Amerant Bancorp Inc. · NYSE:AMTB
Amerant Bancorp — Merger or Acquisition (April 2024)
15 slides from Amerant Bancorp's merger presentation, Apr 17, 2024
Slide 1: Strategic Sale of Houston Franchise
amerantbank.com Strategic Sale of Houston Franchise April 17, 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: Sale of Amerant's Houston-based Branch Network & In-Footprint Assets
Sale of Amerant’s Houston-based Branch Network & In-Footprint Assets Strengthens the Balance Sheet & Enables Accelerated Focus in Florida Following the sale of $401 million in Houston-based Strategic rationale for the Houston divestiture: multi-family loans in January of 2024, Amerant is selling Imp
Slide 4: Key Transaction Details
Key Transaction Details ✓ Sale of Amerant’s Houston branches (including 6 branches and lease space assumed)(1) to MidFirst Bank ✓ $529 million loans | $576 million deposits sold (92% Loan / Deposit Ratio) Overview ✓ 100% cash consideration paid to Amerant ✓ MidFirst has no financing contingency ✓ Su
Slide 5: Divestiture of the Houston Branch Franchise Exits Amerant from Texas
Divestiture of the Houston Branch Franchise Exits Amerant from Texas January 2024: April 2024: Post Closing: Houston Multi-family Loan Sale Announcement of Houston Branch Remaining Balances in Texas Franchise Sale ✓ Closed on sale of $401 million of Houston based multi- ✓ Sale of 6 branches(1) consi
Slide 6: Houston Franchise Loans & Deposit Divestiture
Houston Franchise Loans & Deposit Divestiture Excludes the January 2024 $401 million of Multi-family Loans Deposit Composition Loan Composition Loan Reserve Coverage Dollars in millions Regulatory CRE Concentration Balance of $132 million Multi-family $1 0% Construction & +5 bps Land Time Deposits (
Slide 7: Continues Overall Balance Sheet De-Risking Strategy
Continues Overall Balance Sheet De-Risking Strategy Loans / Deposits(1) TCE / TA 102% ~60 bps 10.6% 99% 98% 9.8% 7.5% 7.9% 92% 7.3% 7.3% 87% 87% 2020 YE 2021 YE 2022 YE 2023 YE Pro Forma Pro Forma Pro Forma Pro Forma 2020 YE 2021 YE 2022 YE 2023 YE Pro Forma Pro Forma Pro Forma Pro Forma 2023 YE 202
Slide 8: Pro Forma Balance Sheet Favorable Relative to Peers
Pro Forma Balance Sheet Favorable Relative to Peers Pro Forma 2023 YE + Houston Multi-family Sale Pro Forma 2023 YE + Houston Multi-family Sale + Houston Branch Franchise Sale Comparison to $7.5 to $12.5 billion Public Bank Universe Loans / Deposits(1) TCE / TA 92% 87% 87% 7.9% 7.3% 7.3% 2023 YE Pro
Slide 9: Compelling Value Creation Opportunity
Compelling Value Creation Opportunity $7.5-$12.5 Bn Asset Size Banks(1) NYSE Regional Bank Group(2) Median Top Quartile Median Top Quartile Key Balance Sheet Metrics: Standalone Pro Forma (3) Loans / Deposits 92% 87% 90% 81% 88% 81% (4) ACL / Loans 1.39% 1.44% 1.19% 1.34% 1.27% 1.45% ACL / NPLs 278%
Slide 10: Accelerating Amerant's Florida Expansion Strategy
Accelerating Amerant’s Florida Expansion Strategy Focus & Expansion in the Amerant Florida Nation’s Best Markets Growth Initiatives Florida has 4 of the top 10 best markets for labor ✓ Entered into letter of intent for highly visible and accessible space market strength in the United States for Palm
Slide 11: Transaction Summary & Key Points
Transaction Summary & Key Points Monetizes a non-core asset that is accretive to capital ratios and TBV per share Strengthens balance sheet liquidity and optionality for future capital deployment Re-allocates capital toward growth in Amerant’s core Florida markets Allows an acceleration of expansion
Slide 12: Appendices
Appendices 12
Slide 13: Reconciliations to GAAP Financial Measures
Reconciliations to GAAP Financial Measures AMTB Reported $ in thousands 12/31/2020 12/31/2021 12/31/2022 12/31/2023 Tangible Common Equity: Common Shareholders Equity (GAAP) $783,421 $831,873 $705,726 $736,068 Less: Goodwill and Other Intangibles (GAAP) (21,561) (22,528) (23,161) (25,029) Equals: Ta
Slide 14: Illustrative Pro Forma Financial Impacts
Illustrative Pro Forma Financial Impacts After-tax Equity Impact to AMTB $ in thousands Gross Premium on Sale $13,000 Plus: Gross Provision Release 4,200 Less: Estimated Total Transaction Charges (1,820) Total Pre-tax Adjustments $15,380 Less: Taxes (assumes 21.0%) (3,230) Equals: After-tax Equity I
Slide 15: Pro Forma Balance Sheet
Pro Forma Balance Sheet Reported Multifamily Houston Branch Amerant $ in thousands 12/31/2023 + Loan Sale + Divestiture = Pro Forma Assets Cash & Cash Eqvs. $321,872 $401,000 ($38,243) $684,629 Total Securities 1,500,325 0 0 1,500,325 Total Loans & Leases 7,264,912 (401,000) (528,868) 6,335,044 Less