UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period __________ to __________ Commission File Number: 001-38534 AMERANT Amerant Bancorp Inc. (Exact Name of Registrant as Specified in Its Charter) Florida 65-0032379 (Stat ...

Financial Performance - Amerant reported a net loss of $153 million in 2Q20, compared to a net income of $34 million in 1Q20 and $129 million in 2Q19[19] - Operating income was $216 million in 2Q20, a 297% increase from $167 million in 1Q20, and a 538% increase from $140 million in 2Q19[19] - Noninterest income decreased by 98% over 1Q20 but increased by 396% compared to the same period last year, driven by increased net gain on the sale of debt securities[19] - Noninterest expense decreased 181% and 306% over 1Q20 and 2Q19, respectively, largely driven by lower salaries and employee benefits expenses[19] Balance Sheet - Total loans were $59 billion, up 36% from March 2020, driven by the funding of $2186 million in PPP loans[19] - Total deposits were $60 billion, up 31% from March 2020, driven by the funding of the PPP loans originated during 2Q20 into small business customer accounts, which have not been fully utilized, totaling $1327 million as of June 30, 2020[19] - Total cash and cash equivalents were $2173 million as of June 30, 2020, with an additional $14 billion available under the FHLB credit line[19] Credit Quality - Provision for loan losses was $486 million to account for estimated portfolio deterioration due to COVID-19, including $200 million for a Miami-based coffee trader[19] - The ratio of allowance for loan losses to total loans increased to 204% from 129% in 1Q20[41] - As of June 30, 2020, modified loans totaled $1128 million, representing 19% of total loans, with the forbearance period expired on $5195 million[10]

```markdown [PART I. FINANCIAL INFORMATION](index=2&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the three months ended March 31, 2020, reflecting a significant increase in the allowance for loan losses, a decrease in net income, and an increase in total assets Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2020 (in millions) | December 31, 2019 (in millions) | | :--- | :--- | :--- | | **Total Assets** | **$8.1B** | **$8.0B** | | Loans held for investment, net | $5.6B | $5.7B | | Allowance for loan losses | $72.9M | $52.2M | | **Total Deposits** | **$5.8B** | **$5.8B** | | Total liabilities | $7.3B | $7.2B | | **Total Stockholders' Equity** | **$841.1M** | **$834.7M** | Consolidated Statements of Operations Highlights (Unaudited) | Account | Three Months Ended March 31, 2020 (in millions) | Three Months Ended March 31, 2019 (in millions) | | :--- | :--- | :--- | | Net Interest Income | $49.2M | $55.4M | | **Provision for Loan Losses** | **$22.0M** | **$0** | | Noninterest Income | $21.9M | $13.2M | | Noninterest Expense | $44.9M | $51.9M | | **Net Income** | **$3.4M** | **$13.1M** | | Basic Earnings Per Share | $0.08 | $0.31 | | Diluted Earnings Per Share | $0.08 | $0.30 | [Notes to Consolidated Financial Statements (Unaudited)](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The notes provide detailed information on accounting policies and specific financial statement items, including the significant impact of the COVID-19 pandemic, changes in loan loss allowance, and stockholders' equity transactions - The company activated its Business Continuity Plan on March 16, 2020, in response to the COVID-19 pandemic, enabling employees to work remotely and ensuring operational continuity[22](index=22&type=chunk) - The company began participating in the SBA's Paycheck Protection Program (PPP) on April 2, 2020. As of May 1, 2020, it had received approval for **1,493 loan applications** totaling **$197.8 million**[24](index=24&type=chunk) - Loan payment relief options were offered to customers impacted by COVID-19, with loans under these programs totaling **$1,119 million** as of May 1, 2020. These modifications are not considered Troubled Debt Restructurings (TDRs) per regulatory guidance[25](index=25&type=chunk)[69](index=69&type=chunk) - A provision for loan losses of **$22.0 million** was recorded in Q1 2020, primarily as a result of the estimated impact of the COVID-19 pandemic[30](index=30&type=chunk)[61](index=61&type=chunk) - In February 2020, the company repurchased **932,459 shares** of Class B common stock for approximately **$15.2 million**. In March 2020, the Board authorized the cancellation of all **4,464,916 shares** of Class B Common Stock held as treasury stock[96](index=96&type=chunk)[97](index=97&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance and condition, focusing on the impacts of the COVID-19 pandemic, including a decline in net income due to a large provision for loan losses and changes in the balance sheet [Overview](index=37&type=section&id=Overview) This section provides a high-level overview of the company's business and its response to the COVID-19 pandemic, including remote work arrangements, PPP participation, and loan relief programs - As of May 1, 2020, approximately **86%** of the Company's employees are working remotely under its Business Continuity Plan[128](index=128&type=chunk) - As of May 1, 2020, the Company had received approval for **1,493 