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The following discussion and analysis is designed to provide a better understanding of various factors related to Amerant Bancorp Inc.’s (the “Company,” “Amerant,” “our” or “we”) results of operations and financial condition and its subsidiaries, including its principal subsidiary, Amerant Bank, N.A. (the “Bank”). Amerant Investments, Inc., a securities broker-dealer (“Amerant Investments”) is an operating subsidiary of the Bank. For an update on the strategic focus of our mortgage business and Amerant Mortgage, LLC, a mortgage lending company domiciled in Florida (“Amerant Mortgage”), see “Amerant Mortgage and Elant Bank & Trust Updates” below. This discussion is intended to supplement and highlight information contained in the accompanying unaudited interim consolidated financial statements and related footnotes included in this Quarterly Report on Form 10-Q (the “Form 10-Q”), as well as the information contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed on February 27, 2026 (the “2025 Form 10-K”). Cautionary Note Regarding Forward-Looking Statements Various of the statements made in this Form 10-Q, 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 the 2025 Form 10-K, in our quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2026 filed on May 1, 2026, and in 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,” “contemplate,” “consider”, “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target,” “goals,” “outlooks,” “modeled”, “dedicated”, “create” and other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: •Liquidity risks could affect our operations and jeopardize our financial condition and certain funding sources could increase our interest rate expense; •We may not be able to develop and maintain a strong core deposit base or other low-cost funding sources; •We may elect or be compelled to seek additional capital in the future, but that capital may not be available when it is needed or on acceptable terms; •Our ability to receive dividends from our subsidiaries could affect our liquidity and our ability to pay dividends; •Our profitability is subject to interest rate risk; •Our allowance for credit losses may prove inadequate; •Our concentration of CRE loans could result in increased loan losses; •Many of our loans are to commercial borrowers, which have unique risks compared to other types of loans; •Our valuation of securities in our investment securities portfolio are subjective and, if changed, we could recognize losses that could materially adversely affect our results of operations or financial condition; 52 •Nonperforming and similar assets take significant time to resolve and may adversely affect our business, financial condition, results of operations, or cash flows; •We are subject to environmental liability risk associated with lending activities; •Increased exposure to residential mortgage assets may heighten sensitivity to interest rate changes, housing market conditions, and secondary market liquidity; •Many of our major systems depend on and are operated by third-party vendors, and any systems failures or interruptions could adversely affect our operations and the services we provide to our customers; •Our information systems are exposed to cybersecurity threats and may experience interruptions and security breaches that could adversely affect our business and reputation; •Our strategic plan and growth strategy may not be achieved as quickly or as fully as we seek; •Defaults by or deteriorating asset quality of other financial institutions could adversely affect us; •New lines of business, new products or services, and technological advancements may subject us to additional risks; •We are susceptible to operational risks in general and fraudulent risk in particular; •Conditions or developments in Venezuela could adversely affect our operations; •We are subject to environmental, social and governance, or ESG, risks, many of which are outside of our control, that could harm our reputation, our business, operations, financial condition, and/or the price of our common stock; •We may be unable to attract and retain key people to support our business; •Severe weather, natural disasters, global pandemics, acts of war or terrorism, theft, civil unrest, government expropriation or other external events could have significant effects on our business; •Any failure to protect the confidentiality of customer information could adversely affect our reputation and subject us to financial sanctions and other costs that could adversely affect our business, financial condition, results of operations, or cash flows; •We could be required to write down our goodwill or other intangible assets; •We have a net deferred tax asset that may or may not be fully realized; •We may incur losses due to minority investments in fintech and specialty finance companies; •We are subject to risks associated with sub-leasing portions of our corporate headquarters building; •Our success depends on our ability to compete effectively in highly competitive markets; •Potential gaps in our risk management policies and internal audit procedures may leave us exposed to unidentified or unanticipated risk, which could negatively affect our business; •Any failure to maintain effective internal control over financial reporting could impair the reliability of our financial statements, which in turn could harm our business, impair investor confidence in the accuracy and completeness of our financial reports and our access to the capital markets and cause the price of our common stock to decline and subject us to regulatory penalties; •Changes in accounting standards could materially impact our financial statements; •Material and negative developments adversely impacting the financial services industry at large and causing volatility in financial markets and the economy may have materially adverse effects on our liquidity, business, financial condition and results of operations; •Our business may be adversely affected by economic conditions in general and by conditions in the financial markets; •We are subject to extensive regulation that could limit or restrict our activities and adversely affect our earnings; •Changes in federal, state or local tax laws, or audits from tax authorities, could negatively affect our business, financial condition, results of operations or cash flows; •Litigation and regulatory investigations are increasingly common in our businesses and may result in significant financial losses and/or harm to our reputation; •We are subject to capital adequacy and liquidity standards, and if we fail to meet these standards, whether due to losses, growth opportunities or an inability to raise additional capital or otherwise, our business, financial condition, results of operations, or cash flows would be adversely affected; •Increases in FDIC deposit insurance premiums and assessments could adversely affect our financial condition; 53 •Federal banking agencies periodically conduct examinations of our business, including our compliance with laws and regulations, and our failure to comply with any regulatory actions, if any, could adversely impact us; •The Federal Reserve may require us to commit capital resources to support the Bank; •We may face higher risks of noncompliance with the Bank Secrecy Act and other anti-money laundering statutes and regulations than other financial institutions; •Failures to comply with the fair lending laws, CFPB regulations or the Community Reinvestment Act, or CRA, could adversely affect us; •Our principal shareholders and management own a significant percentage of our shares of voting common stock and will be able to exert significant control over matters subject to shareholder approval; •The rights of our common shareholders are subordinate to the holders of any debt securities that we have issued or may issue from time to time; •The stock price of financial institutions, like Amerant, may fluctuate significantly; •We can issue additional equity securities, which would lead to dilution of our issued and outstanding Class A common stock; •Certain provisions of our amended and restated articles of incorporation and amended and restated bylaws, Florida law, and U.S. banking laws could have anti-takeover effects; •We may not be able to generate sufficient cash to service all of our debt, including the Subordinated Notes and the Debentures; •We are a holding company with limited operations and depend on our subsidiaries for the funds required to make payments of principal and interest on the Subordinated Notes and the Debentures; •We may incur a substantial level of debt that could materially adversely affect our ability to generate sufficient cash to fulfill our obligations under the Subordinated Notes and the Debentures; and •The other factors and information included in the 2025 Form 10-K and other filings that we make with the SEC under the Exchange Act and Securities Act. See “Risk Factors” in the 2025 Form 10-K, and in the Form 10-Q for the quarter ended March 31, 2026. The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in the 2025 Form 10-K. Because of these risks and other uncertainties, our actual future financial condition, results, performance or achievements, or industry results, may be materially different from the results indicated by the forward-looking statements in this Form 10-Q. In addition, our past results of operations are not necessarily indicative of our future results of operations. You should not rely on any forward-looking statements as predictions of future events. All written or oral forward-looking statements that are made by us or are attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in “Risk Factors” in the 2025 Form 10-K, in our quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2026 filed on May 1, 2026, and in our other filings with the SEC, which are available at the SEC’s website www.sec.gov. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update, revise or correct any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. 54 OVERVIEW Our Company We are a bank holding company headquartered in Coral Gables, Florida. We provide individuals and businesses with a comprehensive array of deposit, credit, investment, wealth management, retail banking, mortgage, and fiduciary products and services. We serve customers in our United States markets and select international customers. These services are offered through our main subsidiary, Amerant Bank, N.A., or the Bank, which is also headquartered in Coral Gables, FL, as well as the Bank’s securities broker-dealer, Amerant Investments Inc., or Amerant Investments. The Bank’s primary markets are South Florida, where we are headquartered and operate 21 banking centers in Miami-Dade, Broward and Palm Beach counties; and Tampa, Florida where we have a regional headquarters office and currently operate two banking centers. Business Developments For more information on the progress of our business strategy and strategic initiatives in 2025, see Item 1. Business section included in the 2025 Form 10-K. People and Channels On May 18, 2026, the Board of Directors appointed Carlos Iafigliola as President and Chief Executive Officer of the Company and the Bank. Mr. Iafigliola had served as Interim Chief Executive Officer since November 2025. On May 26, 2026, Adrian Rodriguez, who had served as Interim Chief Operating Officer since November 2025, was appointed Executive Vice President and Chief Operating Officer of the Company and the Bank. On June 24, 2026, Alberto Capriles notified the Company of his intention to retire as Senior Executive Vice President and Chief Risk Officer of the Company and the Bank, effective upon the appointment of his successor. On July 21, 2026, the Company and the Bank appointed Yecimar Tirado Camacho, who had served as Executive Vice President and Head of Internal Audit of the Company and the Bank, as Executive Vice President and Chief Risk Officer, effective July 22, 2026. In connection with Ms. Tirado Camacho’s appointment, Mr. Capriles retired from his position as Chief Risk Officer effective July 22, 2026. Mr. Capriles will continue to be employed by the Company and the Bank through December 31, 2026 as Senior Risk Advisor to, among other things, assist with the transition of the Chief Risk Officer function. In addition, during the first half of 2026, the Company expanded its physical presence with the opening of a new banking center in Bay Harbor Islands, FL. Transform Credit The Company continued to advance its strategic priority to improve credit quality during the quarter through the enhancement of its credit risk management framework, underwriting standards, and portfolio oversight processes. These efforts are designed to reinforce a stronger credit culture, enhance accountability, improve risk identification and monitoring, and further align lending practices with the Company's risk appetite. Key actions included strengthening governance and oversight, establishing more consistent underwriting and covenant standards across commercial lending portfolios, enhancing concentration risk controls, and improving reporting and escalation processes to senior management and the Board. 55 In addition, the Company implemented enhanced underwriting, risk rating monitoring, and annual review processes intended to improve the timeliness and accuracy of credit risk assessments and support earlier identification of potential credit deterioration. The Company also strengthened problem asset oversight through more frequent portfolio reviews, expanded monitoring of criticized credits, earlier involvement of workout specialists, and clearer segregation of duties between business and credit functions. During the second quarter, the Company continued to optimize its loan portfolio by reducing select non-core exposures, including certain out-of-footprint and criticized credits, which contributed to the decline in special mention and classified loans reported during the period. Together, these initiatives are intended to support disciplined relationship-based lending, improve visibility into risk-adjusted returns, promote the development of a higher-quality loan pipeline, and further enhance the overall credit profile of the portfolio. Amerant Mortgage and Elant Bank & Trust Updates In April 2025, considering its strategic decision to focus on Florida, the Company announced it would transition its mortgage business from a national mortgage originator model to an in-footprint approach focused on serving the mortgage needs of its retail and private banking customers. Since April 2025, the Company has substantially wound down the operations of Amerant Mortgage, LLC, a mortgage lending company domiciled in Florida wholly owned by the Bank (“Amerant Mortgage”), including reducing mortgage-related staffing from 77 full-time employees to 3 full-time employees as of December 31, 2025. In January 2026, mortgage loans owned by the Bank and sub-serviced by a third party have been transferred into the Bank’s core platform, and since then remaining vendor contracts have been terminated or modified. As a result of these actions, Amerant Mortgage no longer conducts material business operations and has substantially ceased its operating activities. As of June 30, 2026, Amerant Mortgage did not have any employees. The Company continues to complete the remaining legal, regulatory, administrative and corporate actions necessary to dissolve Amerant Mortgage and expects to complete that process during 2026. The Bank will continue to pursue its in‑footprint, mortgage‑focused strategy through a dedicated mortgage department. In 2023, the Company initiated a plan for the dissolution Elant Bank & Trust Ltd., a bank and trust company domiciled in George Town, Grand Cayman (the “Cayman Bank”), a subsidiary of the Bank that operated under a Cayman Islands Offshore Bank license and a Trust license and was supervised by the Cayman Islands Monetary Authority. As of the date of this report, the Company has satisfied all regulatory requirements for the dissolution of the Cayman Bank, which is expected to become effective on October 7, 2026, in accordance with applicable Cayman Islands law. The Bank will continue to pursue its fiduciary and trust services business through a dedicated trust department. Macroeconomic Updates The second quarter of 2026 was characterized by a U.S. economy that continued to expand but at a more moderate pace. Economic growth remained supported by business investment, particularly technology and AI-related infrastructure spending, while consumer activity showed signs of slowing as inflation and higher interest rates weighed on household budgets. Consensus forecasts for 2026 GDP growth generally remained in the 2.0% to 2.2% range, reflecting a resilient but decelerating economy. While overall U.S. growth softened, economic activity in the markets we serve remained relatively stable; Management believes the second quarter reflects Amerant’s deliberate recalibration of its risk appetite and increased focus on lending to borrowers with stable, well established operating histories. 56 Inflation remained a key concern during the quarter. Geopolitical tensions in the Middle East created volatility in energy markets and temporarily pushed oil prices higher, contributing to upward pressure on headline inflation. At the same time, labor market conditions remained relatively strong, with job creation exceeding expectations and unemployment remaining near historically low levels. This combination of persistent inflation and solid employment led the Federal Reserve to maintain a cautious stance. Consistent with that approach, on July 29, 2026, the Federal Reserve left its benchmark federal funds rate unchanged, citing continued inflationary pressures and a resilient labor market, reinforcing the expectation that interest rates would remain elevated for longer than previously anticipated. For Amerant, this rate environment continued to pressure net interest margin, while also intensifying competition for domestic deposits. These conditions increased the strategic importance of expense discipline, balance‑sheet mix management, and increase of lower‑cost international deposits. Within the banking sector, higher rates benefited net interest income, but loan pricing became increasingly competitive as banks sought to deploy excess liquidity into high-quality earning assets. At the same time, institutions with strong deposit franchises were better positioned to manage funding costs and maintain profitability. Amerant performed well against this backdrop, delivering stronger earnings and balance sheet growth. This was primarily driven by international deposit inflows, allowing the bank to lower its average deposit cost and reduce reliance on higher-cost funding sources. While industry-wide competition compressed loan yields and contributed to a modest decline in net interest margin Amerant continued to grow loans. The Company also benefited from improving credit trends, as classified loans, nonperforming assets, and provisions for credit losses declined during the quarter. These improvements supported higher profitability. As a result of improved economic activity in Venezuela in the first half of 2026 supported, in part, by U.S.