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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________

Commission File Number: 001-38534
amerantimagea03.jpg
Amerant Bancorp Inc.
(Exact name of registrant as specified in its charter)
Florida65-0032379
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
220 Alhambra Circle
Coral Gables,
Florida
33134
(Address of principal executive offices)
(Zip Code)
(305)460-4728
(Registrant’s telephone number, including area code)
 N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Class A Common StockAMTBNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   ☒  No ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   ☒  No ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐       No
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Class
Outstanding as of April 30, 2024
Class A Common Stock, $0.10 par value per share33,715,834 shares of Class A Common Stock
1


AMERANT BANCORP INC. AND SUBSIDIARIES
FORM 10-Q
March 31, 2024
INDEX
Page
2



Part 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
Amerant Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share data)(Unaudited)
March 31, 2024
December 31, 2023
Assets
Cash and due from banks$41,231 $47,234 
Interest earning deposits with banks577,843 242,709 
Restricted cash33,897 25,849 
Other short-term investments6,700 6,080 
Cash and cash equivalents659,671 321,872 
Securities
Debt securities available for sale, at fair value1,298,073 1,217,502 
Debt securities held to maturity, at amortized cost (estimated fair value of $198,909 and $204,945 at March 31, 2024 and December 31, 2023, respectively)
224,014 226,645 
Equity securities with readily determinable fair value not held for trading2,480 2,534 
Federal Reserve Bank and Federal Home Loan Bank stock54,001 50,294 
Securities1,578,568 1,496,975 
Loans held for sale, at lower of cost or fair value 365,219 
Mortgage loans held for sale, at fair value48,908 26,200 
Loans held for investment, gross6,957,475 6,873,493 
Less: Allowance for credit losses96,050 95,504 
Loans held for investment, net6,861,425 6,777,989 
Bank owned life insurance237,314 234,972 
Premises and equipment, net44,877 43,603 
Deferred tax assets, net48,302 55,635 
Operating lease right-of-use assets117,171 118,484 
Goodwill19,193 19,193 
Accrued interest receivable and other assets202,343 256,185 
Total assets$9,817,772 $9,716,327 
Liabilities and Stockholders' Equity
Deposits
Demand
Noninterest bearing$1,397,331 $1,426,919 
Interest bearing2,619,115 2,560,629 
Savings and money market1,616,719 1,610,218 
Time2,245,078 2,297,097 
Total deposits7,878,243 7,894,863 
Advances from the Federal Home Loan Bank 715,000 645,000 
Senior notes59,605 59,526 
Subordinated notes29,497 29,454 
Junior subordinated debentures held by trust subsidiaries64,178 64,178 
Operating lease liabilities122,267 123,167 
Accounts payable, accrued liabilities and other liabilities210,897 164,071 
Total liabilities9,079,687 8,980,259 
Contingencies (Note 11)
Stockholders’ equity
Class A common stock, $0.10 par value, 250 million shares authorized; 33,709,395 shares issued and outstanding at March 31, 2024 (33,603,242 shares issued and outstanding at December 31, 2023)
3,373 3,361 
Additional paid in capital192,237 192,701 
Retained earnings618,359 610,802 
Accumulated other comprehensive loss(75,884)(70,796)
Total stockholders' equity738,085 736,068 
Total liabilities and stockholders' equity$9,817,772 $9,716,327 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
3

Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income (Unaudited)
Three Months Ended March 31,
(in thousands)20242023
Interest income
Loans$122,705 $108,501 
Investment securities16,091 13,299 
Interest earning deposits with banks and other interest income5,829 3,330 
Total interest income144,625 125,130 
Interest expense
Interest bearing demand deposits17,736 12,855 
Savings and money market deposits14,861 7,927 
Time deposits26,124 12,834 
Advances from the Federal Home Loan Bank5,578 6,763 
Senior notes943 942 
Subordinated notes361 361 
Junior subordinated debentures1,054 1,115 
Total interest expense66,657 42,797 
Net interest income77,968 82,333 
Provision for credit losses12,400 11,700 
Net interest income after provision for credit losses65,568 70,633 
Noninterest income
Deposits and service fees4,325 4,955 
Brokerage, advisory and fiduciary activities4,327 4,182 
Change in cash surrender value of bank owned life insurance2,342 1,412 
Loan-level derivative income466 2,071 
Cards and trade finance servicing fees1,223 533 
Gain on early extinguishment of advances from the Federal Home Loan Bank, net 13,173 
Derivative (losses) gains, net
(152)14 
Securities losses, net(54)(9,731)
Other noninterest income2,011 2,734 
Total noninterest income14,488 19,343 
Noninterest expense
Salaries and employee benefits32,958 34,876 
Professional and other services fees10,963 7,628 
Occupancy and equipment6,476 6,798 
Telecommunication and data processing3,533 3,064 
Advertising expenses3,078 2,586 
FDIC assessments and insurance3,008 2,737 
Depreciation and amortization1,477 1,292 
Loan-level derivative expense4 1,600 
Other real estate owned and repossessed assets (income) expense, net(354) 
Other operating expenses5,451 4,152 
Total noninterest expenses66,594 64,733 
Income before income tax expense13,462 25,243 
Income tax expense(2,894)(5,301)
Net income before attribution of noncontrolling interest10,568 19,942 
Noncontrolling interest (244)
Net income attributable to Amerant Bancorp Inc.$10,568 $20,186 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
4

Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income (Unaudited)
Three Months Ended March 31,
(in thousands, except per share data)20242023
Other comprehensive loss, net of tax
Net unrealized holding (losses) gains on debt securities available for sale arising during the period$(5,104)$6,117 
Net unrealized holding gains (losses) on cash flow hedges arising during the period227 (188)
Reclassification adjustment for items included in net income(211)387 
Other comprehensive (loss) income(5,088)6,316 
Comprehensive income$5,480 $26,502 
Earnings Per Share (Note 13):
Basic earnings per common share$0.32 $0.60 
Diluted earnings per common share$0.31 $0.60 

The accompanying notes are an integral part of these consolidated financial statements (unaudited).
5

Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
Three Months Ended March 31, 2024
Common StockAdditional
Paid
in Capital
Treasury StockRetained
Earnings
Accumulated Other Comprehensive lossTotal
Stockholders'
Equity
(in thousands, except share data)Shares OutstandingIssued Shares - Par Value
Class A
Balance at December 31, 202333,603,242 $3,361 $192,701 $ $610,802 $(70,796)$736,068 
Issuance of common shares for restricted stock unit vesting77,615 8 (8)— — —  
Issuance of common shares for performance shares unit vesting125,271 13 (13)— — —  
Restricted stock, restricted stock units and performance stock units surrendered(92,830)(9)(2,078)— — — (2,087)
Restricted stock forfeited(3,903)— — — — —  
Stock-based compensation expense— — 1,635 — — — 1,635 
Dividends paid— — — — (3,011)— (3,011)
Net income attributable to Amerant Bancorp Inc.— — — — 10,568 — 10,568 
Other comprehensive loss— — — — — (5,088)(5,088)
Balance at March 31, 202433,709,395 $3,373 $192,237 $ $618,359 $(75,884)$738,085 

Common StockAdditional
Paid
in Capital
Treasury StockRetained
Earnings
Accumulated Other Comprehensive lossTotal
Stockholders'
Equity Before Noncontrolling Interest
Noncontrolling interestTotal
Stockholders'
Equity
(in thousands, except share data)Shares OutstandingIssued Shares - Par Value
Class A
Balance at December 31, 202233,815,161 $3,382 $194,694 $ $590,375 $(80,635)$707,816 $(2,090)$705,726 
Repurchase of Class A common stock
(22,403)— — (566)— — (566)— (566)
Treasury stock retired— (2)(564)566 — —  —  
Restricted stock issued10,440 1 (1)— — —  —  
Restricted stock, restricted stock units and performance stock units surrendered(44,896)(4)(1,166)— — — (1,170)— (1,170)
Restricted stock forfeited(1,394)— — — — —  —  
Performance stock units vested10,621 1 (1)— — —  —  
Restricted stock units vested46,731 5 (5)— — —  —  
Stock-based compensation expense— — 1,825 — — — 1,825 — 1,825 
Net income attributable to Amerant Bancorp Inc.— — — — 20,186 — 20,186 — 20,186 
Dividends paid— — — — (3,017)— (3,017)— (3,017)
Net loss attributable to noncontrolling-interest shareholders— — — — — —  (244)(244)
Other comprehensive income— — — — — 6,316 6,316 — 6,316 
Balance at March 31, 202333,814,260 $3,383 $194,782 $ $607,544 $(74,319)$731,390 $(2,334)$729,056 