PPP loan applications** totaling **$197.8 million** and had funded **$137.9 million**[131](index=131&type=chunk) - The company identified that approximately **30%** of its outstanding loan portfolio as of March 31, 2020, is in industries potentially more vulnerable to the financial impact of the pandemic[132](index=132&type=chunk) Loan Payment Relief Programs as of May 1, 2020 | Program Detail | Amount (in millions) | | :--- | :--- | | 90-day payment deferral | $451 | | 90-day interest payment deferral (no escrow) | $441 | | 90-day interest payment deferral (with escrow) | $197 | | 180-day interest payment deferral | $30 | | **Total** | **$1,119** | [Results of Operations](index=49&type=section&id=Results%20of%20Operations) The company's net income for Q1 2020 decreased significantly to $3.4 million, primarily due to a $22.0 million provision for loan losses, lower net interest income, and a decrease in noninterest expense Q1 2020 vs Q1 2019 Performance Summary | Metric | Q1 2020 | Q1 2019 | Change (%) | | :--- | :--- | :--- | :--- | | **Net Income** | **$3.4M** | **$13.1M** | **(74.1)%** | | Provision for Loan Losses | $22.0M | $0 | N/A | | Net Interest Income | $49.2M | $55.4M | (11.2)% | | Noninterest Income | $21.9M | $13.2M | 66.5% | | Noninterest Expense | $44.9M | $51.9M | (13.6)% | - Net interest margin (NIM) decreased by **31 basis points** to **2.65%** in Q1 2020 from **2.96%** in Q1 2019, pressured by falling interest rates[192](index=192&type=chunk) - The efficiency ratio improved to **63.1%** in Q1 2020 from **75.7%** in Q1 2019, primarily due to lower noninterest expenses[168](index=168&type=chunk) [Financial Condition](index=60&type=section&id=Financial%20Condition) As of March 31, 2020, total assets increased by 1.4% to $8.1 billion, driven by higher cash, while total gross loans decreased, and the allowance for loan losses significantly increased to 1.29% of total loans Balance Sheet Comparison | Account | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total Assets | $8.1 billion | $8.0 billion | | Total Gross Loans | $5.7 billion | $5.7 billion | | Total Deposits | $5.84 billion | $5.76 billion | | Stockholders' Equity | $841.1 million | $834.7 million | - Non-performing assets increased slightly to **$33.4 million** (**0.41%** of total assets) at March 31, 2020, from **$33.0 million** (**0.41%** of total assets) at December 31, 2019[253](index=253&type=chunk)[255](index=255&type=chunk) - Domestic deposits increased by **$132.1 million** (**4.2%**), while foreign deposits, primarily from Venezuela, decreased by **$47.1 million** (**1.8%**) during Q1 2020[279](index=279&type=chunk) - The company redeemed **$26.8 million** of its **8.90%** trust preferred capital securities on January 30, 2020, which is expected to reduce annual pretax interest expense by **$2.4 million**[308](index=308&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=81&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies interest rate and price risks as its most significant market risks, with no material changes in exposure since December 31, 2019 - There have been no material changes in the company's market risk exposure since the year ended December 31, 2019[322](index=322&type=chunk) [Item 4. Controls and Procedures](index=81&type=section&id=Item%204%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2020, with no material changes to internal control over financial reporting identified during the quarter - The CEO and Interim CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[323](index=323&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[324](index=324&type=chunk) [PART II. OTHER INFORMATION](index=82&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=82&type=section&id=Item%201%20Legal%20Proceedings) The company is engaged in ordinary course litigation, including a 2017 lawsuit against Amerant Trust alleging breaches of contract and fiduciary duty, which the company denies and is vigorously defending - A lawsuit filed in September 2017 against Amerant Trust alleges breaches of contract, fiduciary duty, and mismanagement, seeking unspecified damages. The company denies the claims and is defending the lawsuit[328](index=328&type=chunk)[329](index=329&type=chunk) [Item 1A. Risk Factors](index=82&type=section&id=Item%201A%20Risk%20Factors) This section introduces new risk factors primarily related to the COVID-19 pandemic and the company's participation in the SBA's Paycheck Protection Program (PPP), highlighting economic impacts and potential litigation risks - The COVID-19 pandemic has significantly impacted economic conditions and could have a material adverse effect on the company's business, financial condition, and results of operations. The ultimate impact is highly uncertain[331](index=331&type=chunk) - Potential adverse effects from the pandemic include declining credit quality of the loan portfolio, increased need for loan loss allowances, and operational risks from extended remote work arrangements[336](index=336&type=chunk)[337](index=337&type=chunk) - As a participating lender in the SBA's PPP, the company is subject to litigation risks from customers regarding loan processing and risks that the SBA may not fund some or all PPP loan guarantees if deficiencies are found in origination or servicing[342](index=342&type=chunk)[348](index=348&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=86&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In February 2020, the company repurchased 932,459 shares of its Class B Common Stock for approximately $15.2 million through two privately negotiated transactions Share Repurchases in Q1 2020 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | February 2020 | 932,459 | $16.00 | ```