-related business activity, the Company experienced significant growth in international deposits, particularly from Venezuelan customers, reflecting the successful execution of its strategy and approach to developing and deepening its international deposit relationships. The Company continues to view this business as a meaningful growth opportunity, especially in Venezuela, where the Company believes it has high brand recognition, and longstanding relationships with local financial institutions, commercial clients and private banking customers. Venezuela's economy remained volatile during the second quarter of 2026, with persistently high inflation and economic uncertainty, but improving conditions in the oil sector supported higher production, exports, and U.S. dollar liquidity (for a discussion on how conditions in Venezuela may affect our operations, see “Conditions or developments in Venezuela could adversely affect our operations” in “Item 1A. Risk Factors” of the quarterly report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 1, 2026). Rising activity in the energy sector improved liquidity for businesses and individuals connected to the oil industry and helped generate additional U.S. dollar deposits within the Venezuelan banking ecosystem. These conditions had a meaningful positive impact on the Company. International deposits, particularly from Venezuela, have increased significantly, reflecting the Bank’s longstanding client relationships, strong brand recognition, and established banking infrastructure serving Venezuela residents. This influx of low-cost deposits helped lower funding costs, support loan and securities growth, and contributed to improved profitability during the quarter. Overall, the U.S environment of moderate economic growth, persistent inflation, and elevated interest rates during the second quarter of 2026 created both opportunities and challenges for banks. 57 Primary Factors Used to Evaluate Our Business Results of Operations. In addition to net income or loss, the primary factors we use to evaluate and manage our results of operations include net interest income, noninterest income and expenses, and indicators of financial performance including return on assets (“ROA”) and return on equity (“ROE”). We also use certain non-GAAP financial measures in the internal evaluation and management of our businesses. Net Interest Income. Net interest income represents interest income less interest expense. We generate interest income from interest, dividends and fees received on interest-earning assets, including loans and investment securities we own. We incur interest expense from interest paid on interest-bearing liabilities, including interest-bearing deposits, and borrowings such as advances from the Federal Home Loan Bank of Atlanta (“FHLB”) and other borrowings such as repurchase agreements, notes, debentures and other funding sources we may have from time to time. Net interest income typically is the most significant contributor to our revenues and net income. To evaluate net interest income, we measure and monitor: (i) yields on our loans and other interest-earning assets; (ii) the costs of our deposits and other funding sources; (iii) our net interest spread; (iv) our net interest margin, or NIM; and (v) our provisions for credit losses. Net interest spread is the difference between rates earned on interest-earning assets and rates paid on interest-bearing liabilities. NIM is calculated by dividing net interest income for the period by average interest-earning assets during that same period. Because noninterest-bearing sources of funds, such as noninterest-bearing deposits and stockholders’ equity, also fund interest-earning assets, NIM includes the benefit of these noninterest-bearing sources of funds. Non-refundable loan origination fees, net of direct costs of originating loans, as well as premiums or discounts paid on loan purchases, including the initial allowance for expected credit losses on purchased seasoned loans, are deferred and recognized over the life of the related loan as an adjustment to interest income in accordance with generally accepted accounting principles (“GAAP”). Changes in market interest rates and the interest we earn on interest-earning assets, or which we pay on interest-bearing liabilities, as well as the volumes and the types of interest-earning assets, interest-bearing and noninterest-bearing liabilities and stockholders’ equity, usually have the largest impact on periodic changes in our net interest spread, NIM and net interest income. We measure net interest income before and after the provision for credit losses. Noninterest Income. Noninterest income consists of, among other revenue streams: (i) service fees on deposit accounts; (ii) income from brokerage, advisory and fiduciary activities; (iii) benefits from and changes in cash surrender value of bank-owned life insurance, or BOLI, policies; (iv) card and trade finance servicing fees; (v) securities gains or losses; (vi) net gains and losses on early extinguishment of FHLB advances, which we may execute from time to time as part of asset/liability management activities; (vii) income from derivative transactions with customers; (viii) derivative gains or losses; and (ix) other noninterest income which includes mortgage banking revenue, gains or losses on the sale of loans originated for investment and other smaller sources of income. Our income from service fees on deposit accounts is primarily affected by the volume, growth and mix of deposits we hold, as well as the volume of transactions initiated by customers (e.g., wire transfers). These are affected by prevailing market pricing of deposit services, interest rates, our marketing efforts and other factors. Our income from brokerage, advisory and fiduciary activities consists of brokerage commissions related to our customers’ trading volume, fiduciary and investment advisory fees generally based on a percentage of the average value of assets under management and custody (“AUM”), and account administrative services and ancillary fees during the contractual period. Income from changes in the cash surrender value of our BOLI policies represents the amounts that may be realized under the contracts with the insurance carriers, which are nontaxable. 58 Interchange fees, other fees and revenue sharing are recognized when earned. Trade finance servicing fees, which primarily include commissions on letters of credit, are generally recognized over the service period on a straight line basis. Card servicing fees include credit and debit card interchange fees and other fees. We have also entered into referral arrangements with recognized U.S.-based card issuers, which permit us to serve our customers and earn referral fees and share interchange revenue without exposure to credit risk. Our gains and losses on sales of securities are derived from sales from our securities portfolio and are primarily dependent on changes in U.S. Treasury interest rates and asset liability management activities. Generally, as U.S. Treasury rates increase, our securities portfolio decreases in market value, and as U.S. Treasury rates decrease, our securities portfolio increases in value. We also recognize unrealized gains or losses on changes in the valuation of trading securities and marketable equity securities not held for trading. Our fee income generated on customer interest rate swaps and other loan level derivatives are primarily dependent on volume of transactions completed with customers and are included in noninterest income. Derivatives unrealized net gains and derivatives unrealized net losses are primarily derived from changes in market value of uncovered interest rate caps with clients. Other noninterest income includes mortgage banking income and losses generated through our mortgage banking operation comprised of Amerant Mortgage through the early part of the fourth quarter of 2025, and later through the Bank, and consists of gain on sale of loans, gain on loans market valuation, foreign currency exchange transactions with customers, other fees and smaller sources of income. Noninterest Expense. Noninterest expenses generally increase as our business grows and whenever necessary to implement or enhance policies and procedures for regulatory compliance, and other purposes. Noninterest expense consists of: (i) salaries and employee benefits; (ii) occupancy and equipment expenses; (iii) professional and other services fees; (iv) loan-level derivative expenses; (v) FDIC deposit and business insurance assessments and premiums; (vi) telecommunication and data processing expenses; (vii) depreciation and amortization; (viii) advertising and marketing expenses; (ix) other real estate and repossessed assets, net; (x) losses on sale of assets; and (xi) other operating expenses. Salaries and employee benefits include compensation (including severance expenses), employee benefits and employer tax expenses for our personnel. Salaries and employee benefits are partially offset by costs directly related to the origination of loans, which are deferred and amortized over the life of the related loans as adjustments to interest income in accordance with GAAP. Occupancy expenses consists of lease expense on our leased properties, including right-of-use or ROU asset impairment charges, and other occupancy-related expenses. Equipment expense includes furniture, fixtures and equipment related expenses. Rental income associated with subleasing portions of the Company’s headquarters building and the subleasing of the New York office space, primarily, is included as a reduction to rent expense under lease agreements under occupancy and equipment cost. 59 Professional and other services fees include the cost of outsourced services, including technology infrastructure, banking processing services and other professional consulting fees from our technology provider; legal; accounting and related consulting fees; card processing fees; directors’ fees; regulatory agency fees; such as OCC examination fees, and other fees related to our business operations. Advertising expenses include the costs of promoting the Amerant brand, as well as the costs associated with promoting the Company’s products and services to create positive awareness, or consideration to buy the Company’s products and services. These costs include expenses to produce, deliver and communicate advertisements using available media and technologies, primarily streaming and other digital advertising platforms. Advertising expenses are expensed as incurred, except for media production costs which are expensed upon the first airing of the advertisement. FDIC deposit and business insurance assessments and premiums include deposit insurance, net of any credits applied against these premiums, corporate liability and other business insurance premiums. Telecommunication and data processing expenses include expenses paid to our third-party data processing system providers and other telecommunication and data service providers. Depreciation and amortization expense includes the value associated with the depletion of the value on our owned properties and equipment, including leasehold improvements made to our leased properties. OREO and repossessed assets expense includes expenses and revenue (rental income) from the operation of foreclosed property/assets as well as fair value adjustments and gains/losses from the sale of OREO and repossessed assets. Other operating expenses include earnings credits, business development expenses, community engagement, charitable contributions, mortgage loan origination and servicing expenses, postage and courier expenses, and other small operational expenses. Earnings credits are provided to certain commercial depositors primarily in the mortgage banking industry to help offset deposit service charges incurred. 60 Primary Factors Used to Evaluate Our Financial Condition The primary factors we use to evaluate and manage our financial condition include asset quality, capital and liquidity. Asset Quality. We manage the diversification and quality of our assets based upon factors that include the level, distribution and risks in each category of assets. Problem assets may be categorized as classified, delinquent, nonaccrual, nonperforming and restructured assets. We also manage the adequacy of our allowance for credit losses, or the allowance, the diversification and quality of loan and investment portfolios, the extent of counterparty risks, credit risk concentrations and other factors. We review and update our allowance for expected credit losses periodically to calibrate loss estimation models based on our loan volumes, and credit and economic conditions in our markets. The models may differ among our loan segments to reflect their different asset types, and includes qualitative factors, which are updated periodically based on the type of loan and other factors. Capital. Financial institution regulators have established minimum capital ratios for banks and bank holding companies. We manage capital based upon factors that include: (i) the level and quality of capital and our overall financial condition; (ii) the trend and volume of problem assets; (iii) the adequacy of reserves; (iv) the level and quality of earnings; (v) the risk exposures in our balance sheet under various scenarios, including stressed conditions; (vi) the Tier 1 capital ratio, the total capital ratio, the Tier 1 leverage ratio, and the CET1 capital ratio; (vii) the tangible equity ratio; and (viii) other factors, including market conditions. Liquidity. Our deposit base consists primarily of personal and commercial accounts maintained by individuals and businesses in our primary markets and select international core depositors. The Company is focused on relationship-driven core deposits. The Company may also use third party providers of domestic sources of deposits as part of its balance sheet management strategies. We define core deposits as total deposits excluding all time deposits. This definition of core deposits differs from the Federal Financial Institutions Examination Council’s (the “FFIEC”) Uniform Bank Performance Report (the “UBPR”) definition of “core deposits,” which exclude brokered time deposits and retail time deposits of more than $250,000. See “Core Deposits” discussion for more details. We manage liquidity based upon factors that include the amount of core deposit relationships as a percentage of total deposits, the level of diversification of our funding sources, the allocation and amount of our deposits among deposit category, the short-term funding sources used to fund assets, the amount of non-deposit funding used to fund assets, the availability of unused funding sources, off-balance sheet obligations, the amount of cash and liquid securities we hold, the availability of assets readily convertible into cash without undue loss, the characteristics and maturities of our assets when compared to the characteristics of our liabilities and other factors. Seasonality. Our loan production, generally, is subject to seasonality, with the lowest volume typically in the first quarter of each year. 61 Summary Results The summary results for the three and six month periods ended June 30, 2026 include the following: •Total assets were $10.3 billion at June 30, 2026, up $517.2 million, or 5.3%, compared to $9.8 billion at December 31, 2025. •Total gross loans, which includes all loans held for sale, were $6.9 billion at June 30, 2026, up $168.4 million, or 2.5%, compared to $6.7 billion at December 31, 2025. •Cash and cash equivalents were $301.1 million, down $169.0 million, or 36.0%, compared to $470.2 million at December 31, 2025. •Investment securities were $2.6 billion, up by $523.8 million, or 25.1%, compared to $2.1 billion at December 31, 2025. •Total deposits were $8.4 billion at June 30, 2026, up $568.4 million, or 7.3%, compared to $7.8 billion at December 31, 2025. •Core deposits were $6.4 billion, up by $653.4 million, or 11.28%, compared to $5.8 billion at December 31, 2025. •Total advances from the FHLB were $702.6 million, down $9.4 million, or 1.3%, compared to $712.0 million as of December 31, 2025. •Net Interest Margin (“NIM”) decreased to 3.52% in the three months ended June 30, 2026 compared to 3.81% in the three months ended June 30, 2025. NIM was 3.54% in the six months ended June 30, 2026 compared to 3.78% in the six months ended June 30, 2025. •Average yield on loans decreased to 6.22% in the three months ended June 30, 2026 from 6.88% in the three months ended June 30, 2025. Average yield on loans decreased to 6.30% in the six months ended June 30, 2026 compared to 6.86% in the six months ended June 30, 2025. •Average cost of total deposits decreased to 2.21% in the three months ended June 30, 2026 compared to 2.53% in the three months ended June 30, 2025. Average cost of total deposits decreased to 2.26% in the six months ended June 30, 2026 compared to 2.56% in the six months ended June 30, 2025. •Loan to deposit ratio was 82.17% at June 30, 2026 compared to 86.01% at December 31, 2025. •Asset Quality and Allowance for Credit Losses: ◦Total non-performing assets were $186.6 million at June 30, 2026, down $0.3 million, or 0.2%, compared to $186.9 million at December 31, 2025. As of June 30, 2026, non-performing assets consist of $171.1 million in non-performing loans and $15.5 million in other real estate owned. ◦The ACL as of June 30, 2026 was $85.5 million compared to $79.3 million as of December 31, 2025. ◦Classified loans were $273.1 million, down by $81.7 million, or 23.0%, compared to $354.8 million at December 31, 2025, while non-performing loans were $171.1 million, down $0.3 million, or 0.2%, compared to $171.4 million at December 31, 2025. Special 62 mention loans were $109.8 million, down $26.7 million, or 19.6%, compared to $136.5 million at December 31, 2025. •Assets Under Management and custody (“AUM”) totaled $3.4 billion, as of June 30, 2026, up $114.4 million, or 3.5%, from $3.3 billion as of December 31, 2025. •Pre-tax pre-provision net revenue (“PPNR”)(1) was $31.9 million in the three months ended June 30, 2026, a decrease of $4.0 million, or 11.2%, compared to $35.9 million in the three months ended June 30, 2025. PPNR(1) was $62.6 million, in the six months ended June 30, 2026, a decrease of $7.1 million, or 10.2%, compared to $69.7 million in the six months ended June 30, 2025. •Net Interest Income (“NII”) was $82.6 million in the three months ended June 30, 2026, down $7.9 million, or 8.7%, from $90.5 million in the three months ended June 30, 2025. NII was $162.9 million in the six months ended June 30, 2026, down $13.5 million, or 7.7%, compared to $176.4 million in the six months ended June 30, 2025. •Provision for credit losses was $4.8 million in the three months ended June 30, 2026, down $1.3 million, or 21.6% compared to $6.1 million in the three months ended June 30, 2025. Provision for credit losses was $12.6 million in the six months ended June 30, 2026, down $12.0 million, or 48.79%, compared to $24.5 million in the six months ended June 30, 2025. •Noninterest income was $18.2 million in the three months ended June 30, 2026, down $1.6 million, or 8.2%, from $19.8 million in the three months ended June 30, 2025. Non-interest income was $35.5 million in the six months ended June 30, 2026, down $3.8 million, or 9.57%, compared to $39.3 million in the six months ended June 30, 2025. •Noninterest expense was $68.9 million in the three months ended June 30, 2026, down $5.5 million, or 7.4%, from $74.4 million in the three months ended June 30, 2025. Non-interest expense was $135.8 million in the six months ended June 30, 2026, down $10.2 million, or 7.0%, compared to $146.0 million in the six months ended June 30, 2025. •The efficiency ratio was 68.4% in the three months ended June 30, 2026 compared to 67.5% in the three months ended June 30, 2025. The efficiency ratio was 68.5% in the six months ended June 30, 2026 compared to 67.7% in the six months ended June 30, 2025. See “Net Income” section for more information on the key drivers of noninterest income, noninterest expense, and net interest income. •Return on average Assets (“ROA”) was 0.84% in the three months ended June 30, 2026, compared to 0.90% in the three months ended June 30, 2025. ROA was 0.78% in the six months ended June 30, 2026, compared to 0.69% in the six months ended June 30, 2025. •Return on average equity (“ROE”) was 9.23% in the three months ended June 30, 2026 compared to 10.06% in the three months ended June 30, 2025. ROE was 8.42% in the six months ended June 30, 2026, compared to 7.71% in the six months ended June 30, 2025. 