 49% Gender 51% Ethnicity* 58% 81% <31 31-50 51+ Women Men White, Non Hispanic Hispanic Black Asian Other *Numbers do not include team members from Amerant Mortgage. For the third consecutive year, Amerant Bank was certifie
Slide 10: Company Updates
Company Updates
Slide 11: Public Offering
Public Offering Amerant Bancorp Inc. Announces Closing of $165 million Offering of Common Stock On September 27, 2024, Amerant Bancorp Inc. (NYSE: AMTB) (the “Company”) announced the closing of its public offering of 8,684,210 shares of its Class A voting common stock (the “common stock”), at a pric
Slide 12: Houston Franchise Update
Houston Franchise Update Completed Sale to MidFirst Bank on November 8, 2024 Loans and deposit balances as of November 5, 2024 (Other metrics as of September 30, 2024, adjusted by the Houston transaction) $479M $574M Total Loans Divested Total Deposits Divested 83% 6 Loan/Deposit Ratio on Branches D
Slide 13: Mid-Quarter Credit Update
Mid-Quarter Credit Update We have continued to work on prudent resolution of our special mention and non-performing loans, with reductions quarter to date in 4Q’24 primarily from payoffs, paydowns and note sales. Special Mention Loans ($ in millions) $76.4 $61.1 $52.3 3Q24 November 8, 2024 November
Slide 14: Digital Transformation
Digital Transformation Groundwork is set post FIS conversion for Amerant to continue enhancing digital capabilities and achieve core results. Completed successful technology reorganization. Enhanced payment capabilities for commercial and consumer clients. New FIS technology framework gives us the a
Slide 15: The Amerant Brand Evolution
The Amerant Brand Evolution 2024 Imagine Tomorrow Campaign Our Imagine Campaign is aligned with the underlying reasons our customers choose Amerant for their banking needs. Shifting from a functional to an emotive approach, our brand is continuosly evolving. Obtaining a business loan now signifies t
Slide 16: Banking Center & Regional Office Updates
Banking Center & Regional Office Updates Tampa Banking Center I Opened January 2024 Las Olas Banking Center I Opened March 2024 Downtown Miami Banking Center I Opened April 2024 “We are delighted to announce the expansion of our footprint with our first new banking center in the greater Tampa market
Slide 17: Banking Center & Regional Office Updates
Banking Center & Regional Office Updates Palm Beach One banking center targeted for first half of 2025 > Downtown Palm Beach Miami Beach Two banking centers targeted for first half of 2025 Palm Beach > Miami Beach > Miami Beach (Bay Harbor area) Tampa One banking center targeted for first half of 20
Slide 18: Performance Updates
Performance Updates
Slide 19: 3Q 2024 Highlights
3Q 2024 Highlights (as of September 30, 2024) Balance Sheet Total assets were $10.35 billion, up $605.4 million, compared to $9.75 billion in 2Q24 Cash and cash and equivalents were $671.8 million, up $361.5 million, compared to $310.3 million in 2Q24 Total investments remained unchanged at $1.54 bi
Slide 20: 4Q24 Outlook
Other Items of Note On September 27, 2024, the Company completed a public offering of 8,684,210 shares of its Class A voting common stock, at a price to the public of $19.00 per share, which included 784,210 shares issued upon the exercise in full by the underwriters of their option to purchase addi
Slide 21: Key Performance Metrics
Key Performance Metrics (as of September 30, 2024) NIB Deposits / 3Q24 18.3% Other Highlights 3Q24 Total Deposits 2Q24 18.7% Loan to deposit ratio was 93.23% compared to Efficiency 3Q24 228.74% 93.69% in 2Q24 Ratio 2Q24 74.21% Strong organic deposit 3Q24 (1.92)% growth ROA (1) 2Q24 0.21% All capital
Slide 22: Deposit Composition
Deposit Composition (as of September 30, 2024) Deposit Composition ($ in millions, except for percentages) 8,000 $7,895 $7,878 $8,111 $7,547 $7,816 $1,427 $1,397 $1,482 7,000 $1,370 $1,465 $737 $650 $702 6,000 $700 $736 5,000 $1,595 $1,578 $1,611 $1,702 $1,580 4,000 $4,153 $4,236 $4,040 $4,225 3,000
Slide 23: Loan Composition
Loan Composition (as of September 30, 2024) Loan Composition (1) ($ in millions, except for percentages) 4.8% 4.2% 6.1% 5.4% 3.8% 21.6% 21.7% 21.4% 19.5% 20.4% 16.4% 16.2% 15.8% 16.2% 17.0% 20.5% 20.9% 22.7% 23.9% 22.5% 7.09% 7.05% 7.08% 7.08% 6.77% 38.0% 37.2% 34.1% 35.0% 34.7% 3Q23 4Q23 1Q24 2Q24