Financial Data and Key Metrics Changes - The net income for Q1 2020 decreased by 74.9% from Q4 2019 and by 74.1% year-over-year, with adjusted net income down 67.9% and 73.5% respectively [17][18] - The return on assets was 0.17% or 0.19% on an adjusted basis, and earnings per share were $0.08 or $0.09 on an adjusted basis [17] - The allowance for loan losses to total loans increased by 38 basis points from Q4 2019 and by 24 basis points year-over-year [17] Business Line Data and Key Metrics Changes - Total loans decreased by 1.3% from the previous quarter, closing at $5.7 billion, primarily due to seasonality and COVID-19 impact [19][23] - The loan production from core relationship businesses totaled approximately $239 million, down from $275 million in the prior quarter and $334 million year-over-year [24] - A provision for loan losses of $22 million was recorded, compared to a release of $0.3 million in Q4 2019 and no provision in Q1 2019 [25] Market Data and Key Metrics Changes - The company received relief requests of $1.1 billion, accounting for 20% of the total loan portfolio, with the largest requests coming from the CRE hotel and retail sectors [10][11] - International deposits declined by 1.8%, while domestic deposits increased by 4.2%, driven by higher capture of CDs and relationship money market deposits [20][32] Company Strategy and Development Direction - The company continues to focus on a relationship-centric strategy, prioritizing low-risk domestic loans and increasing domestic funding from core deposits [14] - Efforts are being made to enhance customer service capabilities and digital transformation, including the launch of new products and services [15][16] - The company is actively managing its investment portfolio to mitigate the impact of lower rates and is focused on preserving capital and credit quality during the COVID-19 pandemic [45] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the COVID-19 pandemic but expressed confidence in the company's strong credit profile and proactive measures taken to manage risks [12][18] - The company plans to continuously reassess loan loss provisions and monitor credit quality as market conditions evolve [18] - Management emphasized the importance of digital transformation and maintaining strategic investments despite the pandemic [56][66] Other Important Information - The company has temporarily eliminated ATM fees and waived late payment fees to support customers during the pandemic [9] - Non-interest income for Q1 was $21.9 million, up 37.2% quarter-over-quarter and 66.5% year-over-year, driven by gains on the sale of treasury securities [38][39] - Non-interest expenses decreased by 13.3% quarter-over-quarter and 13.6% year-over-year, largely due to lower salaries and employee benefits [41] Q&A Session Summary Question: What actions will the company take to preserve capital and expectations for growth? - Management expects capital growth to come primarily from earnings and does not anticipate asset shrinkage [48] Question: Can you provide more detail on the New York CRE portfolio? - Management noted strong performance from sponsors in New York and minimal relief requests, indicating stability in the portfolio [51] Question: What is the outlook for net interest margin and income? - Management indicated a significant decrease in the cost of funds and expects improvements in net interest margin as repricing occurs [54][62] Question: How are technology investments and branch openings being managed? - Management confirmed that digital transformation efforts continue as planned, with no new branches currently in the pipeline [56] Question: What impact has the stock price had on compensation? - Management acknowledged that variable compensation is expected to be lower this year due to stock performance and changes in compensation structures [70]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________ to __________ Commission File Number 001-38534 Amerant Bancorp Inc. (Exact Name of Registrant as Specified in Its Charter) Florida (State or Other Jurisdiction of I ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period __________ to __________ Commission File Number: 001-38534 | --- | --- | |------------------------------------------------------------|--------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period __________ to __________ Commission File Number: 001-38534 | --- | --- | |-----------------------------------------------------------------------|--------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period __________ to __________ Commission File Number: 001-38534 | --- | --- | |-------------------------------------------------------------------------------------------- ...