1Non-GAAP measure, see “Non-GAAP Financial Measures” for more information and for a reconciliation to GAAP. 63 Results of Operations - Comparison of Results of Operations for the Three and Six Month Periods Ended June 30, 2026 and 2025 Net income The table below sets forth certain results of operations data for the three and six month periods ended June 30, 2026 and 2025: Three Months Ended June 30, Change Six Months Ended June 30, Change (in thousands, except per share amounts and percentages) 2026 2025 2026 vs 2025 2026 2025 2026 vs 2025 Net interest income $ 82,575 $ 90,479 $ (7,904) (8.7) % $ 162,856 $ 176,383 $ (13,527) (7.7) % Provision for credit losses 4,750 6,060 (1,310) (21.6) % 12,550 24,506 (11,956) (48.8) % Net interest income after provision for credit losses 77,825 84,419 (6,594) (7.8) % 150,306 151,877 (1,571) (1.0) % Noninterest income 18,162 19,778 (1,616) (8.2) % 35,543 39,303 (3,760) (9.6) % Noninterest expense 68,877 74,400 (5,523) (7.4) % 135,796 145,954 (10,158) (7.0) % Income before income tax expense 27,110 29,797 (2,687) (9.0) % 50,053 45,226 4,827 10.7 % Income tax expense (6,067) (6,795) 728 (10.7) % (11,137) (10,266) (871) 8.5 % Net income attributable to Amerant Bancorp Inc. $ 21,043 $ 23,002 $ (1,959) (8.5) % $ 38,916 $ 34,960 $ 3,956 11.3 % Basic earnings per common share $ 0.54 $ 0.55 $ (0.01) (1.8) % $ 0.98 $ 0.83 $ 0.15 18.1 % Diluted earnings per common share (1) $ 0.53 $ 0.55 $ (0.02) (3.6) % $ 0.97 $ 0.83 $ 0.14 16.9 % __________________ (1) In the three and six month periods ended June 30, 2026 and 2025, potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance share units. See Note 13 to our unaudited interim consolidated financial statements in this Form 10-Q for details on the dilutive effects of the issuance of restricted stock, restricted stock units and performance share units on earnings per share. Three Months Ended June 30, 2026 and 2025 In the three months ended June 30, 2026, net income attributable to the Company was $21.0 million, or $0.53 income per diluted share, compared to net income of $23.0 million, or $0.55 income per diluted share, in the same quarter of 2025. The decrease of $2.0 million, or 8.5%, in the three months ended June 30, 2026 was primarily driven by: (i) lower net interest income; and (ii) lower noninterest income, which were partially offset by: (i) lower noninterest expense; and (ii) lower provision for credit losses. 64 Net interest income was $82.6 million in the three months ended June 30, 2026, a decrease of $7.9 million, or 8.7%, from $90.5 million in the three months ended June 30, 2025. This was primarily driven by a decrease of $15.4 million, or 10.2%, in interest income, partially offset by a decrease of $7.5 million or 12.4% in interest expense. The decrease in interest income was primarily driven by: (i) a total of 58 basis points decrease in the average rates on all interest-earning assets, mainly in the average yields of the loan portfolio; and (ii) decreases of $443.5 million, or 6.2%, and $190.2 million, or 37.0%, in the average balances of loans and deposits with banks, respectively, during the period. The decrease in interest income was partially offset by a decrease in interest expense which was primarily driven by a decrease of 41 basis points in the total average rates of interest-bearing liabilities, mainly in the average rates paid on total deposits, as well as a decrease of $154.9 million, or 7.2%, in the average balances of time deposits. In addition, there was an increase of $575.3 million, or 32.5%, in the average balances of debt securities available for sale during the period. Net interest margin was 3.52% in the three months ended June 30, 2026, a decrease of 29 basis points from 3.81% in the three months ended June 30, 2025. See discussions further below for more details. Noninterest income was $18.2 million in the three months ended June 30, 2026, compared to $19.8 million in the three months ended June 30, 2025. The decrease was mainly driven by: (i) lower loan-level derivative income; (ii) lower securities gains; (iii) lower other noninterest income; and (iv) lower cards and trade financing servicing fees. These decreases were partially offset by: (i) the absence of derivative losses; (ii) higher brokerage, advisory and fiduciary income; (iii) higher deposits and service fees; and (iv) higher change in cash surrender value of BOLI. Noninterest expense was $68.9 million in the three months ended June 30, 2026, a decrease of $5.5 million, or 7.4%, compared to $74.4 million in the same period in 2025. This decrease was mainly due to: (i) lower other operating expenses; (ii) lower OREO and repossessed assets expense; (iii) lower salaries and employee benefits; (iv) lower advertising expenses; (v) lower occupancy and equipment expenses; (vi) lower professional and other services fees; and (vii) lower FDIC assessments and insurance expenses. These decreases were partially offset by: (i) higher losses on loans held for sale carried at the lower of cost or fair value; and (ii) higher telecommunication and data processing expenses. See “Noninterest Expense” for more details. In the three months ended June 30, 2026 and 2025, the Company incurred noninterest expenses of $0.1 million and $3.0 million, respectively, related to Amerant Mortgage. These expenses consisted primarily of mortgage lending costs and professional and other service fees in the second quarter of 2026, and salaries and employee benefits, mortgage lending costs, and professional and other service fees in the second quarter of 2025. Amerant Mortgage had no full-time equivalent employees (“FTEs”) at June 30, 2026 compared to 35 FTEs at June 30, 2025, reflecting the wind-down of its operations. Six Months Ended June 30, 2026 and 2025 In the six months ended June 30, 2026, net income attributable to the Company was $38.9 million, or $0.97 income per diluted share, compared to net income of $35.0 million, or $0.83 income per diluted share, in the same period of 2025. The increase of $4.0 million, or 11.3%, in the six months ended June 30, 2026 was primarily driven by lower provision for credit losses and lower noninterest expense. The increase was partially offset by lower net interest income and lower noninterest income. 65 Net interest income was $162.9 million in the six months ended June 30, 2026, a decrease of $13.5 million, or 7.7%, from $176.4 million in the six months ended June 30, 2025. This was primarily driven by a decrease of $28.8 million, or 9.7%, in interest income, partially offset by a decrease of $15.3 million or 12.6% in interest expense. The decrease in interest income was driven by a total of 54 basis points decrease in the average rates on all interest-earning assets, primarily in the average yields of the loan portfolio; and decreases of $546.5 million, or 7.6%, and $239.5 million, or 43.8%, in the average balances of the loan portfolio and deposits with banks, respectively, during the period. The decrease in interest income was partially offset by a decrease in interest expense primarily driven by: (i) a decrease of 41 basis points in the average rates paid on total interest-bearing liabilities; and (ii) a decrease of $185.2 million, or 8.5%, in the average balances of time deposits. In addition, there was an increase of $691.2 million, or 42.6%, in the average balances of debt securities available for sale during the period. Net interest margin was 3.54% in the six months ended June 30, 2026, a decrease of 24 basis points from 3.78% in the six months ended June 30, 2025. See discussions further below for more details. Noninterest income was $35.5 million in the six months ended June 30, 2026 compared to noninterest income of $39.3 million in the six months ended June 30, 2025. The decrease was mainly driven by:(i) lower other noninterest income; (ii) lower loan-level derivative income; (iii) lower securities gains; and (iv) lower cards and trade finance servicing fees. These decreases were partially offset by: (i) the absence of derivative losses; (ii) higher brokerage, advisory and fiduciary activities; (iii) higher change in cash surrender value of BOLI; and (iv) higher deposits and service fees. See “Noninterest Income” for more details. Noninterest expense was $135.8 million in the six months ended June 30, 2026, a decrease of $10.2 million, or 6.96%, compared to $146.0 million in the same period in 2025. This decrease was mainly due to: (i) lower professional and other service fees; (ii) lower other operating expenses; (iii) lower salary and employee benefits; (iv) lower net OREO and repossessed assets expenses; (v) lower advertising expenses; (vi) lower occupancy and equipment expenses; and (vii) lower FDIC assessments and insurance expenses. These decreases were partially offset by: (i) higher losses on loans held for sale carried at the lower of cost or fair value; and (ii) higher telecommunications and data processing expenses. See “Noninterest Expense” for more details. In the six months ended June 30, 2026 and 2025, the Company incurred noninterest expenses of $0.3 million and $6.2 million, respectively, related to Amerant Mortgage which consists of salaries and employee benefits expense, mortgage lending costs and professional and other services fees. Amerant Mortgage had no full-time equivalent employees (“FTEs”) at June 30, 2026 compared to 35 at June 30, 2025. 66 Average Balance Sheet, Interest and Yield/Rate Analysis The following tables present average balance sheet information, interest income, interest expense and the corresponding average yields earned and rates paid for the three and six month periods ended June 30, 2026 and 2025. The average balances for loans include both performing and non-performing balances. Interest income on loans includes the effects of discount accretion and the amortization of non-refundable loan origination fees, net of direct loan origination costs as well as the amortization of net premiums/discounts on loan purchases, accounted for as yield adjustments. Average balances represent the daily average balances for the periods presented. Three Months Ended June 30, 2026 2025 (in thousands, except percentages) Average Balances Income/ Expense Yield/ Rates Average Balances Income/ Expense Yield/ Rates Interest-earning assets: Loan portfolio, net (1) $ 6,674,563 $ 103,449 6.22 % $ 7,118,087 $ 122,166 6.88 % Debt securities available for sale (2)(3) 2,344,767 28,302 4.84 % 1,769,440 21,931 4.97 % Debt securities held for trading 209 — — % 59,331 343 2.32 % Equity securities with readily determinable fair value not held for trading 2,527 22 3.49 % 2,508 21 3.36 % Federal Reserve Bank and FHLB stock 57,054 888 6.24 % 57,072 917 6.44 % Deposits with banks (4) 324,291 2,965 3.67 % 514,478 5,643 4.40 % Other short-term investments 3,856 35 3.64 % 7,046 74 4.21 % Total interest-earning assets 9,407,267 135,661 5.78 % 9,527,962 151,095 6.36 % Total noninterest-earning assets (5) 700,165 728,292 Total assets $ 10,107,432 $ 10,256,254 67 Three Months Ended June 30, 2026 2025 (in thousands, except percentages) Average Balances Income/ Expense Yield/ Rates Average Balances Income/ Expense Yield/ Rates Interest-bearing liabilities: Checking and saving accounts Interest bearing demand, savings, and money market deposits (6) 4,618,118 27,154 2.36 % 4,451,069 29,597 2.67 % Time deposits 1,995,007 17,682 3.55 % 2,149,861 22,285 4.16 % Total deposits 6,613,125 44,836 2.72 % 6,600,930 51,882 3.15 % Securities sold under agreements to repurchase 95 1 4.22 % 105 1 3.82 % Advances from the FHLB (7) 712,801 6,935 3.90 % 717,260 7,230 4.04 % Senior notes — — — % — 78 — % Subordinated notes 29,859 362 4.86 % 29,689 361 4.88 % Junior subordinated debentures 64,178 952 5.95 % 64,178 1,064 6.64 % Total interest-bearing liabilities 7,420,058 53,086 2.87 % 7,412,162 60,616 3.28 % Noninterest-bearing liabilities: Noninterest-bearing demand deposits 1,533,032 1,637,173 Accounts payable, accrued liabilities and other liabilities 239,723 289,909 Total noninterest-bearing liabilities 1,772,755 1,927,082 Total liabilities 9,192,813 9,339,244 Stockholders’ equity 914,619 917,010 Total liabilities and stockholders' equity $ 10,107,432 $ 10,256,254 Excess of average interest-earning assets over average interest-bearing liabilities $ 1,987,209 $ 2,115,800 Net interest income $ 82,575 $ 90,479 Net interest rate spread 2.91 % 3.08 % Net interest margin (8) 3.52 % 3.81 % Cost of total deposits (8) 2.21 % 2.53 % Ratio of average interest-earning assets to average interest-bearing liabilities 126.78 % 128.54 % Average non-performing loans/ Average total loans 2.55 % 1.35 % 68 Six Months Ended June 30, 2026 2025 (in thousands, except percentages) Average Balances Income/ Expense Yield/ Rates Average Balances Income/ Expense Yield/ Rates Interest-earning assets: Loan portfolio, net (1) 6,599,445 206,123 6.30 % 7,145,968 243,187 6.86 % Debt securities available for sale (2)(3) 2,313,279 55,102 4.80 % 1,622,123 39,895 4.96 % Debt securities held for trading 271 — — % 29,907 343 2.31 % Equity securities with readily determinable fair value not held for trading 2,540 36 2.86 % 2,503 40 3.22 % Federal Reserve Bank and FHLB stock 57,115 1,756 6.20 % 57,195 1,853 6.53 % Deposits with banks (4) 307,810 5,563 3.64 % 547,262 12,044 4.44 % Other short-term investments 5,510 98 3.59 % 6,742 141 4.23 % Total interest-earning assets 9,285,970 268,678 5.83 % 9,411,700 297,503 6.37 % Total noninterest-earning assets (5) 719,693 738,283 Total assets $ 10,005,663 $ 10,149,983 Interest-bearing liabilities: Checking and saving accounts Interest bearing demand, savings, and money market deposits (6) 4,524,244 53,519 2.39 % 4,318,144 56,726 2.65 % Time deposits 2,003,432 35,936 3.62 % 2,188,681 46,143 4.25 % Total deposits 6,527,676 89,455 2.76 % 6,506,825 102,869 3.19 % Securities sold under agreements to repurchase 48 1 4.20 % 105 1 3.82 % Advances from the FHLB (7) 712,576 13,781 3.90 % 720,446 14,430 4.04 % Senior notes — — — % 29,776 1,020 6.91 % Subordinated notes 29,839 723 4.89 % 29,668 722 4.91 % Junior subordinated debentures 64,178 1,862 5.85 % 64,178 2,078 6.53 % Total interest-bearing liabilities 7,334,317 105,822 2.91 % 7,350,946 121,120 3.32 % Noninterest-bearing liabilities: Noninterest-bearing demand deposits 1,465,199 1,591,227 Accounts payable, accrued liabilities and other liabilities 274,158 293,677 Total noninterest-bearing liabilities 1,739,357 1,884,904 Total liabilities 9,073,674 9,235,850 Stockholders’ equity 931,989 914,133 Total liabilities and stockholders' equity $ 10,005,663 $ 10,149,983 Excess of average interest-earning assets over average interest-bearing liabilities $ 1,951,653 $ 2,060,754 Net interest income $ 162,856 $ 176,383 Net interest rate spread 2.92 % 3.05 % Net interest margin (8) 3.54 % 3.78 % Cost of total deposits (8) 2.26 % 2.56 % Ratio of average interest-earning assets to average interest-bearing liabilities 126.61 % 128.03 % Average non-performing loans/ Average total loans 2.47 % 1.39 % __________________ (1) Includes loans held for investment net of the allowance for credit losses, and loans held for sale. Non-performing loans are included in the total loan portfolio balances. (2) Includes the average balance of net unrealized gains and losses in the fair value of debt securities available for sale. (3) Includes nontaxable securities with average balances of $51.9 million and $53.9 million for the three months ended June 30, 2026 and June 30, 2025, respectively, and $52.7 million and $54.6 million in the six months ended June 30, 2026 and 2025, respectively. The tax equivalent yield for these nontaxable securities was 4.70% and 4.81% for the three months ended June 30, 2026 and June 30, 2025, 69 respectively, and 4.66% and 4.75% for the six months ended June 30, 2026 and 2025, respectively. In 2026 and 2025, the tax equivalent yields were calculated assuming a 21% tax rate and dividing the actual yield by 0.79. (4) Deposits with banks in this table include time deposits with banks maturing in more than three months that are not considered cash and cash equivalents in the Company's consolidated balance sheet. (5) Excludes the allowance for credit losses. (6) To emphasize material items, certain line items that were presented separately in prior years have been aggregated into a single line item in this table. This includes interest-bearing demand, savings, and money market deposits. Prior periods have been conformed to this presentation for comparability. (7) The terms of the FHLB advance agreements require the Bank to maintain certain investment securities or loans as collateral for these advances. (8) Net interest margin, or NIM: defined as net interest income, or NII, divided by average interest-earning assets, which are loans, securities, deposits with banks and other financial assets which yield interest or similar income. Cost of total deposits: calculated based upon the average balance of total noninterest bearing and interest bearing deposits, which includes time deposits. 