AMTB Reports Material Agreement, Impairments, Reg FD Disclosure

Ticker: AMTB · Form: 8-K · Filed: Jan 16, 2024 · CIK: 1734342

Amerant Bancorp INC. 8-K Filing Summary
FieldDetail
CompanyAmerant Bancorp INC. (AMTB)
Form Type8-K
Filed DateJan 16, 2024
Risk Levelmedium
Pages3
Reading Time3 min
Key Dollar Amounts$401 million, $370 million, $30.0 million, $23 million
Sentimentmixed

Complexity: simple

Sentiment: mixed

Topics: material-agreement, impairments, regulation-fd

TL;DR

**AMTB just reported material impairments, which could hit their financials hard.**

AI Summary

Amerant Bancorp Inc. (AMTB) filed an 8-K on January 16, 2024, reporting an event on January 12, 2024. This filing indicates the company entered into a material definitive agreement, experienced material impairments, and made a Regulation FD disclosure. While the specific details of these events are not provided in this summary filing, the mention of 'material impairments' could signal potential financial challenges or asset write-downs, which could negatively impact the company's profitability and stock value for investors.

Why It Matters

The mention of 'material impairments' suggests potential asset write-downs or financial losses, which could directly reduce Amerant Bancorp's profitability and shareholder equity, impacting its stock price.

Risk Assessment

Risk Level: medium — The filing mentions 'material impairments' without specific details, which introduces uncertainty and potential negative financial impact for Amerant Bancorp Inc.

Analyst Insight

Investors should seek further details on the 'material definitive agreement' and 'material impairments' mentioned in this filing to understand their financial implications for Amerant Bancorp Inc. before making investment decisions.

Key Players & Entities

FAQ

What was the earliest event reported in this 8-K filing by Amerant Bancorp Inc.?

The earliest event reported in this 8-K filing by Amerant Bancorp Inc. occurred on January 12, 2024.

What specific items did Amerant Bancorp Inc. report under 'ITEM INFORMATION' in this 8-K?

Amerant Bancorp Inc. reported 'Entry into a Material Definitive Agreement', 'Material Impairments', 'Regulation FD Disclosure', and 'Financial Statements and Exhibits' under 'ITEM INFORMATION'.

What is the trading symbol and exchange for Amerant Bancorp Inc.'s Class A Common Stock?

Amerant Bancorp Inc.'s Class A Common Stock trades under the symbol AMTB on the New York Stock Exchange.

What is the business address of Amerant Bancorp Inc. as stated in the filing?

The business address of Amerant Bancorp Inc. is 220 Alhambra Circle, Coral Gables, Florida 33134.

Is Amerant Bancorp Inc. classified as an emerging growth company according to this 8-K?

No, Amerant Bancorp Inc. is not indicated as an emerging growth company, as the checkbox for 'Emerging growth company' is not marked in the filing.

Filing Stats: 820 words · 3 min read · ~3 pages · Grade level 10.7 · Accepted 2024-01-16 07:00:24

Key Financial Figures

Filing Documents

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On January 12, 2024, Amerant Bank, N.A. (the "Bank"), a wholly-owned subsidiary of Amerant Bancorp, Inc. (the "Company"), and PFSS 2 SUB III (C), LLC ("Prime"), a wholly-owned subsidiary of a private commercial real estate finance fund advised by Prime Finance Advisor, L.P., an SEC-registered investment advisor, entered into an Asset Sale Agreement (the "Agreement"). Pursuant to the Agreement, the Bank will sell to Prime, a loan portfolio of non-relationship multifamily commercial real estate loans with an estimated outstanding principal balance of approximately $401 million as of December 31, 2023 (the "Loan Portfolio") from the Bank's Houston, Texas commercial real estate loan portfolio. Pursuant to the Agreement, Prime will pay the Bank a total purchase price of approximately $370 million. The Agreement contains customary representations, warranties, covenants, closing conditions and indemnification provisions, and closing is expected to occur by the end of January 2024. The Company determined that it would record a fourth quarter of 2023 non-cash charge of approximately $30.0 million before taxes (approximately $23 million after taxes) attributable to the Loan Portfolio sale. The foregoing summary of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which will is filed as exhibit 10.1 to this current report on Form 8-K.

06. Material Impairments

Item 2.06. Material Impairments. The information in Item 1.01, above, is incorporated herein by this reference.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. The Company has furnished a slide presentation summarizing the Loan Portfolio sale and certain other non-routine items, attached as exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits Number Exhibit 10.1* Asset Sale Agreement by and between Amerant Bank, N.A. and PFSS 2 SUB III (C), LLC dated January 12, 2024 portions of this exhibit have been omitted. 99.1 Slide presentation of Amerant Bancorp Inc., dated January 16, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) *The schedules and attachments to this exhibit have been omitted in accordance with Regulation S-K Item 601(b)(10). The Company agrees to furnish a copy of any omitted schedule to the U.S. Securities and Exchange Commission upon its request.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: January 16, 2024 Amerant Bancorp Inc. By: /s/ Julio V. Pena Name: Julio V. Pena Title: Senior Vice President, Securities Counsel and Corporate Secretary

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