The accompanying notes are an integral part of these consolidated financial statements (unaudited).
6

Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)

Three months ended March 31,
(in thousands)20242023
Cash flows from operating activities
Net income before attribution of noncontrolling interest$10,568 $19,942 
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Provision for credit losses12,400 11,700 
Net premium amortization on securities1,247 1,241 
Depreciation and amortization1,477 1,292 
Stock-based compensation expense1,635 1,825 
Change in cash surrender value of bank owned life insurance(2,342)(1,412)
Securities losses, net54 9,731 
Derivative losses (gains), net152 (14)
Gains on sale of loans, net(1,058)(912)
Deferred taxes and others9,190 868 
Gain on early extinguishment of advances from the FHLB, net (13,173)
Proceeds from sales and repayments of loans held for sale (at fair value)47,148 40,925 
Originations and purchases of loans held for sale (at fair value)(69,219)(78,375)
Net changes in operating assets and liabilities:
Accrued interest receivable and other assets(3,975)(7,553)
Accounts payable, accrued liabilities and other liabilities(4,488)(4,881)
Net cash provided by (used in) operating activities2,789 (18,796)
Cash flows from investing activities
Purchases of investment securities:
Available for sale(60,740)(6,923)
Federal Home Loan Bank stock(5,653)(34,394)
(66,393)(41,317)
Maturities, sales, calls and paydowns of investment securities:
Available for sale22,453 17,134 
Held to maturity2,504 2,711 
Federal Home Loan Bank stock1,946 27,413 
Equity securities with readily determinable fair value not held for trading 11,168 
26,903 58,426 
Net increase in loans(162,677)(203,506)
Proceeds from loan sales429,637 10,000 
Cash paid in business acquisition (1,970)
Net purchases of premises and equipment and others(3,483)(3,738)
Proceeds from surrender of bank of life insurance62,741  
Net cash provided by (used in) investing activities286,728 (182,105)
Cash flows from financing activities
Net increase in demand, savings and money market accounts35,399 41,442 
Net (decrease) increase in time deposits(52,019)201,085 
Proceeds from Advances from the Federal Home Loan Bank407,500 1,030,000 
Repayments of Advances from the Federal Home Loan Bank (337,500)(871,697)
Repurchase of common stock - Class A (566)
Dividend paid(3,011)(3,017)
Disbursements arising from stock-based compensation, net(2,087)(1,170)
Net cash provided by financing activities48,282 396,077 
Net increase in cash and cash equivalents and restricted cash337,799 195,176 
Cash, cash equivalents and restricted cash
Beginning of period321,872 290,601 
End of period$659,671 $485,777 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
7

Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited) (continued)
Three months ended March 31,
(in thousands)20242023
Supplemental disclosures of cash flow information
Cash paid:
Interest$72,641 $38,712 
Income taxes273 491 
Right-of-use assets obtained in exchange for new lease obligations 6,233 
Noncash investing activities:
Mortgage loans held for sale (at fair value) transferred to loans held for investment 36,419 
Loans transferred to other assets 26,534 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
8

Amerant Bancorp Inc. and Subsidiaries
Notes to Interim Consolidated Financial Statements (Unaudited)
1.Business, Basis of Presentation and Summary of Significant Accounting Policies
a) Business
Amerant Bancorp Inc. (the “Company”) is a Florida corporation incorporated in 1985, which has operated since January 1987. The Company is a bank holding company registered under the Bank Holding Company Act of 1956 (“BHC Act”), as a result of its 100% ownership of Amerant Bank, N.A. (the “Bank”). The Company’s principal office is in the City of Coral Gables, Florida. The Bank is a member of the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve Bank of Atlanta (“Federal Reserve”) and the Federal Home Loan Bank of Atlanta (“FHLB”). The Bank is a national bank subject to regulation and regular examinations by the Office of the Comptroller of the Currency (“OCC”).The Bank has three operating subsidiaries: Amerant Investments, Inc., a securities broker-dealer (“Amerant Investments”), Amerant Mortgage, LLC (“Amerant Mortgage”), a mortgage lending company domiciled in Florida (“Amerant Mortgage”) and Elant Bank & Trust Ltd., a Grand-Cayman based trust company (the “Cayman Bank”).