70 Net Interest Income Three Months Ended June 30, 2026 and 2025 The Company continued to execute strategic repricing across its deposit products and continued growth in the lower-cost international deposits to offset lower yields on the loan portfolio during the second quarter of 2026 compared to the same period last year. Additionally, we continued investing in fixed rate investments. See discussions further below for more details. Net interest income in the three months ended June 30, 2026, was $82.6 million, a decrease of $7.9 million, or 8.7%, from $90.5 million in the three months ended June 30, 2025. This was primarily driven by a decrease of $15.4 million, or 10.2%, in interest income, offset by a decrease of $7.5 million or 12.4% in interest expense. The decrease in interest income was primarily driven by: (i) a total of 58 basis points decrease in the average rates on all interest-earning assets, mainly in the average yields of the loan portfolio; and (ii) decreases of $443.5 million, or 6.2%, and $190.2 million, or 37.0%, in the average balances of loans and deposits with banks, respectively, during the period. The decrease in interest income was partially offset by a decrease in interest expense which was primarily driven by a decrease of 41 basis points in the total average rates of interest-bearing liabilities, mainly in the average rates paid on total deposits, as well as a decrease of $154.9 million, or 7.2%, in the average balances of time deposits. In addition, there was an increase of $575.3 million, or 32.5%, in the average balances of debt securities available for sale during the period. Interest Income Total interest income was $135.7 million in the three months ended June 30, 2026, a decrease of $15.4 million, or 10.2%, compared to $151.1 million for the same period of 2025. The decrease was driven by: (i) a total of 58 basis points decrease in the average rates on all interest-earning assets, primarily in the average yields of the loan portfolio; and (ii) decreases of $443.5 million, or 6.2%, and $190.2 million, or 37.0%, in the average balances of loans and deposits with banks, respectively, during the period. The decreases were partially offset by an increase of $575.3 million, or 32.5%, in the average balances of debt securities available for sale during the period. Interest income on loans in the three months ended June 30, 2026 was $103.4 million, a decrease of $18.7 million, or 15.3%, compared to $122.2 million in the same period last year, primarily due to a 66 basis points decrease in average yields. The decrease in interest income on loans was also due to the decreases in the average balance of the total loan portfolio during the quarter compared to the same period in 2025. See “Average Balance Sheet, Interest and Yield/Rate Analysis” for detailed information. Interest income on debt securities available for sale was $28.3 million in the three months ended June 30, 2026, an increase of $6.4 million, or 29.1%, compared to $21.9 million in the same period of 2025. This was primarily due to an increase of $575.3 million, or 32.5%, in the average balance of these securities which were partially offset by a decrease of 13 basis points in average yields. The increase in the average balance was primarily as a result of additional purchases of fixed rate investments during the quarter which were partially offset by sales and paydowns in the period. In the three months ended June 30, 2026, the average balance of accumulated net unrealized losses included in the carrying value of debt securities were $33.6 million, compared to the average balance of accumulated net unrealized losses of $43.5 million in the same period last year. As of June 30, 2026, floating rate investments, which are entirely comprised of available for sale debt securities, represent 6.3% of our total investment portfolio compared to 19.0% at June 30, 2025. In addition, the expected overall duration increased to 4.7 years at June 30, 2026 from 4.4 years at June 30, 2025. This increase is attributable to prepayments being modeled slower due to projected rate increases as well as a smaller proportion of floating rate investments which carry a lower duration than fixed rate investments. 71 Interest Expense Interest expense was $53.1 million in the three months ended June 30, 2026, a decrease of $7.5 million or 12.4%, compared to $60.6 million in the same period of 2025. This was primarily due to: (i) decrease of 41 basis points in the total average rates of interest-bearing liabilities, primarily in the average rates paid on total deposits, as well as a decrease of $154.9 million, or 7.2%, in the average balances of time deposits. These decreases were partially offset by an increase of $167.1 million in the average balances of interest-bearing demand, savings and money market deposits. Interest expense on interest-bearing deposits was $44.8 million in the three months ended June 30, 2026, a decrease of $7.0 million, or 13.6%, compared to $51.9 million in the same period of 2025. This was mainly driven by a decrease of 43 basis points in the average rates paid on total deposits, partially offset by an increase of $12.2 million, or 0.2%, in their average balance. See below for a detailed explanation of changes by major deposit category: •Time deposits. Interest expense on total time deposits decreased $4.6 million, or 20.7%, in the three months ended June 30, 2026 compared to the same period in 2025. This was mainly due to a decrease of 61 basis points in the average rates paid on time deposits. In addition, there was a decrease of $154.9 million, or 7.2%, in the average balance of these deposits, which includes a $79.2 million decrease in the average balance of brokered time deposits, as well as a $75.7 million decrease in the average balance of customer CDs. •Interest bearing demand, savings and money market deposit accounts. Interest expense on interest bearing demand, savings and money market deposit accounts decreased $2.4 million, or 8.3%, in the three months ended June 30, 2026 compared to the same period in 2025. This was mainly due to a net decrease of 31 basis points in the average costs on these deposits. This was partially offset by a net increase of $167.0 million, or 3.75%, in the average balance of these deposits. Interest expense on advances from the FHLB decreased $0.3 million, or 4.1%, in the three months ended June 30, 2026 compared to the same period in 2025, primarily driven by a decrease of 14 basis points in average rates paid. Six Months Ended June 30, 2026 and 2025 Net interest income in the six months ended June 30, 2026, was $162.9 million, a decrease of $13.5 million, or 7.7%, from $176.4 million in the six months ended June 30, 2025. This was primarily driven by a decrease of $28.8 million, or 9.7%, in interest income, partially offset by a decrease of $15.3 million or 12.6% in interest expense. The decrease in interest income was primarily driven by a total of 54 basis points decrease in the average rates on all interest-earning assets, mainly in the average yields of the loan portfolio; and decreases of $546.5 million, or 7.6%, and $239.5 million, or 43.8%, in the average balances of the loan portfolio and deposits with banks, respectively, during the period. The decrease in interest income was partially offset by a decrease in interest expense which was primarily driven by: (i) a decrease of 41 basis points in the average rates paid on total interest-bearing liabilities; and (ii) a decrease of $185.2 million, or 8.5%, in the average balances of time deposits. In addition, there was an increase of $691.2 million, or 42.6%, in the average balances of debt securities available for sale during the period. Net interest margin was 3.54% in the six months ended June 30, 2026, a decrease of 24 basis points from 3.78% in the six months ended June 30, 2025. See discussions further below for more details. During the six months ended June 30, 2026, we had lower average balance of loans and deposit balances with banks compared to the same period last year. The Company was able to reprice the cost of its interest-bearing deposits to offset lower yields on the loan portfolio we recorded during the first half of 2026 compared to the same period last year. Additionally, we continued investing in higher-yielding, fixed rate, debt securities available for sale, and maintaining funds at the Federal Reserve. See discussions further below for more details. 72 Interest Income Total interest income was $268.7 million in the six months ended June 30, 2026, a decrease of $28.8 million, or 9.7%, compared to $297.5 million for the same period of 2025. This was primarily driven by: (i) a total of 54 basis points decrease in the average rates on all interest-earning assets, primarily in the average yields of the loan portfolio; and decreases of $546.5 million, or 7.6%, and $239.5 million, or 43.8%, in the average balances of the loan portfolio and deposits with banks, respectively, during the period. The decreases were partially offset by an increase of $691.2 million, or 42.6%, in the average balances of debt securities available for sale during the period. Interest income on loans in the six months ended June 30, 2026 was $206.1 million, a decrease of $37.1 million, or 15.2%, compared to $243.2 million in the same period last year, primarily due to a 56 basis points decrease in the average yields, as well as a decrease in the average balances of the portfolio. See “-Average Balance Sheet, Interest and Yield/Rate Analysis” for detailed information. Interest income on debt securities available for sale was $55.1 million in the six months ended June 30, 2026, an increase of $15.2 million, or 38.1%, compared to $39.9 million in the same period of 2025. In the six months ended June 30, 2026, the average balance of accumulated net unrealized losses included in the carrying value of these securities was $16.7 million compared to $45.2 million in the same period last year. The Company had no corporate debt securities as of June 30, 2026, compared to 0.8% at June 30, 2025. Interest Expense Interest expense was $105.8 million in the six months ended June 30, 2026, a decrease of $15.3 million or 12.6%, compared to $121.1 million in the same period of 2025. This was primarily due to: (i) a decrease of 41 basis points in the average rates paid on total interest-bearing liabilities; and (ii) a decrease of $185.2 million, or 8.5%, in the average balances of time deposits. These decreases were partially offset by an increase of $206.1 million, or 4.8%, in the average balances of interest bearing demand, savings, and money market deposit accounts. Interest expense on interest-bearing deposits was $89.5 million in the six months ended June 30, 2026, a decrease of $13.4 million, or 13.0%, compared to $102.9 million for the same period of 2025. This was mainly driven by a decrease of 43 basis points in the average rates paid on total deposits. These decreases were partially offset by an increase of $20.9 million, or 0.3%, in their average balance, mainly in interest bearing demand, savings and money market deposit accounts. See below for a detailed explanation of changes by major deposit category: •Time deposits. Interest expense on total time deposits decreased $10.2 million, or 22.1%, in the six months ended June 30, 2026 compared to the same period in 2025. This was mainly due to a decrease of 63 basis points in the average cost of total time deposits. In addition, there was a decrease of $185.2 million, or 8.5%, in the average balance of these deposits, which includes a decrease of $40.6 million in the average balance of customer CDs and a decrease of $144.6 million in the average balance of brokered time deposits. 73 •Interest bearing demand, savings and money market deposit accounts. Interest expense on interest bearing demand, savings and money market deposit accounts decreased $3.2 million, or 5.7% in the six months ended June 30, 2026 compared to the same period in 2025, mainly due to a decrease of 26 basis points in the average costs on these deposits. The decrease was offset by an increase of $206.1 million, or 4.8%, in the average balances of these deposits. Interest expense on advances from the FHLB decreased $0.6 million, or 4.5%, in the six months ended June 30, 2026 compared to the same period of 2025, primarily driven by a decrease of 14 basis points in average rates paid. In the first six months of 2026, the Company borrowed $20.0 million of advances from the FHLB. See “Capital Resources and Liquidity Management” for more details on the repayment and restructuring of advances from the FHLB. Analysis of the Allowance for Credit Losses Set forth in the table below are the changes in the allowance for credit losses for each of the periods presented. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Balance at the beginning of the period $ 79,236 $ 98,266 $ 79,276 $ 84,963 Initial ACL on acquired PSLs (1) 1,900 — 2,360 — Charge-offs Real estate loans Commercial Real Estate (CRE) Non-owner occupied $ — $ — $ — $ — Multi-family residential — — — — Single-family residential — (156) — (216) Owner occupied — — — (130) — (156) — (346) Commercial (4,490) (16,624) (10,214) (18,327) Consumer and others (1,041) (1,799) (4,430) (5,286) Total Charge-offs $ (5,531) $ (18,579) $ (14,644) $ (23,959) Recoveries Real estate loans Commercial Real Estate (CRE) Land development and construction loans 39 — 39 18 39 — 39 18 Single-family residential 3 — 13 — Owner occupied — 40 42 40 42 40 94 58 Commercial 3,693 2,732 5,020 3,604 Consumer and others 409 500 893 1,097 Total Recoveries $ 4,144 $ 3,272 $ 6,007 $ 4,759 Net charge-offs (1,387) (15,307) (8,637) (19,200) Provision for credit losses - loans 5,750 3,560 12,500 20,756 Balance at the end of the period $ 85,499 $ 86,519 $ 85,499 $ 86,519 (1)The ACL relates to residential and commercial loans with an aggregate principal balance of $149.5 million and $186.2 million, in the three and six months ended June 30, 2026, respectively, that were identified as PSL at the acquisition date. The Company adopted new accounting guidance related to PSLs effective January 1, 2026. See Note 1 to our unaudited interim consolidated financial statements in this Form 10-Q. 74 Three Months Ended June 30, 2026 and 2025 The Company recorded a provision for credit losses on loans of $5.8 million in the three months ended June 30, 2026, compared to $3.6 million in the same period last year. In the second quarter of 2026, the provision for credit losses on loans was driven by (i) $2.2 million in specific reserves allocations; (ii) $0.8 million requirements for charge-offs; (iii) $0.8 million due to loan growth; and (iv) $2.0 million attributable to changes in credit quality and macroeconomic factors. During the three months ended June 30, 2026, charge-offs decreased $13.0 million, or 70.2%, compared to the same period last year. In the three months ended June 30, 2026, charge-offs included: (i) $4.3 million related to two large commercial relationships; (ii) $1.0 million related to indirect consumer loans; and (iii) $0.3 million related to other smaller balance loans, including business banking and consumer loans. These charge-offs were partially offset by $4.1 million in recoveries. In the three months ended June 30, 2025, charge-offs included: (i) $15.8 million related to three commercial loans with $12.2 million previously-reserved, including a loan participation in a Quick Service Restaurant-related loan sold in April 2025; (ii) $1.6 million related to purchased indirect consumer loans; and (iii) $1.2 million related to other smaller balance loans, including retail and business banking and consumer loans. This was offset by $3.3 million in recoveries. The ratio of net charge-offs over the average total loan portfolio held for investment was 0.08% in the three months ended June 30, 2026, compared to 0.86% for the same period in 2025. Six Months Ended June 30, 2026 and 2025 The Company recorded a provision for credit losses on loans of $12.5 million in the six months ended June 30, 2026, compared to $20.8 million in the same period last year. In the first half of 2026, the provision for credit losses on loans was driven by: (i) $3.9 million in specific reserves allocations; (ii) $7.2 million requirements for charge-offs; and (iii) $3.4 million attributable to changes in credit quality and macroeconomic factors. These increases were partially offset by a $2.0 million release related to held for investment loan volume changes. During the six months ended June 30, 2026, charge-offs decreased $9.3 million, or 38.9%, compared to the same period of the prior year. In the six months ended June 30, 2026, charge-offs included: (i) $4.3 million related to a commercial loan participation agreement that the borrower and the Company agreed to wind-down in the prior quarter for which no credit exposure remains as of June 30, 2026; (ii) $7.2 million related to three large commercial relationships, which include a $2.2 million related unsecured consumer loan; $2.1 million related on indirect consumer loans; and (iii) $1.0 million related to other smaller balance loans, including business banking and consumer loans. These charge-offs were partially offset by $6.0 million in recoveries. In the six months ended June 30, 2025, charge-offs included: (i) $15.8 million related to three commercial loans, including a loan participation in a Quick Service Restaurant-related loan sold in April 2025; (ii) $5.0 million related to purchased indirect consumer loans; and (iii) $3.2 million related to other smaller balance loans, including retail and business banking and consumer loans. This was offset by $4.8 million in recoveries. The ratio of net charge-offs over the average total loan portfolio held for investment was 0.26% in the first six months of 2026, compared to 0.54% in the first six months of 2025. 75 Consistent with the Company’s applicable policy, the Company has requested independent third-party collateral valuations on all real estate securing non-performing loans with existing valuations older than 12 months and combined outstanding balances in excess of $1.0 million. As of June 30, 2026, there were 12 loans recently downgraded totaling $74.7 million with appraisals older than 12 months, for which new appraisals have been ordered. No additional provision for credit losses was deemed necessary in both periods as a result of these valuations. We continue to proactively and carefully monitor the Company’s credit quality practices, including examining and responding to patterns or trends that may arise across certain industries or regions. 76 Noninterest Income The table below sets forth a comparison for each of the categories of noninterest income for the periods presented. Three Months Ended June 30, Change 2026 2025 2026 vs 2025 (in thousands, except percentages) Amount % Amount % Amount % Deposits and service fees $ 5,419 29.8 % $ 4,968 25.1 % $ 451 9.1 % Brokerage, advisory and fiduciary activities 5,630 31.0 % 4,993 25.2 % 637 12.8 % Change in cash surrender value of bank owned life insurance (“BOLI”) (1) 2,629 14.5 % 2,490 12.6 % 139 5.6 % Cards and trade finance servicing fees 1,432 7.9 % 1,804 9.1 % (372) (20.6) % Gain on early extinguishment of FHLB advances, net 54 0.3 % — — % 54 — % Securities gains, net (2) 408 2.2 % 1,779 9.0 % (1,371) (77.1) % Loan-level derivative income (3) 1,174 6.5 % 3,204 16.2 % (2,030) (63.4) % Derivative losses, net (4) — — % (1,852) (9.4) % 1,852 (100.0) % Other noninterest income 1,416 7.8 % 2,392 12.2 % (976) (40.8) % Total noninterest income $ 18,162 100.0 % $ 19,778 100.0 % $ (1,616) 8.2 % Six Months Ended June 30, Change 2026 2025 2026 vs 2025 (in thousands, except percentages) Amount % Amount % Amount % Deposits and service fees $ 10,291 29.0 % $ 10,105 25.7 % $ 186 1.8 % Brokerage, advisory and fiduciary activities 11,091 31.2 % 9,722 24.7 % 1,369 14.1 % Change in cash surrender value of bank owned life insurance (“BOLI”) (1) 5,193 14.6 % 4,940 12.6 % 253 5.1 % Securities gains, net (2) 924 2.6 % 1,843 4.7 % (919) (49.9) % Loan-level derivative income (3) 2,705 7.6 % 4,712 12 % (2,007) (42.6) % Cards and trade finance servicing fees 2,871 8.1 % 3,196 8.1 % (325) (10.2) % Gain on early extinguishment of FHLB advances, net 54 0.2 % — — % 54 — % Derivative losses, net (4) — — % (1,852) (4.7) % 1,852 (100.0) % Other noninterest income 2,414 6.7 % 6,637 16.9 % (4,223) (63.6) % Total noninterest income $ 35,543 100.0 % $ 39,303 100.0 % $ (3,760) (9.6) % __________ (1) Changes in cash surrender value of BOLI are not taxable. (2) In the three and six month periods ended June 30, 2026, amounts are primarily in connection with gains on the sale of debt securities available for sale. In the three and six month periods ended June 30, 2025, amounts are primarily in connection with gains on market valuation of trading securities. (3) Income from interest rate swaps and other derivative transactions with customers. (4) In the three and six months ended June 30, 2025, includes net unrealized losses in connection with TBA MBS derivative contracts. 