Amerant Bancorp Inc. · NYSE:AMTB
Amerant Bancorp — Investor Presentation (September 2024)
22 slides from Amerant Bancorp's investor presentation, September 2024
Slide 1: Strategic Capital Raise
amerantbank.com Strategic Capital Raise September 2024 1
Slide 2: Important Notices and Disclaimers
Important Notices and Disclaimers Forward-Looking Statements This presentation contains “forward-looking statements” including statements with respect to the Amerant Bancorp Inc.’s (the “Company’s”) objectives, expectations and intentions and other statements that are not historical facts. All state
Slide 3: Important Notices and Disclaimers (continued)
Important Notices and Disclaimers (continued) Preliminary Financial Information This presentation includes certain preliminary unaudited financial information and expectations relating to the third quarter of 2024. Our third quarter of 2024 has not yet concluded and such results are preliminary esti
Slide 4: Transaction Term Sheet
Transaction Term Sheet General corporate purposes to support our continued organic growth, which may include, among other things, working Issuer Amerant Bancorp Inc. Use of Proceeds capital, investments in our bank subsidiary, potential balance sheet optimization strategies NYSE AMTB Lockup Period 9
Slide 5: Strategic Capital Raise Will Fully Unlock Organic Growth Potential
Strategic Capital Raise Will Fully Unlock Organic Growth Potential This $150 million capital raise is primarily intended to support organic growth opportunities Amerant has demonstrated the ability to organically grow approximately $1 billion annually in both loans and deposits - Provides further su
Slide 6: Review of Transformation & Expansion Since the Beginning of 2021
Review of Transformation & Expansion Since the Beginning of 2021 2021 2022 2023 2024 ✓ Jerry Plush named CEO ✓ Record growth of over ✓ Successful completion of ✓ Executed and closed on Houston and Vice Chairman in $1.5 billion in assets FIS core conversion multi-family portfolio loan sale March 2021
Slide 7: Demonstrated Strong Levels of Organic Growth
Demonstrated Strong Levels of Organic Growth Continued Evolution of the Florida Franchise Strong Levels of Organic Growth Total Assets ($ in billions) Legacy Banking Centers 12% CAGR New/Planned Banking Centers Ex. Runoff portfolios $0.9 $10.7 $9.5 $9.7 $8.2 $7.5 Broward County Regional Headquarters
Slide 8: Access to Florida’s Tailwinds Through Its Premier Growth Bank
Access to Florida’s Tailwinds Through Its Premier Growth Bank Growth Opportunities Continue to Expand Scarcity Value of Investable Florida Community Banks(1) Net Migration (000s) from 2011 - 2023 MRQ Total Total Florida Market Price / Assets Active FL Deposits Share TBV FL RIDA NATI NAL A ERAGE Rank
Slide 9: Contemplated Securities Repositioning
Contemplated Securities Repositioning Highlights of the Contemplated Securities Repositioning Securities Investment Portfolio(1) • Upon closing of the capital raise, we intend to execute a securities As of June 30, 2024 repositioning that will result in: Securities by Yield (fair value) Securities b
Slide 10: Contemplated Strategic Actions Will Substantially Bolster Capital Ratios
Contemplated Strategic Actions Will Substantially Bolster Capital Ratios Tangible Common Equity / Tangible Assets(1) Common Equity Tier 1 Ratio +130 bps +130 bps 11.6% 9.1% 10.3% 7.3% 7.3% 7.8% 9.8% 9.6% 2023 YE 2Q24 Pro Forma 2Q24 Pro Forma 2Q24 2023 YE 2Q24 Pro Forma 2Q24 Pro Forma 2Q24 + Houston
Slide 11: Capital Raise Unlocks Earnings Potential