Sale of Houston Banking Operations

On April 16, 2024, the Bank entered into a Purchase and Assumption Agreement (the “Purchase Agreement”) with MidFirst Bank (“MidFirst”) pursuant to which MidFirst will purchase certain assets and assume certain liabilities (the “Transaction”) of the banking operations and six branches in the Houston, Texas metropolitan statistical area (collectively, the “Branches”). Pursuant to the terms of the Purchase Agreement, MidFirst has agreed to assume certain deposit liabilities and to acquire certain loans, as well as cash, real property, personal property and other fixed assets associated with the Branches. The completion of the Transaction is subject to regulatory approval required by the OCC, as well as customary closing conditions.

The purchase price for the purchased assets will be computed as the sum of: (a) $13.0 million (the “Deposit Premium”), provided that, if the balance of non-interest checking deposits included in deposits or the total balance of deposits (excluding insured cash sweep deposits) decrease by more than 15% between March 13, 2024 and the closing date, then the Deposit Premium shall be equal to the sum of (i) 9.50% of the average daily balance of non-interest checking deposits included in deposits, (ii) 1.85% of the average daily balance of deposits other than non-interest checking deposits, insured cash sweep deposits and time deposits included in deposits, (iii) 0.25% of the average daily balance of insured cash sweep deposits included in Deposits, and (iv) 0.50% of the average daily balance of time deposits included in deposits, with the average daily balance in each case being for the 30-day period ending on the fifth business day prior to closing, provided further, that the Deposit Premium shall in no event be lower than $9.25 million, (b) the aggregate amount of cash on hand as of the closing date, (c) the aggregate net book value of all assets being assumed (excluding cash on hand, real property and accrued interest with respect to the loans to be acquired), (d) the appraised value of the real property to be acquired, and (e) accrued interest with respect to the loans to be acquired. The purchase price is subject to a customary post-closing adjustment based on the delivery within 30 calendar days following the closing date of a final closing statement setting forth the purchase price and any necessary adjustment payment amount.

The Bank and MidFirst made customary representations, warranties, and covenants in the Purchase Agreement. The Bank and MidFirst also agreed to indemnify each other (subject to customary limitations) with respect to the Transaction, including for breaches of representations and warranties, breaches of covenants, liabilities not retained or assumed, and conduct of the business of the Branches and operation and use of the purchased assets during certain time periods.

9

Amerant Bancorp Inc. and Subsidiaries
Notes to Interim Consolidated Financial Statements (Unaudited)

Changes in Ownership Interest in Amerant Mortgage

At March 31, 2024 and December 31, 2023, the Company had an ownership interest of 100% in Amerant Mortgage. On December 31, 2023, Amerant Mortgage became a wholly-owned subsidiary of the Company as it increased its ownership interest to 100% effective as of December 31, 2023. Therefore, the Company did not record any loss or gain attributable to non-controlling interest in the first quarter of 2024 and had no equity attributable to the non-controlling interest at March 31, 2024. See the Company’s annual report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”), on March 7, 2024 (the “2023 Form 10-K”) for detailed information on changes in ownership interest in Amerant Mortgage.

Restructuring costs
There were no restructuring costs in the three months ended March 31, 2024. During the three months ended March 31, 2023, restructuring costs consisted of severance costs of approximately $0.2 million, branch closure expenses and related charges of $0.5 million and consulting and other professional fees of $2.7 million.
Severance costs are included in “salaries and employees benefits expense” in the Company’s consolidated statement of operations and comprehensive income.