77 Three Months Ended June 30, 2026 and 2025 Total noninterest income decreased $1.6 million, or 8.2%, in the three months ended June 30, 2026, compared to the same period last year, primarily driven by lower: (i) loan-level derivative income; (ii) securities gains; (iii) other noninterest income; and (iv) cards and trade financing servicing fees. These decreases were partially offset by: (i) the absence of derivative losses primarily TBA MBS contracts; (ii) higher brokerage, advisory and fiduciary income; (iii) higher deposits and service fees; and (iv) higher change in cash surrender value of BOLI. Loan-level derivative income decreased $2.0 million, or 63.4%, in the three months ended June 30, 2026 compared to the same period in 2025, primarily due to lower volume of transactions with loan customers. Securities gains in the three months ended June 30, 2026 decreased $1.4 million, or 77.1%, compared to the same period in 2025. The Company recorded approximately $0.4 million in realized gains from the sale of debt securities available for sale during the three months ended June 30, 2026, while in the three months ended June 30, 2025, the Company recognized valuation gain of approximately $1.8 million from its trading portfolio, which was subsequently sold during the fourth quarter of 2025. Other noninterest income decreased $1.0 million, or 40.8%, in the three months ended June 30, 2026 compared to the same period in 2025, primarily due to decreases of $0.8 million in mortgage banking income and $0.2 million in foreign currency exchange transactions. Additionally, miscellaneous income increased driven by life insurance benefits received in the current period. Cards and trade financing servicing fees decreased $0.4 million, or 20.6%, in the three months ended June 30, 2026 compared to the same period in 2025, primarily due to lower commissions earned on the issuance of letters of credit. Derivative losses, net were zero in the three months ended June 30, 2026, compared to $1.9 million in the same period in 2025, as the Company had no derivative trading activity during the three months ended June 30, 2026. During the three months ended June 30, 2025, the Company had entered into a TBA MBS derivative contract to mitigate changes in the market valuation of the trading securities held during the period resulting in losses of approximately $1.9 million. Brokerage, advisory and fiduciary fees increased $0.6 million, or 12.8%, in the three months ended June 30, 2026, compared to the same period in 2025. This was mainly driven by higher volume from equity and structured product and fixed income trading in the second quarter of 2026 compared to the second quarter of 2025, as well as increases in valuations compared to the prior year. Our AUMs totaled $3.4 billion at June 30, 2026, an increase of $114.4 million, or 3.5%, from $3.3 billion at December 31, 2025, primarily driven by higher valuations. Deposits and service fees increased $0.5 million, or 9.1%, in the three months ended June 30, 2026, compared to the same period in 2025, primarily due to the increase in income related to wire transfers as well as service charges on business accounts. Six Months Ended June 30, 2026 and 2025 Total noninterest income decreased $3.8 million, or 9.6%, in the six months ended June 30, 2026, compared to the six months ended June 30, 2025 mainly due to lower: (i) other noninterest income; (ii) loan-level derivative income; (iii) securities gains; and (iv) cards and trade finance servicing fees. These decreases were partially offset by: (i) the absence of derivative losses; (ii) higher brokerage, advisory and fiduciary activities; (iii) higher change in cash surrender value of BOLI; and (iv) higher deposits and service fees. 78 Other noninterest income decreased by $4.2 million or 63.6% in the six months ended June 30, 2026 compared to the same period in 2025, primarily due to a decrease of $1.3 million in mortgage banking income, as well as, the absence of the $3.2 million in gain on sale of loans originated for investment recognized in the six months ended June 30, 2025. The decrease was partially offset by an increase in miscellaneous income related to life insurance benefits received in the current period. Loan-level derivative income decreased $2.0 million, or 42.6%, in the six months ended June 30, 2026 compared to the same period in 2025, mainly driven by lower volume of transactions with loan customers. In the six months ended June 30, 2026, securities gains decreased $0.9 million, or 49.9% , compared to the same period in 2025. In the six months ended June 30, 2026, the Company realized approximately $0.9 million in gains on the sale of debt securities available for sale, compared to a valuation gain of approximately $1.8 million from its trading portfolio, which was subsequently sold during the fourth quarter of 2025. Cards and trade finance servicing fees decreased $0.3 million, or 10.2%, in the six months ended June 30, 2026 compared to the six months ended June 30, 2025, mainly driven by lower issuance of letters of credits. Derivative losses, net were zero in the six months ended June 30, 2026, compared to $1.9 million in the same period in 2025, as the Company had no derivative trading activity during the three months ended June 30, 2026. During the six months ended June 30, 2025, the Company had entered into a TBA MBS derivative contract to mitigate changes in the market valuation of the trading securities held during the period resulting in losses of approximately $1.9 million. Brokerage, advisory and fiduciary fees increased $1.4 million, or 14.1%, in the six months ended June 30, 2026, compared to the same period in 2025. This was mainly driven by higher fees from equity and fixed income trading, as well as increases in valuations in the first half of 2026 versus the first half of 2025. Changes in cash surrender value of BOLI increased $0.3 million, or 5.1% in the six months ended June 30, 2026, compared to the same period in 2025, primarily due to the addition of BOLI policies in the first quarter of 2025 and higher yields on all policies driven by reinvestments on general accounts. 79 Noninterest Expense The table below presents a comparison for each of the categories of noninterest expense for the periods presented. Three Months Ended June 30, Change 2026 2025 2026 vs 2025 (in thousands, except percentages) Amount % Amount % Amount % Salaries and employee benefits $ 35,446 51.5 % $ 36,036 48.4 % $ (590) (1.6) % Occupancy and equipment 4,995 7.3 % 5,491 7.4 % (496) (9.0) % Professional and other services fees 13,087 19.0 % 13,549 18.2 % (462) (3.4) % Telecommunications and data processing 3,627 5.3 % 2,929 3.9 % 698 23.8 % Depreciation and amortization 1,472 2.1 % 1,551 2.1 % (79) (5.1) % FDIC assessments and insurance 2,472 3.6 % 2,896 3.9 % (424) (14.6) % Losses on loans held for sale carried at the lower of cost or fair value (1) 1,118 1.6 % — — % 1,118 100.0 % Advertising expenses 4,274 6.2 % 4,819 6.5 % (545) (11.3) % Other real estate owned and repossessed assets expense, net (253) (0.4) % 601 0.8 % (854) (142.1) % Other operating expenses (2) 2,639 3.8 % 6,528 8.8 % (3,889) (59.6) % Total noninterest expenses $ 68,877 100.0 % $ 74,400 100.0 % $ (5,523) (7.4) % Six Months Ended June 30, Change 2026 2025 2026 vs 2025 (in thousands, except percentages) Amount % Amount % Amount % Salaries and employee benefits 67,486 49.7 % 69,383 47.5 % $ (1,897) (2.7) % Occupancy and equipment 10,418 7.7 % 11,627 8.0 % (1,209) (10.4) % Professional and other services fees 24,503 18.0 % 28,231 19.3 % (3,728) (13.2) % Telecommunications and data processing 7,164 5.3 % 6,404 4.4 % 760 11.9 % Depreciation and amortization 2,989 2.2 % 3,139 2.2 % (150) (4.8) % FDIC assessments and insurance 5,322 3.9 % 6,132 4.2 % (810) (13.2) % Losses on loans held for sale carried at the lower of cost or fair value (1) 2,941 2.2 % — — % 2,941 100.0 % Advertising expenses 7,213 5.3 % 8,454 5.8 % (1,241) (14.7) % Other real estate owned and repossessed assets expense, net (485) (0.4) % 765 0.5 % (1,250) (163.4) % Other operating expenses (2) 8,245 6.1 % 11,819 8.1 % (3,574) (30.2) % Total noninterest expenses $ 135,796 100.0 % $ 145,954 100.0 % $ (10,158) (7.0) % ___ (1) Includes valuation allowances and releases of allowances on previous loans held for sale. (2) Loan-level derivative expenses previously presented separately for the three and six month periods ended June 30, 2025, have been reclassified and are now included in this category. 80 Three Months Ended June 30, 2026 and 2025 Noninterest expense decreased $5.5 million, or 7.4%, in the three months ended June 30, 2026 compared to the same period in 2025, mainly due to lower: (i) other operating expenses; (ii) OREO and repossessed assets expense; (iii) salaries and employee benefits; (iv) advertising expenses; (v) occupancy and equipment expenses; (vi) professional and other services fees; and (vii) and lower FDIC assessments and insurance expenses. These decreases were partially offset by: (i) higher losses on loans held for sale carried at the lower of cost or fair value; and (ii) higher telecommunication and data processing expenses. Other operating expenses decreased $3.9 million, or 59.6%, in the three months ended June 30, 2026 compared to the same period a year ago, mainly driven by the absence of the $2.6 million in earnings credits we had in the three months ended June 30, 2025, a decrease of $1.1 million in loan-level derivative expenses and a decrease of $0.8 million in indirect loan origination costs. These decreases were partially offset by an increase of $0.6 million in combined smaller other expenses. In addition, other operating expenses include mortgage banking expenses related to Amerant Mortgage, primarily consisting of mortgage lending costs and professional and other services fees. These expenses decreased to $0.1 million in the three months ended June 30, 2026, compared to $0.7 million in the same period last year. This was a reflection of the Company’s wind-down of Amerant Mortgage’s operations. Other real estate owned and repossessed assets expenses decreased $0.9 million, or 142.1%, in the three months ended June 30, 2026, compared to the same period in 2025. In the three months ended June 30, 2026, we had OREO rental income of $0.3 million compared to $0.5 million in the three months ended June 30, 2025. In addition, in the three months ended June 30, 2025, the Company recorded a provision of $1.3 million on loss on sale, offset by a $0.5 million gain related to two OREO properties, as well as a $0.2 million gain related to other OREO activity. Salaries and employee benefits decreased $0.6 million, or 1.6%, in the three months ended June 30, 2026 compared to the same period last year mainly driven by: (i) lower sign-on and commission bonuses; and (ii) lower severance expenses as the three months ended June 30, 2025 included $0.4 million in expenses related to the Amerant Mortgage downsizing. These decreases were partially offset by higher expenses attributable to higher regular salaries. Advertising expenses decreased $0.5 million, or 11.3%, in the three months ended June 30, 2026 compared to the same period last year mainly driven by lower advertising expenses associated with various strategic optimization and cost-saving initiatives. Occupancy and equipment expenses decreased $0.5 million, or 9.0%, in the three months ended June 30, 2026 compared to the same period last year mainly driven by lower equipment maintenance and repair expenses as well as lower net rent expenses. Professional and other services fees decreased $0.5 million, or 3.4%, in the three months ended June 30, 2026 compared to the same period last year. This was mainly driven by a decrease in fees related to our technology provider as a result of savings achieved from vendor contract renegotiation and a combined decrease in other vendor fees. FDIC assessments and insurance expenses decreased $0.4 million, or 14.6%, in the three months ended June 30, 2026 compared to the same period last year mainly due to having lower assets this period compared to last year resulting in lower FDIC assessments. 81 Losses on loans held for sale carried at the lower of cost or fair value increased $1.1 million, or 100.0%, in the three months ended June 30, 2026, compared to the same period in 2025. In the three months ended June 30, 2026, the Company recognized a valuation allowance and losses on sale totaling $1.7 million during the period, which were partially offset by releases from valuation allowance of $0.6 million primarily resulting from loan payoffs. Telecommunications and data processing expenses increased $0.7 million, or 23.8%, in the three months ended June 30, 2026, compared to the same period last year mainly due to an increase in computer expenses. Six Months Ended June 30, 2026 and 2025 Noninterest expense decreased by $10.2 million, or 7.0%, in the six months ended June 30, 2026 compared to the same period in 2025, mainly due to lower: (i) professional and other service fees; (ii) other operating expenses; (iii) salary and employee benefits; (iv) net OREO and repossessed assets expenses; (v) advertising expenses; (vi) occupancy and equipment expenses; and (vii) FDIC assessments and insurance expenses. These decreases were partially offset by: (i) higher losses on loans held for sale carried at the lower of cost or fair value; and (ii) higher telecommunications and data processing expenses. Professional and other services fees decreased by $3.7 million, or 13.2%, in the six months ended June 30, 2026 compared to the same period last year. This was mainly driven by a decrease in fees related to our technology provider as a result of savings achieved from vendor contract renegotiations, and a combined net decrease in other vendor fees. Other operating expenses decreased $3.6 million, or 30.2%, in the six months ended June 30, 2026 compared to the same period last year. The Company had approximately $0.6 million in earnings credits in the first half of 2026, compared to approximately $4.0 million in the same period last year. In addition, there were decreases of $1.5 million in indirect loan origination costs and $0.4 million in loan-level derivative expenses, which were partially offset by $1.7 million in write-down of an equity investment carried at cost. In addition, other operating expenses include mortgage banking expenses related to Amerant Mortgage, primarily consisting of mortgage lending costs and professional and other services fees. These expenses decreased to $0.3 million in the six months ended June 30, 2026, compared to $1.5 million in the same period last year. This was a reflection of the Company’s wind-down of Amerant Mortgage’s operations. Salaries and employee benefits decreased by $1.9 million, or 2.7%, in the six months ended June 30, 2026 compared to the same period one year ago, mainly driven by: (i) lower bonus variable compensation, sign-on bonuses and commissions; and (ii) lower severance expenses as the six months ended June 30, 2025 included $0.4 million in expenses related to the Amerant Mortgage downsizing. These were partially offset by higher regular salaries. Other real estate owned and repossessed assets expenses decreased by $1.3 million, or 163.4% in the six months ended June 30, 2026 compared to the same period last year. In the six months ended June 30, 2026, we had OREO rental income of $0.5 million compared $1.1 million in the same period last year. In addition, six months ended June 30, 2025, we recorded losses on sale and valuation expense on OREO properties. Advertising expenses decreased by $1.2 million, or 14.7%, in the six months ended June 30, 2026 compared to the same period last year, mainly driven by lower advertising expenses associated with various strategic optimization and cost-saving initiatives. 82 Occupancy and equipment expenses decreased by $1.2 million, or 10.4% in the six months ended June 30, 2026 compared to the same period one year ago primarily due to: (i) lower software expenses, and (ii) lower net rent expenses. FDIC assessments and insurance expenses decreased $0.8 million, or 13.2%, in the six months ended June 30, 2026 compared to the same period last year mainly due to having lower average assets this period compared to last year resulting in lower FDIC assessments. Losses on loans held for sale carried at the lower of cost or fair value increased $2.9 million, or 100.0%, in the six months ended June 30, 2026, compared to the same period last year. In the six months ended June 30, 2026, the Company recognized valuation allowance and losses on sale totaling $5.1 million during the period, which were partially offset by releases from valuation allowance of $2.1 million primarily resulting from loan payoffs. Telecommunications and data processing expenses increased $0.8 million, or 11.9%, in the six months ended June 30, 2026, compared to the same period last year mainly due to an increase in computer expenses. Income Taxes The table below sets forth information related to our income taxes for the periods presented. Three Months Ended June 30, Change Six Months Ended June 30, Change 2026 2025 2026 vs 2025 2026 2025 2026 vs 2025 (in thousands, except effective tax rates and percentages) Income before income tax expense $ 27,110 $ 29,797 $ (2,687) (9.0) % $ 50,053 $ 45,226 $ 4,827 10.7 % Income tax expense $ 6,067 $ 6,795 $ (728) (10.7) % $ 11,137 $ 10,266 $ 871 8.5 % Effective income tax rate 22.38 % 22.80 % (0.42) % (1.8) % 22.25 % 22.70 % (0.45) % (2.0) % In the second quarter of 2026, income tax expense decreased to $6.1 million from $6.8 million in the second quarter of 2025, mainly driven by lower income before income taxes in the second quarter of 2026 compared to the same period last year. In the first six months ended June 30, 2026, income tax expense increased to $11.1 million from $10.3 million in the same period last year, primarily driven by higher income before income taxes in the first half of 2026 compared to the same period last year. As of June 30, 2026, the Company’s net deferred tax assets were $47.7 million, an increase of $12.1 million, or 34.0%, compared to $35.6 million as of December 31, 2025. This was primarily driven by an increase of $7.9 million in connection with $31.0 million in net unrealized holding losses on debt securities available for sale and, to a lesser extent, an increase in the allowance for credit losses and other smaller components during the period. 