Slide 24: Credit Quality Update
Credit Quality Update (as of September 30, 2024) Allowance for Credit Losses ($ in millions) $94.4 $14.7 $75.5 $3.2 $0.9 $2.3 $(4.4) $(35.6) 2Q24 Gross Charge-offs Recoveries Requirements for Credit Quality & Loan Growth Release from TX 3Q24 Charge-offs Macroeconomic Portfolio HFS Changes Remarks Gr
Slide 25: Capital
Capital (as of September 30, 2024) Total Capital Ratio 12.72% Regulatory Minimum (1) : 10.00% Common Equity Tier 1 Capital (CET1) Ratio Regulatory Minimum: 6.50% 10.65% 8.51% TCE Ratio (2,3,4) TBV/Share (4) $20.87 Capital Allocation Strategy 2023 Class A Common Stock Repurchase Program up to $20 mil
Slide 26: Liquidity
Liquidity (as of September 30, 2024) Our standard liquidity management practices include: Regular testing of lines of credit; satisfactory results have been obtained as of September 30, 2024 Daily monitoring of Federal Reserve Bank account balances as well as large fund providers Daily analysis of l
Slide 27: Supplemental Information
Supplemental Information
Slide 28: Investment Portfolio and Net Interest Income
Investment Portfolio Balances and Yields (1) Fixed vs. Floating (3) ($ in millions) 2,000 $2.5 $2.6 June 2024 September 2024 $2.4 1,500 $230.3 $219.6 12.9% 14.3% 1,000 5.3 yrs 4.9 yrs 4.31% 4.19% Effective Effective 3.98% 500 Duration Duration 0 $1,033.8 $1,269.4 $1,476.4 87.1% 85.7% 3Q23 2Q24 3Q24
Slide 29: Interest Rate Sensitivity
Interest Rate Sensitivity Impact on NII from Interest Rate Change (1) As of September 30, 2024 480 4.0% 5.8% 7.4% (4.1)% (2.0)% 0% (9.4)% 375 381 387 ($ in Millions) 361 346 353 240 327 0 -200 bps -100 bps -50 bps BASE +50 bps +100 bps +200 bps Net Interest Income Change from base (1) NII and percen
Slide 30: Commercial Real Estate Detail and Credit Quality
Commercial Real Estate (CRE) Held for Investment-Detail Outstanding as of September 30, 2024 ($ in millions, except %) % Total % Total Income Land and CRE Type FL TX NY Other Total CRE Loans (1) Producing (2) Construction Retail $635 $23 $84 - $742 30.2% 10.7% $739 4 Multifamily 297 76 84 - 457 18.6
Slide 31: EPS Trend
EPS Trend As of September 30, 2024 Change in Diluted Earnings (Loss) Per Common Share $1.00 $0.45 $0.50 $0.15 $0.01 $0.01 $- $(0.02) $(0.50) $(1.00) $(1.50) $(1.43) $(2.00) $(2.03) $(2.50) 2Q24 PPNR* Net Non-Routine Income Tax Expense Capital Raise Repurchases and 3Q24 Items Other * Refers to core P
Slide 32: Glossary
Glossary • TCE Ratio: 3Q24 includes $13.0 million accumulated unrealized losses net of taxes primarily related to the decline in the fair value of debt securities available for sale, which are carried at fair value, as a result of increases in market rates. • Total gross loans: includes loans held f
Slide 33: Appendix
Appendix
Slide 34: Appendix 1 - Non-GAAP Financial Measures Reconciliations
Appendix 1 - Non-GAAP Financial Measures Reconciliations 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 relate
Slide 35: Investor Update | 35
Three Months Ended, (in thousands, except percentages and per share September 30, June 30, March 31, December 31, September 30, amounts) 2024 2024 2024 2023 2023 Net (loss) income attributable to Amerant Bancorp Inc. $ (48,164) $ 4,963 $ 10,568 $ (17,123) $ 22,119 Plus after-tax non-routine items in
Slide 36: Investor Update | 36
(in thousands, except percentages, share data and per September 30, June 30, March 31, December 31, September 30, share amounts) 2024 2024 2024 2023 2023 Tangible common stockholders’ equity $ 878,522 $ 709,761 $ 713,150 ¢$ 711,039 ¢ 692,969 Less: Net unrealized accumulated losses, on debt securitie
Slide 37: Appendix 2 - Updates to Certain Financial Data in Earnings Release
Appendix 2 - Updates to Certain Financial Data Set Forth in Earning Release Documents dated October 23 and 24, 2024 As outlined in the 3Q24 Form 10-Q, the Company’s interim consolidated financial statements were finalized and certain line items and financial data included in the 3Q24 Form 10-Q diffe
Slide 38: Thank You
Thank You NYSE: AMTB amerantbank.com
Amerant Bancorp — Investor Presentation (November 2024) on 6ix