Amerant Bancorp Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Amerant Bancorp Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Amerant Bancorp Inc. (AMTB) filed a Annual Report (10-K) with the SEC on March 7, 2024. Amerant Bancorp Inc. filed its 2023 Form 10-K on March 7, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 220 Alhambra Circle, Coral Gables, FL 33134. Amerant Bancorp Inc. was formerly known as Mercantil Bank Holding Corp. The SIC code for the company is 6021 (National Commercial Banks).

Why It Matters

For investors and stakeholders tracking Amerant Bancorp Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Amerant Bancorp's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial statements and disclosures within the 10-K allow for a year-over-year comparison, highlighting trends in revenue, profitability, and balance sheet strength, which are key indicators for investment decisions.

Risk Assessment

Risk Level: medium — Amerant Bancorp Inc. shows moderate risk based on this filing. The company operates in the banking sector, which is subject to significant regulatory oversight and economic fluctuations, as evidenced by the detailed risk factors typically included in a 10-K filing for financial institutions.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Amerant Bancorp's performance and potential challenges in the current economic environment.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-07 — Filing Date (Filed as of date)
• 2018-03-12 — Date of Name Change (Former company name change date)

Key Players & Entities

• Amerant Bancorp Inc. (company) — Filer name
• 220 Alhambra Circle, Coral Gables, FL 33134 (location) — Business address
• Mercantil Bank Holding Corp (company) — Former company name
• 6021 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Amerant Bancorp Inc. operates as a commercial bank, a sector characterized by interest rate sensitivity, credit risk, and regulatory compliance.

Regulatory Implications

As a financial institution, Amerant Bancorp Inc. is subject to regulations from bodies like the Federal Reserve and the FDIC, impacting its capital requirements, lending practices, and overall operations.

What Investors Should Do

1. Analyze the financial statements for revenue growth, net income trends, and asset quality.
2. Review the Management's Discussion and Analysis (MD&A) for insights into the company's strategy and outlook.
3. Examine the risk factors section for potential challenges and mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-07: Filing Date — Date Amerant Bancorp Inc. filed its 10-K.

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.10 — stered Class A Common Stock, par value $0.10 per share AMTB New York Stock Exchange
• $9.7 billion — uartered in Coral Gables, Florida, with $9.7 billion in assets, $6.9 billion in loans held f
• $6.9 billion — , Florida, with $9.7 billion in assets, $6.9 billion in loans held for investment, $7.9 bill
• $7.9 billion — 9 billion in loans held for investment, $7.9 billion in deposits, $736.1 million of sharehol
• $736.1 million — r investment, $7.9 billion in deposits, $736.1 million of shareholders' equity, and $2.3 billi
• $2.3 billion — .1 million of shareholders' equity, and $2.3 billion in assets under management and custody
• $25 million — e to time, up to an aggregate amount of $25 million of its shares of Class A common stock (
• $18.98 — on stock at a weighted average price of $18.98 per share, under the 2023 Class A Commo
• $4.9 m — for these transactions was approximately$4.9 million, including transaction costs. At
• $20 million — osts. At December 2023, the Company had $20 million available for repurchase under this rep
• $3.8 million — ributable to noncontrolling interest of $3.8 million at December 31, 2023, with a correspond
• $1.5 million — March 31, 2022, the Company contributed $1.5 million in cash to Amerant Mortgage, increasing
• $1 m — nal contribution made by the Company of $1 million, in cash, to Amerant Mortgage in
• $1.9 million — ditional paid-in capital for a total of $1.9 million with a corresponding increase to the eq
• $26.2 million — Total mortgage loans held for sale were $26.2 million as of December 31, 2023, compared to $6

Filing Documents

• amtb-20231231.htm (10-K) — 6974KB
• ex423descriptionofregistra.htm (EX-4.23) — 24KB
• ex211subsidiaries12312023.htm (EX-21.1) — 10KB
• ex231consentofrsmusllp1231.htm (EX-23.1) — 2KB
• ex31112312023.htm (EX-31.1) — 9KB
• ex31212312023.htm (EX-31.2) — 9KB
• ex32112312023.htm (EX-32.1) — 5KB
• ex32212312023.htm (EX-32.2) — 5KB
• ex971amerantbancorpinccl.htm (EX-97.1) — 23KB
• amtb-20231231_g1.jpg (GRAPHIC) — 4KB
• amtb-20231231_g2.jpg (GRAPHIC) — 116KB
• ex971amerantbancorpinccl001.jpg (GRAPHIC) — 291KB
• ex971amerantbancorpinccl002.jpg (GRAPHIC) — 259KB
• ex971amerantbancorpinccl003.jpg (GRAPHIC) — 289KB
• ex971amerantbancorpinccl004.jpg (GRAPHIC) — 224KB
• ex971amerantbancorpinccl005.jpg (GRAPHIC) — 279KB
• ex971amerantbancorpinccl006.jpg (GRAPHIC) — 287KB
• ex971amerantbancorpinccl007.jpg (GRAPHIC) — 31KB
• ex971amerantbancorpinccl008.jpg (GRAPHIC) — 156KB
• 0001734342-24-000019.txt (&nbsp;) — 32074KB
• amtb-20231231.xsd (EX-101.SCH) — 127KB
• amtb-20231231_cal.xml (EX-101.CAL) — 207KB
• amtb-20231231_def.xml (EX-101.DEF) — 875KB
• amtb-20231231_lab.xml (EX-101.LAB) — 1435KB
• amtb-20231231_pre.xml (EX-101.PRE) — 1253KB
• amtb-20231231_htm.xml (XML) — 6272KB