Capital Raise Unlocks Earnings Potential ($ in millions) Illustrative Annual Pre-tax Impact Illustrative Assumptions $30.0 Potential impact to current earnings(3) $165.9 • $124.0 million of 2Q24 annualized Core pre-provision net $7.7 $4.2 ($21.3) revenues (PPNR)(1,2) $124.0 • $7.7 million impact of
Slide 12: Compelling Value Creation Opportunity & Upside
Compelling Value Creation Opportunity & Upside $8-25bn Asset Size Banks (2) Median Top Quartile Standalone @ Pro Forma @ Key Balance Sheet Metrics: 6/30/24 6/30/24 (1) Loans / Deposits 94% ~90%-95% 90% 82% ACL / Loans 1.4% ~1.2%-1.3% 1.2% 1.4% ACL / Criticized Loans 48.9% ~40%-45% 44.1% 63.8% Capita
Slide 13: Investment Proposition
Investment Proposition Established franchise with high scarcity value in some of the nation’s largest, most attractive and highest growth markets (Miami/South Florida, Greater Tampa) Strong and diverse deposit base; Organic, deposits-first focus; Demonstrated organic loan growth engine Strong reserv
Slide 14: 3Q24 Projected Financials
3Q24 Projected Financials 14
Slide 15: Projected 3Q24 Highlights
Projected 3Q24 Highlights Income Statement Balance Sheet Consolidated Capital • Diluted earnings per share : $0.16 • Total Assets: $10.2B • Total Risk-Based Capital Ratio: 11.2% • Net Interest Margin: 3.50% • Total Deposits: $8.0B • Common Equity Tier 1: 9.2% • Provision for Credit Losses: $18.0M •
Slide 16: Projected 3Q24 Asset Quality
Projected 3Q24 Asset Quality • Proactive and conservative approach to credit Credit Quality Migration and loan risk rating – Updates to annual financials on several large C&I Special Mention Loans ($M) Non-performing Loans ($M) Allowance for Credit Losses ($M) relationships occurred during 2Q24 and
Slide 17: Projected 3Q24 Allowance for Credit Losses
Projected 3Q24 Allowance for Credit Losses ($ in millions) $94.4 $16.7 $1.5 $2.8 $81.1 ($2.8) $2.4 ($33.9) 2Q24 Gross Charge-offs Recoveries Requirement for Specific Reserves Credit Quality and Loan Growth 3Q24 Charge-offs Change Macroeconomic Projected Changes Projected 3Q24 provision of approximat
Slide 18: Projected 3Q24 Special Mention & Non-Performing Loans
Projected 3Q24 Special Mention & Non-Performing Loans Non-Performing Loans While non-performing loans increased from $101 million as of 2Q24 to $113 million as of ($ in millions) 3Q24, non-performing assets declined from $120 million to $113 million, respectively, as an OREO of $20 million is being
Slide 19: Appendices
Appendices 19
Slide 20: Reconciliations to Non-GAAP Financial Measures
Reconciliations to Non-GAAP Financial Measures Tangible Common Equity / Tangible Assets Core Pre-Provision Net Revenue (Core PPNR) Reported Reported 3 months Ended Annualized $ in thousands 12/31/2023 6/30/2024 $ in thousands 6/30/2024 6/30/2024 Tangible Common Equity: Net (loss) income attributable
Slide 21: Illustrative Pro Forma Tangible Book Value Walk
Illustrative Pro Forma Tangible Book Value Walk Equity Impact Common Shares Per Common ($000s) (000s) Share Amerant Tangible Common Equity at 6/30/2024 $709,761 33,563 $21.15 Plus: After-tax Impact of Houston Transaction: Gross Premium on Sale $13,000 Less: Estimated Transaction Charges (1,202) Tota
Slide 22: Illustrative Pro Forma Balance Sheet
Illustrative Pro Forma Balance Sheet Reported + Houston = Pro Forma with + Common Equity + Securities = Pro Forma with Houston, $ in thousands; except per share 6/30/2024 Transaction Houston Transaction Raise Repositioning Capital, & Repositioning Assets Cash & Cash Equivalents 310,319 21,018 331,33
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