Dividends
Set forth below are the details of dividends declared and paid by the Company in the three months ended March 31, 2024 and 2023:
Declaration DateRecord DatePayment DateDividend Per ShareDividend Amount
01/17/202402/14/202402/29/2024$0.09$3.0 million
1/18/202302/13/202302/28/2023$0.09$3.0 million
On April 24, 2024, 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 May 30, 2024, to shareholders of record at the close of business on May 15, 2024.


b) Basis of Presentation and Summary of Significant Accounting Policies

Significant Accounting Policies

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for a fair statement of financial position, results of operations and cash flows in conformity with GAAP. These unaudited interim consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year or any other period. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2023 and 2022 and for each of the three years in the period ended December 31, 2023 and the accompanying footnote disclosures for the Company, which are included in the 2023 Form 10-K.
10

Amerant Bancorp Inc. and Subsidiaries
Notes to Interim Consolidated Financial Statements (Unaudited)
For a complete summary of our significant accounting policies, see Note 1 to the Company’s audited consolidated financial statements in the 2023 Form 10-K.
Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include: (i) the determination of the allowance for credit losses; (ii) the fair values of loans, securities and derivative contracts; (iii) the cash surrender value of bank owned life insurance; and (iv) the determination of whether the amount of deferred tax assets will more likely than not be realized. Management believes that these estimates are appropriate. Actual results could differ from these estimates.
Reclassifications
Beginning in the second quarter of 2023, the Company presents separately its Other Real Estate Owned (“OREO”) and repossessed assets, net expense in the consolidated statement of operations and comprehensive income. Prior to that period, while OREO valuation expense was presented separately, all other OREO-related expenses were presented as part of other operating expenses in the Company’s consolidated statement of operations and comprehensive income.
c) 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 2023 Form 10-K.
d) Subsequent Events
The effects of other significant subsequent events, if any, have been recognized or disclosed in these unaudited interim consolidated financial statements.

11

Amerant Bancorp Inc. and Subsidiaries
Notes to Interim Consolidated Financial Statements (Unaudited)


2. Interest Earning Deposits with Banks, Other Short-Term Investments and Restricted Cash
At March 31, 2024 and December 31, 2023, interest-earning deposits with banks were mainly comprised of deposits with the Federal Reserve and other U.S. banks of approximately $578 million and $243 million, respectively. At March 31, 2024 and December 31, 2023, the average interest rate on these deposits was approximately 5.29% and 5.64%, respectively. These deposits have no stated maturity dates.

As of March 31, 2024 and December 31, 2023, the Company held US Treasury Bills classified as part of other short-term investments in the Company’s consolidated balance sheets. At March 31, 2024 and December 31, 2023, the Company held $6.7 million and $6.1 million, respectively, with an average yield of 5.29% and 4.80%, respectively, related to these investments. These other short-term investments have a stated maturity of 90 days or less and as such are deemed cash and cash equivalents.

At March 31, 2024 and December 31, 2023, the Company had restricted cash balances of $33.9 million and $25.8 million, respectively. These balances include cash pledged as collateral, by other banks to us, to secure derivatives’ margin calls. This cash pledged as collateral also represents an obligation, by the Company, to repay according to margin requirements. At March 31, 2024 and December 31, 2023, this obligation was $33.0 million and $25.0 million, respectively, which is included as part of other liabilities in the Company’s consolidated balance sheet. In addition, we have cash balances pledged as collateral to secure the issuance of letters of credit by other banks on behalf of our customers.
12

Amerant Bancorp Inc. and Subsidiaries
Notes to Interim Consolidated Financial Statements (Unaudited)
3.Securities
a) Debt Securities
Debt securities available for sale
Amortized cost, allowance for credit losses and approximate fair values of debt securities available for sale are summarized as follows:
March 31, 2024
Amortized
Cost
Gross UnrealizedAllowance for Credit LossesEstimated
Fair Value
(in thousands)GainsLosses
U.S. government-sponsored enterprise debt securities (1) (2)$642,816 $1,027 $(42,476)$ $601,367 
Corporate debt securities (2)285,065 59 (20,751) 264,373 
U.S. government agency debt securities (1) (2)465,393 754 (42,378) 423,769 
Collateralized loan obligations5,000  (25) 4,975 
Municipal bonds (1)1,732  (133) 1,599 
U.S. treasury securities1,999  (9) 1,990 
Total debt securities available for sale (3)$1,402,005 $1,840 $(105,772)$ $1,298,073 
__________________
(1)Includes residential mortgage-backed securities. As of March 31, 2024, we had total residential mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $932.8 million and fair value of $860.8 million.
(2)Includes commercial mortgage-backed securities. As of March 31, 2024, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $166.6 million and fair value of $155.0 million .
(3)Excludes accrued interest receivable of $7.1 million as of March 31, 2024, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in the three month period ended March 31, 2024.