83 Non-GAAP Financial Measures The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) with non-GAAP financial measures, such as “pre-tax pre-provision net revenue (PPNR)”, "tangible common equity ratio", and “tangible stockholders’ equity (book value) per common share”. This supplemental information is not required by, or is not presented in accordance with GAAP. The Company refers to these financial measures and ratios as “non-GAAP financial measures”. We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our business. Management believes that these supplementary non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies. Beginning in the first quarter of 2026, the Company reviewed and updated its use of non‑GAAP financial measures and now presents a limited set of metrics that management uses to evaluate performance and make operating decisions. As part of this update, the Company discontinued the presentation of “Core PPNR”, “core noninterest income”, and “core noninterest expense”, as management determined these measures are no longer primary metrics used internally. This change does not reflect any change in the Company’s underlying business, operations, or GAAP financial results. The following tables set forth selected financial information derived from the Company’s interim unaudited and annual audited consolidated financial statements, adjusted for certain items, including the provision for credit losses, income taxes and goodwill and other intangible assets. The Company believes these adjusted numbers are useful to understand the Company’s performance and underlying trends. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Net income attributable to Amerant Bancorp Inc. $ 21,043 $ 23,002 $ 38,916 $ 34,960 Plus: provision for credit losses (1) 4,750 6,060 12,550 24,506 Plus: provision for income tax expense 6,067 6,795 11,137 10,266 Pre-tax pre-provision net revenue (PPNR) $ 31,860 $ 35,857 $ 62,603 $ 69,732 84 (in thousands, except percentages, share data and per share amounts) As of June 30, 2026 As of December 31, 2025 Stockholders' equity $ 914,369 $ 938,802 Less: goodwill and other intangibles (2) (21,522) (23,103) Tangible common stockholders' equity $ 892,847 $ 915,699 Total assets 10,294,247 9,777,018 Less: goodwill and other intangibles (2) (21,522) (23,103) Tangible assets $ 10,272,725 $ 9,753,915 Common shares outstanding 39,186,293 40,595,273 Tangible common equity ratio 8.69 % 9.39 % Stockholders' book value per common share $ 23.33 $ 23.13 Tangible stockholders' equity book value per common share $ 22.78 $ 22.56 (1) Includes provision for credit losses on loans and provision for loan contingencies. (2) As of June 30, 2026, other intangible assets primarily consist of naming rights. As of December 31, 2025, also includes mortgage servicing rights (“MSRs”). Other intangible assets are included in other assets in the Company’s consolidated balance sheets. 85 Financial Condition - Comparison of Financial Condition as of June 30, 2026 and December 31, 2025 Assets. Total assets were $10.3 billion as of June 30, 2026, an increase of $517.2 million, or 5.3%, compared to $9.8 billion at December 31, 2025. This result was primarily driven by increases of: (i) $523.8 million, or 25.1%, in total securities, mainly debt securities available for sale; (ii) $162.2 million, or 2.5%, in total loans held for investment and loans held for sale, net of the ACL; and (iii) deferred tax assets of $12.1 million, or 34.0%, resulting primarily from higher unrealized valuation losses of securities available for sale as a result of changes in market interest rates. The increases were partially offset primarily by a decrease of $169.0 million, or 36.0%, in cash and cash equivalents. See “-Average Balance Sheet, Interest and Yield/Rate Analysis” for detailed information, including changes in the composition of our interest-earning assets. Cash and Cash Equivalents. Cash and cash equivalents decreased to $301.1 million at June 30, 2026 from $470.2 million at December 31, 2025, primarily as a result of a decrease in interest earning cash balances which were placed in higher-yielding assets. At June 30, 2026 and December 31, 2025, interest earning deposits with banks, mainly cash balances held at the Federal Reserve, were $260.1 million and $409.4 million, respectively. In addition, at June 30, 2026 and December 31, 2025, the Company’s cash and cash equivalents included restricted cash of $8.5 million and $6.2 million, respectively, which was held primarily to cover margin calls on derivative transactions with certain brokers. Furthermore, at December 31, 2025, the Company’s cash and cash equivalents included other short-term investments of $7.2 million, consisting of US Treasury Bills that mature in 90 days or less. At June 30, 2026, the Company had no such other short-term investments included in cash and cash equivalents. Cash and cash equivalents provided by operating activities were $50.3 million in the six months ended June 30, 2026, mainly driven by: (i) net income of $38.9 million; (ii) a non-cash adjustment of $12.6 million for the provision for credit losses; and (iii) net sales of $2.9 million in loans held for sale at fair value. These results were partially offset by a net decrease of $3.3 million in operating assets and liabilities and other non-cash adjustments of $0.7 million. Net cash used in investing activities was $735.1 million during the six months ended June 30, 2026, mainly driven by: (i) purchases of securities totaling $808.6 million, mainly comprised of debt securities available for sale, and (ii) a net increase in loans originated for investment of $335.3 million. These disbursements were partially offset by: (i) maturities, sales, calls and paydowns of investment securities totaling $254.0 million; and (ii) proceeds from the sale of loans originated for investment of $155.1 million. 86 In the six months ended June 30, 2026, net cash provided by financing activities was $515.8 million, mainly due to: (i) a net increase in total demand, savings and money market deposit balances of $653.4 million, and (ii) proceeds from FHLB advances of $20.0 million. This was partially offset by: (i) a net decrease of $85.0 million in time deposits, (ii) an aggregate of $35.1 million of Class A common stock repurchased; (iii) repayments of FHLB advances of $29.9 million, and (iv) $7.3 million of dividends declared and paid by the Company in the six months ended June 30, 2026. See “-Capital Resources and Liquidity Management” for more details on changes in FHLB advances and common stock transactions in the six months ended June 30, 2026. Loans Loans are our largest component of interest-earning assets. The table below depicts the trend of loans as a percentage of total assets and the allowance for loan losses as a percentage of total loans for the periods presented. June 30, 2026 December 31, 2025 (in thousands, except percentages) Total loans, gross (1) $ 6,865,627 $ 6,697,235 Total loans, gross / total assets 66.7 % 68.5 % Allowance for credit losses $ 85,499 $ 79,276 Allowance for credit losses / total loans held for investment, gross (1) (2) 1.27 % 1.20 % Total loans, net (3) $ 6,780,128 $ 6,617,959 Total loans, net / total assets 65.9 % 67.7 % _______________ (1) Total loans, gross consists of the principal balance of outstanding loans, including loans held for investment, loans held for sale at the lower of cost or fair value, and mortgage loans held for sale, net of unamortized deferred nonrefundable loan origination fees and loan origination costs, unamortized premiums paid on purchased loans and the unamortized balance of initial allowance for credit losses on purchased seasoned loans. At June 30, 2026 and December 31, 2025, there were $0.4 million and $2.9 million, respectively, in mortgage loans held for sale carried at fair value in connection with the Company’s mortgage banking activities. At June 30, 2026 and December 31, 2025, there were $122.2 million and $80.9 million in loans held for sale at the lower of cost or fair value, respectively. (2) See Note 5 of our audited consolidated financial statements included in the 2025 Form 10-K and our unaudited interim consolidated financial statements included in this Form 10-Q for more details on our credit loss estimates. (3) Total loans, net consists of the principal balance of outstanding loans, including loans held for investment, loans held for sale carried at the lower of cost or fair value, and mortgage loans held for sale, net of unamortized deferred nonrefundable loan origination fees and loan origination costs, unamortized premiums paid on purchased loans, the unamortized balance of initial allowance for credit losses on purchased seasoned loans and the allowance for credit losses. 87 The table below summarizes the composition of our loans held for investment by type of loan as of the end of each period presented. International loans include transactions in which the debtor or customer is domiciled outside the U.S., even when the collateral is U.S. property. All international loans are denominated and payable in U.S. Dollars. (in thousands) June 30, 2026 December 31, 2025 Domestic Loans: Real Estate Loans Commercial real estate (CRE) Non-owner occupied $ 1,526,962 $ 1,591,861 Multi-family residential 234,116 322,447 Land development and construction loans 512,272 534,028 2,273,350 2,448,336 Single-family residential 1,925,587 1,483,358 Owner occupied 732,190 809,336 4,931,127 4,741,030 Commercial loans 1,488,182 1,446,406 Loans to financial institutions and acceptances (1) 85,492 148,602 Consumer loans and overdrafts (2) 208,479 244,300 Total Domestic Loans 6,713,280 6,580,338 International Loans: (3) Real Estate Loans Single-family residential (4) 28,606 31,823 Commercial loans — — Consumer loans and overdrafts (5) 1,180 1,230 Total International Loans (6) 29,786 33,053 Total Loans held for investment $ 6,743,066 $ 6,613,391 __________________ (1) This portfolio consists of loans to non-depository financial institutions, such as mortgage companies and other financial intermediaries. (2) Includes customers’ overdraft balances totaling $0.3 million and $4.4 million, at each of the dates presented. (3) Includes outstanding principal amounts, net of collateral of cash, cash equivalents or other financial instruments totaling $6.8 million and $7.1 million as of June 30, 2026 and December 31, 2025, respectively. (4) Secured by real estate properties located in the U.S. (5) International customers’ overdraft balances were de minimis at each of the dates presented. (6) Mainly consist of loans for which the country of risk is Venezuela. 88 The composition of our CRE loan portfolio held for investment by industry segment at June 30, 2026 and December 31, 2025 is depicted in the following table: (in thousands) June 30, 2026 December 31, 2025 Retail (1) $ 609,870 $ 617,861 Multifamily 234,116 322,447 Office Space 453,225 469,746 Specialty (2) 175,608 182,847 Land and Construction 512,272 534,028 Hospitality 175,327 239,355 Industrial and Warehouse 112,932 82,052 Total CRE Loans Held for Investment $ 2,273,350 $ 2,448,336 (1) Includes loans generally granted to finance the acquisition or operation of non-owner occupied properties such as retail shopping centers, free-standing single-tenant properties, and mixed-use properties primarily dedicated to retail, where the primary source of repayment is derived from the rental income generated from the use of the property by its tenants. (2) Includes marinas, schools, nursing and residential care facilities, and other specialty type CRE properties. The table below summarizes the composition of our loans held for sale by type of loan as of June 30, 2026 and December 31, 2025: (in thousands) June 30, 2026 December 31, 2025 Loans held for sale at the lower of cost or fair value Real estate loans Commercial real estate Non-owner occupied $ 63,296 $ 43,406 Multi-family residential 22,722 — Land development and construction loans (1) 23,639 22,339 109,657 65,745 Owner occupied $ 12,515 15,167 Total loans held for sale at the lower of cost or fair value (2) 122,172 80,912 Mortgage loans held for sale at fair value Single-family residential 389 2,932 Total mortgage loans held for sale at fair value 389 $ 2,932 Total loans held for sale $ 122,561 $ 83,844 ___________ (1)As of June 30, 2026, there were no non-accrual loans categorized held for sale. As of December 31, 2025, there were two non-accrual loans with an outstanding balance of $16.2 million which includes $3.2 million categorized as 60-89 days past due and $13.0 million as greater than 90 days past due as of December 31, 2025. (2)As of June 30, 2026 and December 31, 2025, these loans were rated Pass and Substandard, respectively. 89 As of June 30, 2026, total loans held for investment were $6.7 billion, up $129.7 million, or 2.0%, compared to $6.6 billion at December 31, 2025. Domestic loans held for investment increased by $132.9 million, or 2.0%, as of June 30, 2026, compared to December 31, 2025. This increase reflects net increases of (i) $442.2 million, or 29.8%, in single-family residential loans and (ii) $41.8 million, or 2.9%, in commercial loans. These increases were partially offset by net decreases of (i) $175.0 million, or 7.1%, in CRE loans; (ii) $63.1 million, or 42.5%, in loans to financial institutions and acceptances; (iii) $35.8 million, or 14.7%, in consumer loans; and (iv) $77.1 million, or 9.5%, in owner occupied loans. The increases include loan purchases totaling $506.2 million in single family residential loans and $110.6 million in commercial syndicated loans. The net decreases in CRE and owner occupied loans and the net increase in single-family residential loans include decreases of $202.8 million, $13.0 million, and $16.8 million, respectively, in loans transferred from held for investment to held for sale, at the lower of cost or fair value. The decrease in consumer loans was mainly attributable to lower balances in indirect consumer loans, as we discontinued purchases of these loans and the portfolio continues to run off over time. As of June 30, 2026, loans held for sale at the lower of cost or fair value were $122.2 million, up $41.3 million, or 51.0%, compared to $80.9 million at December 31, 2025. The increase is principally due to $232.6 million in loans transferred from loans held for investment to held for sale, at the lower of cost or fair value, including $202.8 in commercial real estate loans, $13.0 million in owner occupied loans, and $16.8 million in residential loans. This was partially offset by decreases from: (i) loan sales of $141.9 million in real estate loans, (ii) loan payoffs and paydows of $46.5 million, primarily in connection with two loans, and (iii) a market valuation allowance adjustment, net of releases of $2.9 million. As of June 30, 2026, loans under syndication facilities, included in loans held for investment, were $535.4 million, an increase of $100.5 million, or 23.1%, compared to $434.9 million at December 31, 2025. The increase was primarily driven by the purchase of $110.6 million of commercial syndicated loans, partially offset by the transfer of two loans totaling $52.9 million to held for sale. In addition, there were net increases of $36.2 million and $6.6 million in club deals and Shared National Credit (“SNC”) facilities, respectively. As of June 30, 2026 and December 31, 2025, there were no SNC loans that financed highly leveraged transactions. At June 30, 2026 and December 31, 2025, loans under syndication facilities held for investment include SNCs of $159.1 million and $53.5 million, respectively. 90 Loan Quality Allocation of Allowance for Credit Losses In the following table, we present the allocation of the ACL by loan segment at the end of the periods presented. The amounts shown in this table should not be interpreted as an indication that charge-offs in future periods will occur in these amounts or percentages. These amounts represent our best estimates of expected credit losses to be collected throughout the life of the loans, at the reported dates, derived from historical events, current conditions and reasonable and supportable forecasts at the dates reported. Our allowance for credit losses is established using estimates and judgments, which consider the views of our regulators in their periodic examinations. Re-evaluation of the ACL estimate in future periods, in light of changes in composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods. We also show the percentage of each loan class, which includes loans in nonaccrual status. June 30, 2026 December 31, 2025 Allowance % of Loans in Each Category to Total Loans Held for Investment Allowance % of Loans in Each Category to Total Loans Held for Investment (in thousands, except percentages) Total Loans Real estate $ 24,435 35.2 % $ 23,117 39.0 % Commercial 37,859 34.2 % 34,353 35.4 % Financial institutions — — % — — % Consumer and others (1) 23,205 30.6 % 21,806 25.6 % Total Allowance for Credit Losses $ 85,499 100.0 % $ 79,276 100.0 % % of Total Loans held for investment 1.27 % 1.20 % __________________ (1) Includes indirect consumer loans purchased, and mortgage loans secured by single-family residential properties located in the U.S., in all periods presented The ACL was determined utilizing a reasonable and supportable forecast period. The ACL was determined using a weighted-average of various macroeconomic scenarios provided by a third-party, and incorporated qualitative components. 91 Non-Performing Assets In the following table, we present a summary of our non-performing assets by loan class, which includes non-performing loans by portfolio segment, both domestic and international, and other real estate owned, or OREO and other repossessed assets, at the dates presented. Non-performing loans consist of: (i) nonaccrual loans where the accrual of interest has been discontinued; and (ii) accruing loans 90 days or more contractually past due as to interest or principal. June 30, 2026 December 31, 2025 (in thousands) Non-Accrual Loans Real Estate Loans Commercial real estate (CRE) Non-owner occupied $ 9,386 $ 4,288 Multi-family residential 429 — Land development and construction loans — 16,200 9,815 20,488 Single-family residential 31,180 26,082 Owner occupied 40,506 28,733 81,501 75,303 Commercial loans 79,020 83,761 Consumer loans and overdrafts 8,317 9,204 Total Non-Accrual Loans $ 168,838 $ 168,268 Past Due Accruing Loans Real Estate Loans Owner occupied — 730 Commercial loans 2,252 2,372 Consumer loans and overdrafts — — Total Past Due Accruing Loans (1) 2,252 3,102 Total Non-Performing Loans $ 171,090 $ 171,370 OREO and other repossessed assets 15,542 15,542 Total Non-Performing Assets $ 186,632 $ 186,912 ______________ (1) Loans past due 90 days or more but still accruing. 