Business

Business 4 Supp. Item Information about our Executive Officers 30 Item 1A.

Risk Factors

Risk Factors 33 Item 1B. Unresolved Staff Comments 56 I tem 1C. C yber secur ity 57 Item 2.

Properties

Properties 59 Item 3.

Legal Proceedings

Legal Proceedings 60 Item 4. Mine Safety Disclosures 60 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 61 Item 6. Reserved 63 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 64 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 135 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 140 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 140 Item 9A.

Controls and Procedures

Controls and Procedures 140 Item 9B. Other Information 141 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 141 PART III Item 10. Directors, Executive Officers and Corporate Governance 142 Item 11.

Executive Compensation

Executive Compensation 142 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 142 Item 13. Certain Relationships and Related Transactions, and Director Independence 142 Item 14. Principal Accountant Fees and Services 142 PART IV Item 15. Exhibit and Financial Statement Schedules 143 Item 16. Form 10-K Summary 146

1

Item 15.1 . Consolidated Financial Statements F- 1 Table of Contents PART I In this Annual Report on Form 10-K, or Form 10-K, unless otherwise required by the context, the terms "we," "our," "us,", "Amerant", and the "Company," refer to Amerant Bancorp Inc. and its consolidated subsidiaries including its wholly-owned main operating subsidiary, Amerant Bank, N.A., which we individually refer to as "the Bank". Cautionary Note Regarding Forward-Looking Statements Various of the statements made in this Form 10-K, including information incorporated herein by reference to other documents, are "forward-looking statements" within the meaning of, and subject to, the protections of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions and future performance and condition, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, achievements, or financial condition of the Company to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements, except as required by law. These forward-looking statements should be read together with the "Risk Factors" included in this Form 10-K and our other reports filed with the Securities and Exchange Commission (the "SEC"). 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," "seek," "should," "indicate," "would," "believe,"

BUSINESS

Item 1. BUSINESS Our Company We are a bank holding company headquartered in Coral Gables, Florida, with $9.7 billion in assets, $6.9 billion in loans held for investment, $7.9 billion in deposits, $736.1 million of shareholders' equity, and $2.3 billion in assets under management and custody ("AUM") as of December 31, 2023. We provide individuals and businesses with a comprehensive array of deposit, credit, investment, wealth management, retail banking, mortgage services and fiduciary services. We serve customers in our United States markets and select international customers. These services are offered through Amerant Bank, N.A., or the Bank, which is also headquartered in Coral Gables, Florida, and its subsidiaries. Fiduciary, investment, wealth management and mortgage services are provided by the Bank, the Bank's securities broker-dealer subsidiary, Amerant Investments, Inc., or Amerant Investments, the Bank's Grand Cayman based trust company subsidiary, Elant Bank & Trust Ltd., or the Cayman Bank, and Amerant Mortgage, LLC, or Amerant Mortgage. The Bank was founded in 1979 and is the largest community bank headquartered in Florida. We currently operate 23 banking centers where we offer personal and commercial banking services. The Bank's primary markets are South Florida, where we are headquartered and operate 16 banking centers in Miami-Dade, Broward and Palm Beach counties, and in Houston, Texas, where we have six banking centers that serve the nearby areas of Harris, Montgomery, Fort Bend and Waller counties. We recently opened a new banking center in Tampa, FL, where we also expect to open a regional headquarter office in 2024. The Bank intends to open several additional banking centers in 2024 and has obtained Office of the Comptroller of the Currency, or OCC, approval to proceed with each location. The Bank intends to open new locations in downtown Miami, FL and in Ft. Lauderdale, FL in 2024. The Bank also expects to open a new regional headquarter off

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View this 10-K filing on SEC EDGAR