December 31, 2023
Amortized
Cost
Gross UnrealizedAllowance for Credit LossesEstimated
Fair Value
(in thousands)GainsLosses
U.S. government sponsored enterprise debt securities (1) (2)
$591,972 $2,297 $(36,962)$ $557,307 
Corporate debt securities (2)285,217  (24,415) 260,802 
U.S. government agency debt securities (1) (2)428,626 933 (38,782) 390,777 
U.S. treasury securities1,998  (7) 1,991 
Municipal bonds (1)1,731  (63) 1,668 
Collateralized loan obligations5,000  (43) 4,957 
Total debt securities available for sale (3)$1,314,544 $3,230 $(100,272)$ $1,217,502 
__________________
(1)Includes residential mortgage-backed securities. As of December 31, 2023, we had total residential mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $910.1 million and fair value of $844.5 million.
13

Amerant Bancorp Inc. and Subsidiaries
Notes to Interim Consolidated Financial Statements (Unaudited)
(2)Includes commercial mortgage-backed securities. As of December 31, 2023, we had total commercial mortgage-backed securities, included as part of total debt securities available for sale, with amortized cost of $99.7 million and fair value of $91.8 million.
(3)Excludes accrued interest receivable of $6.7 million as of December 31, 2023, which is included as part of accrued interest receivable and other assets in the Company’s consolidated balance sheet. The Company did not record any write offs on accrued interest receivable related to these securities in 2023.
The Company had investments in foreign corporate debt securities available for sale, primarily in Canada, of $10.4 million and $10.5 million at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024 and December 31, 2023, the Company had no foreign sovereign or foreign government agency debt securities available for sale. Investments in foreign corporate debt securities available for sale are denominated in U.S. Dollars.
There were no sales, redemptions or calls of debt securities available for sale in the three months ended March 31, 2024. In the three months ended March 31, 2023, proceeds from sales, redemptions and calls, gross realized gains, and gross realized losses of debt securities available for sale were as follows:
Three Months Ended March 31,
(in thousands)20242023
Proceeds from sales, redemptions and calls of debt securities available for sale$ $475 
Gross realized gains$ $ 
Gross realized losses (9,525)
Realized (loss) gain, net $ $(9,525)

The Company’s investment in debt securities available for sale with unrealized losses aggregated by the length of time that individual securities have been in a continuous unrealized loss position, are summarized below:
March 31, 2024
Less Than 12 Months12 Months or MoreTotal
(in thousands, except securities count)Number of SecuritiesEstimated
Fair Value
Unrealized
Loss
Number of SecuritiesEstimated
Fair Value
Unrealized
Loss
Estimated
Fair Value
Unrealized
Loss
U.S. government-sponsored enterprise debt securities37 $132,404 $(1,067)327 $339,849 $(41,409)$472,253 $(42,476)
Corporate debt securities   57 240,278 (20,751)240,278 (20,751)
U.S. government agency debt securities19 39,444 (220)161 287,206 (42,158)326,650 (42,378)
Municipal bonds   3 1,599 (133)1,599 (133)
U.S. treasury securities1 1,990 (9)   1,990 (9)
Collateralized loan obligations1 4,975 (25)   4,975 (25)
58 $178,813 $(1,321)548 $868,932 $(104,451)$1,047,745 $(105,772)

14

Amerant Bancorp Inc. and Subsidiaries
Notes to Interim Consolidated Financial Statements (Unaudited)

December 31, 2023
Less Than 12 Months12 Months or MoreTotal
(in thousands, except securities count)Number of SecuritiesEstimated
Fair Value
Unrealized
Loss
Number of SecuritiesEstimated
Fair Value
Unrealized
Loss
Estimated
Fair Value
Unrealized
Loss
U.S. government sponsored enterprise debt securities7 $68,923 $(187)328 $347,632 $(36,775)$416,555 $(36,962)
Corporate debt securities2 3,992 (13)59 256,810 (24,402)260,802 (24,415)
U.S. government agency debt securities12 19,475 (137)158 296,632 (38,645)316,107 (38,782)
Municipal bonds