92 The following table presents the activity of non-performing assets by type of loan in the six months ended June 30, 2026: Six Months Ended June 30, 2026 (in thousands) Commercial Real Estate Single-family Residential Owner-occupied Commercial Financial Institutions Consumer and Others OREO Total Balance at beginning of period $ 20,488 $ 26,082 $ 29,463 $ 86,133 $ — $ 9,204 $ 15,542 $ 186,912 Plus: loans placed in nonaccrual status 11,338 24,906 15,606 25,040 — 4,455 — 81,345 Less: nonaccrual loan charge-offs — — — (10,214) — (4,430) — (14,644) Less: nonaccrual loans sold, net of charge offs (16,200) (17,006) — — — — — (33,206) (Less) Plus: nonaccrual loan collections and others (5,811) (2,688) (3,833) (19,567) — (912) — (32,811) Plus: decrease in past-due accruing loans (1) — — (730) (120) — — — (850) Less: loans returned to accrual status — (114) — — — — — (114) Balances at end of period $ 9,815 $ 31,180 $ 40,506 $ 81,272 $ — $ 8,317 $ 15,542 $ 186,632 __________________ (1) Loans past due 90 days or more but still accruing. The decrease in nonperforming assets during the six months ended June 30, 2026 was primarily attributable to the downgrade of eight loan relationships totaling $63.1 million, that included a combination of CRE, owner-occupied, commercial and residential loans, and $18.2 of smaller balance loans. These downgrades were partially offset by payoffs, note sales, and charge-offs. All non-performing loans are rated Classified. See discussion on Classified and Special Mention Loans below for more details, including details about new loans downgraded during period. We recognized no interest income on nonaccrual loans during the six months ended June 30, 2026 and 2025. 93 The Company’s loans by credit quality indicators are summarized in the following table. We have no purchased-credit-impaired loans. June 30, 2026 December 31, 2025 (in thousands) Special Mention Substandard Doubtful Total (1) Special Mention Substandard Doubtful Total (1) Loans held for investment Real Estate Loans Commercial Real Estate (CRE) Non-owner occupied (2) $ 67,222 $ 25,211 $ — $ 92,433 $ 56,126 $ 34,213 $ — $ 90,339 Multi-family residential — 429 — 429 31,704 22,435 — 54,139 Land development and construction loans 35,939 — — 35,939 — — — — 103,161 25,640 — 128,801 87,830 56,648 — 144,478 Single-family residential — 31,229 — 31,229 733 26,010 — 26,743 Owner occupied 4,985 77,964 — 82,949 12,485 51,965 — 64,450 108,146 134,833 — 242,979 101,048 134,623 — 235,671 Commercial loans 1,634 95,741 — 97,375 35,408 129,610 459 165,477 Loans to financial institutions and acceptances — 34,210 — 34,210 — — — — Consumer loans and overdrafts — 8,317 — 8,317 — 9,204 — 9,204 $ 109,780 $ 273,101 $ — $ 382,881 $ 136,456 $ 273,437 $ 459 $ 410,352 Loans held for sale at the lower of cost or fair value Non-owner occupied — — — — — 43,406 — 43,406 Multi-family residential — — — — — — — — Land development and construction loans — — — — — 22,339 — 22,339 Owner occupied — — — — — 15,167 — 15,167 Total loans held for sale — — — — — 80,912 — 80,912 Total $ 109,780 $ 273,101 $ — $ 382,881 $ 136,456 $ 354,349 $ 459 $ 491,264 __________ (1) There are no loans categorized as “Loss” as of the dates presented. (2) In July 2026, the Company collected $9.4 million in full satisfaction of a nonaccrual loan, resulting in an interest recovery of $0.4 million. This loan was categorized as “substandard” as of June 30, 2026. 94 Classified Loans. Classified loans include substandard and doubtful loans. The following table presents the activity of classified loans in the six months ended June 30, 2026: Six Months Ended June 30, 2026 (in thousands) Commercial Real Estate Single-family Residential Owner-occupied Commercial Financial Institutions Consumer and Others Total Balance at beginning of period $ 122,393 $ 26,010 $ 67,132 $ 130,069 $ — $ 9,204 $ 354,808 Plus: loans downgraded to substandard and doubtful 3,379 24,915 29,000 25,779 35,210 4,455 122,738 Less: classified loan charge-offs — — — (10,214) — (4,430) (14,644) Less: classified loans sold, net of charge offs (88,203) (17,006) — — — — (105,209) Less: classified loan collections and others (11,929) (1,907) (18,168) (49,893) (1,000) (912) (83,809) Less: loans upgraded — (783) — — — — (783) Balances at end of period $ 25,640 $ 31,229 $ 77,964 $ 95,741 $ 34,210 $ 8,317 $ 273,101 Classified loans decreased $81.7 million, or 23.0%, primarily due to loan sales and payoffs totaling $105.2 million and $83.8 million, respectively, and $14.6 million in charge-offs. These results were partially offset by downgrades totaling $122.7 million, including: i) one $35.2 million non‑depository financial institution loan in accrual status secured by underlying CRE collateral; (ii) three owner-occupied relationships totaling $28.3 million; (iii) five commercial relationship totaling $18.2 million; (iv) one $16.8 million single‑family residential loan in non-accrual status which was later sold; (iv) one CRE loan totaling $2.7 million which was later paid off; and (v) $21.5 million related to other loans. Composition of Classified Loans at June 30, 2026 As of June 30, 2026, classified loans had the following composition: (i) $151.7 million G:\Credit Risk Analytics\1-Models\Risk Ratings\Bank Risk Rating\Versions\V1\Model Documenation and a weighted‑average loan‑to‑value ratio of 60.0%; (ii) $85.3 million of cash‑flow‑dependent loans; (iii) $12.3 million of collateral‑dependent loans other than real estate, primarily asset‑based lending; and (iv) $24.0 million of loans collectively evaluated for purposes of determining the allowance for credit losses. In July 2026, the Company collected $9.4 million in full satisfaction of one non-owner occupied loan classified as nonaccrual and rated substandard. 95 Special Mention Loans. The following table presents the activity of special mention loans by type of loan in the six months ended June 30, 2026: Six Months Ended June 30, 2026 (in thousands) Commercial Real Estate Single-family Residential Owner-occupied Commercial Financial Institutions Consumer and Others Total Balance at beginning of period $ 87,830 $ 733 $ 12,485 $ 35,408 $ — $ — $ 136,456 Downgrades to Special Mention 101,395 — 4,985 2,648 — — 109,028 Upgrades to Pass (28,073) (730) (3,997) (34,548) — — (67,348) Downgrades to Substandard — — (8,472) (1,623) — — (10,095) Valuation allowances (1,311) — — — — — (1,311) Payoffs/Paydowns (25,760) (3) (16) (251) — — (26,030) Loans Sold (30,920) — — — — — (30,920) Balances at end of period $ 103,161 $ — $ 4,985 $ 1,634 $ — $ — $ 109,780 All special mention loans remained current at June 30, 2026. The decrease in Special Mention loans was primarily driven by $10.1 million downgraded to classified, payoffs and paydowns totaling $26.1 million mainly related to two CRE loans, and upgrades to Pass totaling $67.3 million of two commercial relationships based on year-end financial information received. The Company also sold a loan in the period totaling $30.9 million. These were partially offset by downgrades of five CRE loans totaling $101.4 million, two commercial relationships totaling $2.6 million and an owner-occupied relationship totaling $5.0 million. Potential problem loans, which are accruing loans classified as substandard and are less than 90 days past due, at June 30, 2026 and December 31, 2025, are as follows: (in thousands) June 30, 2026 December 31, 2025 Real estate loans Commercial real estate (CRE) Non-owner occupied $ 15,825 $ 73,332 Multi-family residential — 22,435 Land development and construction loans — 6,139 15,825 101,906 Single-family residential 49 44 Owner occupied 37,458 38,399 53,332 140,349 Commercial loans 16,722 46,308 Loans to depository institutions and acceptances 34,210 — $ 104,264 $ 186,657 At June 30, 2026 total potential problem loans decreased by $82.4 million, or 44.1%, compared to $186.7 million at December 31, 2025. This was primarily driven by a reduction of approximately $140.6 million from loan sales and loan payoffs, as well as a $13.3 million decrease resulting from loans moving to non‑accrual status and related balance reductions. These improvements were partially offset by an increase of $71.5 million in potential problem loans attributable to loan downgrades. 96 Securities The following table sets forth the book value and percentage of each category of securities at June 30, 2026 and December 31, 2025. The book value for trading securities, debt securities classified as available for sale and equity securities with readily determinable fair value not held for trading represents fair value. The Company determined that an ACL on its debt securities available for sale at June 30, 2026 and December 31, 2025 was not required. June 30, 2026 December 31, 2025 Amount % Amount % (in thousands, except percentages) Debt securities available for sale: U.S. Government agency and sponsored enterprise residential MBS 2,099,858 80.5 % $ 1,824,510 87.5 % U.S. Treasury Securities 218,953 8.4 % 1,000 0.1 % U.S. Government agency and sponsored enterprise commercial MBS 146,793 5.6 % 152,249 7.3 % U.S. Government agency and sponsored enterprise obligations 81,989 3.1 % 45,455 2.2 % Municipal Bonds 1,663 0.1 % 1,669 0.1 % $ 2,549,256 97.7 % $ 2,024,883 97.2 % Equity securities with readily determinable fair value not held for trading (1) $ 2,537 0.1 % $ 2,548 0.1 % Other securities (2): $ 56,625 2.2 % $ 57,138 2.7 % $ 2,608,418 100.0 % $ 2,084,569 100.0 % __________________ (1) In 2023, the Company purchased an investment in an open-end fund incorporated in the U.S. with an original cost of $2.5 million. The Fund’s objective is to provide a high level of current income consistent with the preservation of capital and investments deemed to be qualified under the Community Reinvestment Act. (2) Includes investments in FHLB and Federal Reserve stock. Amounts correspond to original cost at the date presented. Original cost approximates fair value because of the nature of these investments. As of June 30, 2026, total securities increased $523.8 million, or 25.1%, to $2.6 billion compared to $2.1 billion at December 31, 2025. The increase in the six months ended June 30, 2026 was mainly driven by purchases of debt securities available for sale totaling $807.6 million. This increase was partially offset by (i) maturities, sales, calls and pay downs, totaling $254.0 million of debt securities available for sale and FHLB stock and (ii) net pre-tax unrealized losses of $31.0 million on debt securities available for sale primarily attributable to changes in market interest rates during the current period. In the second quarter of 2026, the Company purchased $217.5 million in U.S. treasury securities, including $197.2 million in Treasury bills with maturities of more than 90 days and less than one year, and $20.3 million in a Treasury note with longer-term maturity. These purchases reflect the Company’s efforts of improving net interest income and actively managing its expected liquidity requirements. 97 Debt securities available for sale had net unrealized holding losses of $41.5 million and net unrealized holding gains of $8.2 million at June 30, 2026, compared to December 31, 2025 when net unrealized holding losses were $23.9 million and net unrealized holding gains were $21.7 million. The Company does not intend to sell these debt securities and it is more likely than not that it will not be required to sell the securities before their anticipated recovery. The Company believes these securities are not credit-impaired because the change in fair value is attributable to changes in interest rates and investment securities markets, generally, and not credit quality. As a result, the Company did not record an ACL on these securities as of June 30, 2026 and December 31, 2025. The following tables set forth the book value, scheduled maturities and weighted average yields for our securities portfolio at June 30, 2026 and December 31, 2025. Similar to the table above, the book value for securities available for sale, trading securities and equity securities with readily determinable fair value not held for trading is equal to fair market value. June 30, 2026 (in thousands, except percentages) Total Less than a year One to five years Five to ten years Over ten years No maturity Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Debt securities available for sale U.S. Government agency and sponsored enterprise obligations 81,989 4.08 % — — % 2,241 4.56 % 44,987 3.85 % 34,761 4.35 % — — % Municipal bonds 1,663 2.27 % — — % — — % 356 1.53 % 1,307 2.47 % — — % U.S. Treasury Securities 218,953 3.97 % 197,163 3.88 % 1,487 3.50 % — — % 20,303 4.88 % — — % U.S. Government agency and sponsored enterprise commercial MBS 146,793 3.69 % 1,676 4.72 % 44,108 2.06 % 40,021 3.89 % 60,988 4.70 % — — % U.S. Government agency and sponsored enterprise residential MBS 2,099,858 4.78 % 8 4.01 % 1,099 5.23 % 5,374 4.37 % 2,093,377 4.78 % — — % 2,549,256 4.62 % 198,847 3.89 % 48,935 2.29 % 90,738 3.89 % 2,210,736 4.77 % — — % Equity securities with readily determinable fair value not held for trading 2,537 3.48 % $ — — % — — % — — % — — % 2,537 3.48 % Other securities 56,625 6.17 % $ — — % — — % — — % — — % 56,625 6.17 % $ 2,608,418 4.66 % $ 198,847 3.89 % $ 48,935 2.29 % $ 90,738 3.89 % $ 2,210,736 4.77 % $ 59,162 6.06 % 98 December 31, 2025 (in thousands, except percentages) Total Less than a year One to five years Five to ten years Over ten years No maturity Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield Debt securities available for sale U.S. Government Agency and Sponsored Enterprise Obligations 45,455 4.66 % — — % 2,614 5.25 % 18,140 4.44 % 24,701 4.75 % — — % Municipal Bonds 1,669 2.31 % — — % — — % 356 1.63 % 1,313 2.49 % — — % U.S. Treasury Securities 1,000 3.57 % — — % 1,000 3.57 % — — % — — % — — % U.S. Government Agency and Sponsored Enterprise Commercial MBS 152,249 4.13 % — — % 46,746 3.55 % 40,931 3.90 % 64,572 4.70 % — — % U.S. Government Agency and Sponsored Enterprise Residential MBS 1,824,510 5.00 % $ — — % 856 5.70 % 6,233 4.48 % 1,817,421 5.00 % — — % $ 2,024,883 4.92 % $ — — % $ 51,216 3.67 % $ 65,660 4.09 % $ 1,908,007 4.98 % $ — — % Equity securities with readily determinable fair value not held for trading 2,548 6.56 % — — % — — % — — % — — % 2,548 6.56 % Other securities $ 57,138 6.39 % $ — — % $ — — % $ — — % $ — — % $ 57,138 6.39 % $ 2,084,569 4.96 % $ — — % $ 51,216 3.67 % $ 65,660 4.09 % $ 1,908,007 4.98 % $ 59,686 6.40 % The investment portfolio’s weighted expected average effective duration increased to 4.7 years at June 30, 2026 compared to 4.4 years at December 31, 2025, due to higher market rates which decreased modeled prepayment expectations, as well as, a reduction in the floating rate securities proportion of the total debt securities available for sale portfolio. 99 Liabilities Total liabilities were $9.4 billion at June 30, 2026, an increase of $541.7 million, or 6.1%, compared to $8.8 billion at December 31, 2025. This was primarily driven by an increase of $568.4 million, or 7.3%, in total deposits, mainly due to an increase in core deposits. This increase was partially offset by a decrease of: (i) $9.4 million, or 1.3%, in advances from the FHLB, and (ii) $15.3 million, or 11.9%, in accounts payable, accrued liabilities and other liabilities. See “Deposits” and “Capital Resources and Liquidity Management” for more details on the changes in advances from the FHLB and total deposits. Deposits We continue our efforts in growing our deposits. The growth in deposits during the second quarter and the first six months of 2026, particularly in lower-cost and non-interest bearing deposits, reflects the Company’s ongoing efforts to expand its international deposit franchise and deepen longstanding client relationships, together with the benefits the Company believes it derives from its differentiated, relationship-driven business model. As a result of improved economic activity in Venezuela in the first half of 2026 supported, in part, by U.S.-related business activity, the Company experienced significant growth in international deposits, particularly from Venezuelan customers, reflecting the successful execution of its strategy and approach to developing and deepening its international deposit relationships. The Company continues to view this business as a meaningful growth opportunity, especially in Venezuela, where the Company believes it has high brand recognition, and longstanding relationships with local financial institutions, commercial clients and private banking customers. During the second quarter, that opportunity continued to materialize with deposits from Venezuela customers increasing to $2.5 billion as of June 30, 2026, compared to $1.9 billion as of December 31, 2025. These are operating deposits primarily tied to essential processes in the banking and oil industries, which the Company is able to service through established banking channels and supported by our existing compliance, due diligence, and relationship management framework. Our efforts also included building solid customer relationship teams across our business development areas in South Florida and Tampa in the first six months of 2026. Total deposits were $8.4 billion at June 30, 2026, an increase of $0.6 billion, or 7.3%, compared to December 31, 2025. The increase in deposits in the six months ended June 30, 2026 was mainly due to increases of: (i) $518.6 million, or 12.3%, in interest-bearing demand, savings and money market deposits and (ii) $134.8 million, or 8.6%, in noninterest bearing demand deposits. These increases were partially offset by a decrease of $85.0 million, or 4.3%, in time deposits. The $85.0 million, or 4.3%, net decrease in time deposits includes a decrease of $147.5 million, or 9.5% in customer CDs, which was partially offset by an increase of $62.5 million or 14.4%, in brokered time deposits. As of June 30, 2026 total brokered deposits, which are all domestic deposits, were $498.2 million, compared to $435.7 million at December 31, 2025. CDARS and ICS reciprocal deposits are offered through the Company’s participation in the IntraFi Network. The network facilitates the placement of customer funds into certificates of deposit, demand deposit, or money market accounts issued by other member banks in increments of less than $250,000. This structure enables customers to receive full FDIC insurance coverage on large balances while the Company retains the relationship. In exchange, the Company accepts reciprocal deposits from other network banks, maintaining overall deposit levels. As of June 30, 2026 and December 31, 2025, reciprocal deposits in the Intrafi Network amounted to $1.1 billion and $0.9 billion, respectively. 100 We use non-reciprocal deposit placement services through the IntraFi Network. These arrangements allow us to place excess customer deposits to other network participants while maintaining the customer relationship. Under these non-reciprocal placement transactions, customer deposit funds are transferred to other participating institutions. As a result, these deposits are excluded from the Company’s consolidated balance sheets. As of December 31, 2025, we placed approximately $162.6 million of deposits to other participating institutions. There were no placements of non-reciprocal deposits as of June 30, 2026. Deposits by Country of Domicile The following table shows deposits by country of domicile of the depositor as of the dates presented and the changes during the period. Change (in thousands, except percentages) June 30, 2026 December 31, 2025 Amount % Deposits Domestic $ 5,133,588 $ 5,168,371 $ (34,783) (0.7) % Foreign: Venezuela (1) 2,491,875 1,910,980 580,895 30.4 % Others 729,845 707,583 22,262 3.1 % Total foreign 3,221,720 2,618,563 603,157 23.0 % Total deposits $ 8,355,308 $ 7,786,934 $ 568,374 7.3 % _________________ (1) Based upon the diligence we customarily perform to "know our customers" for anti-money laundering, OFAC and sanctions purposes, we believe that the U.S. economic embargo on certain Venezuelan persons will not adversely affect our Venezuelan customer relationships, generally. Domestic deposits decreased by $34.8 million, or 0.7%, in the six months ended June 30, 2026, primarily driven by decreases of: (i) $177.5 million in non-interest bearing deposits; and (ii) $128.2 million in customer time deposits. These decreases were partially offset by increases of: (i) $208.3 million in interest-bearing demand, savings and money market deposits; and (ii) $62.6 million in brokered time deposits. The decrease in domestic deposits reflects the exit of a high-cost large fund provider during the period. During the six months ended June 30, 2026, total foreign deposits increased $603.2 million, or 23.0%, primarily driven by increases of: (i) $312.4 million in non-interest-bearing deposits, and (ii) $310.3 million in interest-bearing demand, savings and money market deposits. The increase was partially offset by decreases of $19.5 million in customer time deposits. The increase in foreign deposits was principally from customers domiciled in Venezuela, and included large operating deposits primarily tied to essential processes in the country’s banking and oil industries. We have deep knowledge and experience in the Venezuelan market, which uniquely positions Amerant to take advantage of the opportunity to grow deposits and relationships in this country. Core Deposits Our core deposits were $6.4 billion and $5.8 billion as of June 30, 2026 and December 31, 2025, and represented 77.1% and 74.4% of our total deposits at those dates, respectively. The increase of $653.4 million, or 11.3%, in core deposits in the six months ended June 30, 2026 was mainly driven by increases in interest bearing and noninterest bearing demand deposits, and savings and money market deposits. Increase in core deposits is principally driven by significant growth in international deposits, particularly from Venezuela. We define “core deposits” as total deposits excluding all time deposits. 101 Brokered Deposits We utilize brokered deposits primarily as an asset and liability management tool. As of June 30, 2026 and December 31, 2025, brokered deposits, consisting primarily of time deposits, were $498.2 million and $435.7 million, respectively, and represented 6.0% and 5.6% of total deposits as of the respective reporting dates. The Company has not historically sold brokered CDs in individual denominations over $100,000. Large Fund Providers Large fund providers consist of third party relationships with balances over $20 million. At June 30, 2026 and December 31, 2025, our large fund providers included 20 deposit relationships with total balances of $1.1 billion and $962.3 million, respectively. The increase in balances from large fund providers in the six months ended June 30, 2026 was mainly driven by international customer deposits and included large operating deposits primarily tied to customer relationships in essential processes in the country’s banking and oil industries. Large Time Deposits by Maturity The following table sets forth the maturities of our time deposits with individual balances equal to or greater than $100,000 as of June 30, 2026 and December 31, 2025: June 30, 2026 December 31, 2025 (in thousands, except percentages) Less than 3 months $ 356,579 30.7 % $ 406,673 31.4 % 3 to 6 months 419,972 36.1 % 382,427 29.5 % 6 to 12 months 316,777 27.2 % 415,755 32.1 % 1 to 3 years 58,034 5.0 % 77,859 6.0 % Over 3 years 11,419 1.0 % 13,520 1.0 % Total $ 1,162,781 100.0 % $1,296,234 100.0 % Short-Term Borrowings In addition to deposits, we use short-term borrowings from time to time, such as advances from the FHLB and borrowings from other banks, as a source of funds to meet the daily liquidity needs of our customers and fund growth in earning assets. Short-term borrowings have maturities of 12 months or less as of the reported period-end. All of the Company’s short-term borrowings at June 30, 2026 corresponded to FHLB advances. There were no other borrowings or repurchase agreements outstanding at June 30, 2026 and December 31, 2025. The following table sets forth information about the outstanding amounts of our short-term borrowings at the close of, and for the six months ended June 30, 2026 and at December 31, 2025. June 30, 2026 December 31, 2025 (in thousands, except percentages) Outstanding at period-end $ — $ — Average amount 3,333 20,000 Maximum amount outstanding at any month-end 20,000 100,000 Weighted average interest rate: During period 3.88 % 4.08 % End of period — % — % 102 Return on Equity and Assets The following table shows annualized return on average assets, return on average equity, and average equity to average assets ratio for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in thousands, except percentages and per share data) Net income attributable to the Company $ 21,043 $ 23,002 $ 38,916 $ 34,960 Basic earnings per common share 0.54 0.55 0.98 0.83 Diluted earnings per common share (1) 0.53 0.55 0.97 0.83 Average total assets $ 10,107,432 $ 10,256,254 $ 10,005,663 $ 10,149,983 Average stockholders' equity 914,619 917,010 931,989 914,133 Net income attributable to the Company / Average total assets (ROA) 0.84 % 0.90 % 0.78 % 0.69 % Net income attributable to the Company / Average stockholders' equity (ROE) 9.23 % 10.06 % 8.42 % 7.71 % Average stockholders' equity / Average total assets ratio 9.05 % 8.94 % 9.31 % 9.01 % __________________ (1)In the three months ended June 30, 2026 and 2025, potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance share units. See Note 13 to our unaudited interim consolidated financial statements in this Form 10-Q for details on the dilutive effects of the issuance of restricted stock, restricted stock units and performance share units on earnings per share for the six months ended June 30, 2026 and 2025. During the three months ended June 30, 2026, basic and diluted earnings per share decreased compared to the same period one year ago, primarily driven by reduction of net income in the current period compared to the same period last year. During the six months ended June 30, 2026, basic and diluted earnings per share increased compared to the same period one year ago, primarily driven by improved net income in the current period compared to the same period last year. Capital Resources and Liquidity Management Capital Resources Stockholders’ equity is influenced primarily by earnings, dividends, if any, and changes in accumulated other comprehensive income or loss (AOCI/AOCL) caused primarily by fluctuations in unrealized holding gains or losses, net of taxes, on debt securities available for sale and derivative instruments. AOCI or AOCL are not included in stockholders’ equity for purposes of determining our capital for bank regulatory purposes. Total stockholders’ equity was $914.4 million as of June 30, 2026, a decrease of $24.4 million, or 2.6%, compared to $938.8 million as of December 31, 2025. This decrease was primarily driven by: (i) an aggregate of $35.1 million of Class A common stock repurchased in the six months ended June 30, 2026; (ii) $7.3 million of dividends declared and paid by the Company in the six months ended June 30, 2026, and (iii) $22.9 million of other comprehensive loss, mainly due to net unrealized holding losses on debt securities available for sale. This was partially offset by net income of $38.9 million in the six months ended June 30, 2026. 103 Common Stock Transactions In the three and six month periods ended June 30, 2026, the Company repurchased an aggregate of 690,000 and 1,549,493 shares, respectively, of Class A common stock under the 2026 Stock Repurchase Program at a weighted average price of $23.29 and $22.44 per share, respectively, including transaction costs. The aggregate purchase price for these transactions was $16.4 million and $35.1 million in the three and six month periods ended June 30, 2026, including transaction costs and excise tax on repurchases. See Note 1 to our unaudited interim consolidated financial statements in this Form 10-Q for more details on the 2026 Stock Repurchase Program. Dividends Set forth below are the details of dividends declared and paid by the Company for the first six months ended June 30, 2026: Declaration Date Record Date Payment Date Dividend Per Share Dividend Amount 04/22/2026 05/15/2026 05/29/2026 $0.09 $3.6 million 01/22/2026 02/13/2026 02/27/2026 $0.09 $3.7 million On July 22, 2026, the Company’s Board of Directors declared a cash dividend of $0.09 per share of the Company’s common stock. The dividend is payable on August 28, 2026, to shareholders of record at the close of business on August 14, 2026. Liquidity Management We manage our liquidity based on several factors that include the amount of core deposit relationships as a percentage of total deposits, the level of diversification of our funding sources, the allocation and amount of our deposits among deposit types, the short-term funding sources used to fund assets, the amount of non-deposit funding used to fund assets, the availability of unused funding sources, off-balance sheet obligations, the amount of cash and liquid securities we hold, the availability of assets readily convertible into cash without undue loss, the characteristics and maturities of our assets when compared to the characteristics of our liabilities and other factors. Liquidity risk management is a relevant element of our asset/liability management. Our contingency funding plan is constantly monitored by our Assets and Liabilities Committee and serves as the basis to identify our liquidity needs. The contingency funding plan models several liquidity stress scenarios to evaluate different potential liquidity outflows or funding gaps resulting from economic disruptions and volatility in the financial markets, among other factors. Customer deposits have been our principal source of funding, supplemented by our investment securities portfolio, our short-term and long-term borrowings as well as loan repayments and amortizations. The Company’s liquidity position includes cash and cash equivalents of $301.1 million at June 30, 2026, compared to $470.2 million at December 31, 2025. 104 At June 30, 2026 and December 31, 2025, the Company had $0.7 billion of outstanding advances from the FHLB. At June 30, 2026 and December 31, 2025, we had an additional $2.4 billion and $2.1 billion, respectively, of remaining borrowing capacity with the FHLB. This additional borrowing capacity is determined by the FHLB. In the six months ended June 30, 2026 the Company borrowed $20.0 million from the FHLB and repaid $29.9 million of FHLB advances. There were no significant gains or losses recognized in operating income as a result of early repayments. In July 2026, the Company recorded early repayment of approximately $170 million of advances from the FHLB with no significant gains or losses recognized in operating income as a result of these transactions. The Company may repay advances from the FHLB prior to their stated maturity as part of the Company’s asset and liability management strategies. There were no other borrowings as of June 30, 2026 and December 31, 2025. We also have available uncommitted federal funds lines with several banks. We had no outstanding borrowings under uncommitted federal funds lines with banks at June 30, 2026 and December 31, 2025. Holding Company We are a corporation separate and apart from the Bank and, therefore, must provide for our own liquidity. Historically, our main source of funding has been dividends declared and paid to us by the Bank. The Company is the obligor and guarantor on our junior subordinated debt and the guarantor of the Subordinated Notes. The Company, as a separate stand-alone entity, held cash and cash equivalents mainly at the Bank totaling $8.3 million as of June 30, 2026 and $17.5 million as of December 31, 2025 in funds available to service Subordinated Notes and junior subordinated debt and for general corporate purposes. Subsidiary Dividends There are statutory and regulatory limitations that affect the ability of the Bank to pay dividends to the Company. These limitations exclude the effects of AOCI/AOCL. Management believes that these limitations will not affect the Company’s ability to meet its ongoing short-term cash obligations. See “Supervision and Regulation” in the 2025 Form 10-K. On April 22, 2026, the Board of Directors of the Bank approved the payment of a cash dividend in the amount of $15.0 million by the Bank to the Company. The Company received this dividend on April 30, 2026. On July 23, 2026, the Board of Directors of the Bank approved the payment of a cash dividend in the amount of $20.0 million by the Bank to the Company. The Company received this dividend on July 28, 2026. Based on our current outlook, we believe that net income, advances from the FHLB, available other borrowings and any dividends paid to us by the Bank will be sufficient to fund liquidity requirements for at least the next twelve months and the foreseeable future. 105 Regulatory Capital Requirements The Company’s consolidated regulatory capital amounts and ratios are presented in the following table: Actual Required for Capital Adequacy Purposes Regulatory Minimums To be Well Capitalized (in thousands, except percentages) Amount Ratio Amount Ratio Amount Ratio June 30, 2026 Total capital ratio $ 1,107,648 14.34 % $ 617,812 8.00 % $ 772,265 10.00 % Tier 1 capital ratio 982,526 12.72 % 463,359 6.00 % 617,812 8.00 % Tier 1 leverage ratio 982,526 9.70 % 404,998 4.00 % 506,248 5.00 % Common Equity Tier 1 (CET1) 921,983 11.94 % 347,519 4.50 % 501,972 6.50 % December 31, 2025 Total capital ratio $ 1,102,426 14.10 % $ 625,550 8.00 % $ 781,938 10.00 % Tier 1 capital ratio 983,662 12.58 % 469,163 6.00 % 625,550 8.00 % Tier 1 leverage ratio 983,662 9.62 % 408,990 4.00 % 511,237 5.00 % Common Equity Tier 1 (CET1) 923,069 11.80 % 351,872 4.50 % 508,260 6.50 % The Bank’s consolidated regulatory capital amounts and ratios are presented in the following table: Actual Required for Capital Adequacy Purposes Regulatory Minimums to be Well Capitalized (in thousands, except percentages) Amount Ratio Amount Ratio Amount Ratio June 30, 2026 Total capital ratio $ 1,091,152 14.15 % $ 616,958 8.00 % $ 771,198 10.00 % Tier 1 capital ratio 995,909 12.91 % 462,719 6.00 % 616,958 8.00 % Tier 1 leverage ratio 995,909 9.88 % 403,146 4.00 % 503,932 5.00 % Common Equity Tier 1 (CET1) 995,909 12.91 % 347,039 4.50 % 501,279 6.50 % December 31, 2025 Total capital ratio $ 1,052,893 13.49 % $ 624,495 8.00 % $ 780,619 10.00 % Tier 1 capital ratio 963,923 12.35 % 468,372 6.00 % 624,495 8.00 % Tier 1 leverage ratio 963,923 9.47 % 407,159 4.00 % 508,949 5.00 % Common Equity Tier 1 (CET1) 963,923 12.35 % 351,279 4.50 % 507,402 6.50 % 106 Off-Balance Sheet Arrangements The following table shows the outstanding balance of financial instruments whose contracts represent off-balance sheet credit risk as of the end of the periods presented. Except as disclosed below, we are not involved in any other off-balance sheet contractual relationships that are reasonably likely to have a current or future material effect on our financial condition, a change in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. For more details on the Company’s off-balance sheet arrangements, see Note 19 to our audited consolidated financial statements included in the 2025 Form 10-K. (in thousands) June 30, 2026 December 31, 2025 Commitments to extend credit $ 1,376,906 $ 1,605,254 Standby letters of credit 183,130 179,288 $ 1,560,036 $ 1,784,542 Contractual Obligations In the normal course of business, we and our subsidiaries enter into various contractual obligations that may require future cash payments. Significant commitments for future cash obligations include capital expenditures related to operating leases, certain binding agreements we have entered into for services including outsourcing of technology services, advertising and other services, and other borrowing arrangements which are not material to our liquidity needs. We currently anticipate that our available funds, credit facilities, and cash flows from operations will be sufficient to meet our operational cash needs for the foreseeable future. Other than the changes discussed herein, there have been no material changes to the contractual obligations previously disclosed in the 2025 Form 10-K. During the six months ended June 30, 2026, the Company borrowed advances from the FHLB totaling $20.0 million and repaid a total of $29.9 million of outstanding advances. Repayments include $9.9 million of advances that were terminated prior to their original maturities. In the six months ended June 30, 2026, total time deposits decreased $85.0 million, or 4.3%. See “Deposits” for additional information. On October 21, 2025, the Company entered into a Wind-down and Settlement Agreement (the “Wind-down Agreement”) with a commercial borrower to resolve an existing loan participation agreement. Under the Wind-down Agreement, the Company assumed the risk of future credit losses under the participation agreement, up to a cumulative cap of $7.7 million through June 30, 2026 (the “Loss Cap”). If actual credit losses were below the Loss Cap as of that date, the Company would pay the difference to the borrower by June 30, 2026. As of March 31, 2026, the Company had incurred actual credit losses totaling $7.7 million. As a result, the maximum amount of the Loss Cap was reached, and, therefore, the Company does not expect to incur any additional losses with respect to this loan participation agreement. As part of the Wind-down Agreement, the borrower agreed to irrevocably and unconditionally guarantee the full and timely payment of all amounts due to the Company under the loan participation agreement that exceed the Loss Cap, up to a maximum of $13.9 million. As of June 30, 2026, the outstanding balance of the loan participation agreement had been fully paid off and, therefore, the Company no longer has credit risk associated with this loan participation agreement. 107 Critical Accounting Policies and Estimates For our critical accounting policies and estimates disclosure, see the 2025 Form 10-K where such matters are disclosed for the Company’s latest fiscal year ended December 31, 2025. Recently Issued Accounting Pronouncements. For a description of recently issued accounting pronouncements, see Note 1 to the Company’s audited consolidated financial statements in the 2025 Form 10-K and in this Form 10-Q.