Amerant Bank - 2023 Impact Report

2023 Impact Report

A Message from Jerry Plush

Who We Are

Mission, Vision, and Precepts

A Culture of Impact

Our Impact Framework

Empowering Our People for Shared Success

Promoting Economic Mobility in Our Communities

Building Climate Resilience

Making an impact. The journey continues.

Three years into our shared journey to sustainable growth, 2023 was a year of milestones. The pace of our journey quickened. Amerant’s strength grew because of on-target strategic planning and on-the-mark community initiatives.

I’m especially proud that Amerant’s internal culture our emphasis on world-class HR practices, education, and career development continued to set the stage for our business as we continue making a positive Impact. We were ranked No. 48, up six spots from the previous year, in Newsweek’s 2023 Top 100 Most Loved Workplaces® survey.

Another major milestone arrived with a clang: We rang the opening bell at the New York Stock Exchange on August 29, 2023, celebrating Amerant’s first day of trading as AMTB on this well-recognized exchange. This was yet another affirmation that we’re on the road to the future.

What’s on the horizon? We’ll continue our journey in 2024 as we did in 2023, with unwavering dedication to our team members and the communities we serve. We remain committed to advancing our initiatives, confident in the positive outcomes that lie ahead.

Our journey reflects our understanding that sustainability is not a destination but a continuous path of improvement. It demonstrates our pledge to not only adapt to the changing needs of our world but to play an active role in shaping a better, more sustainable future for all.

Sincerely,

Jerry Plush Chairman and CEO Amerant

In other mileposts on that road, we expanded our ability to serve communities in South Florida in 2023:

• We cut the ribbon on a Key Biscayne banking center to bring our services close to this historic island community.

• In Broward County, we officially opened our new operations center in Miramar and announced our commitment to a new Broward County regional headquarters in Plantation.

• Ready for takeoff in early 2024 are offices in Downtown Miami and Fort Lauderdale as well as a banking center and regional office in Tampa.

Who We Are

in Florida

our customers and our communities

* Defined as those with less than $10 billion in assets, according to the FDIC.

** The term “team members” refers to employees of Amerant Bank and its wholly-owned subsidiaries only.

*** Community Reinvestment Act (CRA), Office of the Comptroller of Currency (OCC).

Mission, Vision, and Precepts

Our Mission

To provide our customers with the products, services and advice they need to achieve financial success, through our diverse, inclusive and motivated team that is personally involved with the communities we serve, all of which result in increased shareholder value.

To be the Bank of choice in the markets we serve.

Our Precepts Our Vision

• Providing the Customer with the right products, services, and advice to meet their needs.

• Treating everyone as we expect to be treated.

• Being leaders in innovation, quality, efficiency, and customer satisfaction.

• Consistently exceeding expectations (going above and beyond).

• Promoting a diverse and inclusive work environment where every person is given the encouragement, support, and opportunity to be successful.

• Holding ourselves and each other accountable and always doing what is right.

• Being the Bank of choice in the markets we serve.

Amerant team members volunteer with the University of Miami during Canes Day of Service.

A Culture of Impact

Evolving with Impact: From Transformation to Integration

Today, our journey has advanced beyond transformation to a state of stability and integration. Our Impact program is no longer a separate entity or an external effort; it is ingrained in every facet of our operation. Every team member contributes to achieving our Impact goals, demonstrating a collective commitment that transcends individual responsibilities. This widespread engagement reflects a profound shift in our organizational

culture — a transition from ambition to actualization.

As we move forward, the Impact program at Amerant is more than a set of objectives — it’s a mindset, a cultural cornerstone, and a reflection of our values. Our journey from transformation to stabilization has been one of discovery, growth, and ultimately, integration.

Our Impact program, embedded in everything we do, symbolizes our dedication to this pledge — a commitment we carry forward with every action we take, every decision we make, and every goal we aspire to achieve.

Sustainability Governance Structure

Our prior governance structure has been modified to evolve with our program.

A closer look at oversight layers

Oversees and directs ESG Program.

Ensures alignment of the program across all units.

Directs

Oversees process supporting ESG reporting.

Ensures executive compensation is aligned with ESG strategy.

Oversees

Team members at Amerant Bank Key Biscayne Banking Center.

Our Impact Framework

A strategic lens

Amerant’s Impact framework gives structure to our sustainability efforts by cementing a vision, clarifying focus areas, and establishing high-level commitments. To this end, we set time-based goals relevant to our various operating divisions.

The vision is simple: Corporate sustainability starts with our organization’s value system and a principles-based

approach to doing business. Every initiative is studied through the strategic lens of our Impact commitments.

Here’s how our activities and capabilities support the achievements of Amerant’s Impact goals:

We leverage the power of banking to create social and environmental value for our people, our communities, and our customers.

Our Framework of Five Pillars

that drive our aspirations: Empowering Our People For Shared Success

We dedicate our time and resources to benefit our communities, ensuring Amerant has a talented, diverse, and supported workforce to bring the best service to our customers every day.

We work tirelessly to empower our customers and bridge the gap faced by communities of all income levels, by providing access to finance and building trusted banking relationships.

Our innovative products and services are designed to help our communities and customers address the unique impacts of climate change and environmental degradation, driving sustainable outcomes and financial gains.

that are fundamental to the operation of our business:

We uphold our commitments to sound governance, business ethics and compliance.

We lead by example.

Pillars

Pillars

How We “Walk The Talk”

Empowering Our People for Shared Success

COMMITMENT

We dedicate our time and resources to benefit our communities, ensuring Amerant has a talented, diverse, and supported workforce to bring the best service to our customers every day.

GOALS

• Promote diversity and inclusion to reflect the communities we serve

• Promote an environment that leads to success and overall wellness for our people

Team members pause during our Open Enrollment Benfits Fair at our Headquarters in Coral Gables.

Thriving Through Change

The chemistry of engagement and business success

Our Human Resources team made the most of another year to introduce people-focused programs that help team members grow and thrive in an ever-changing environment. As an organization, Amerant made progress at coalescing culture-change initiatives and daily operations. An internal focus on inclusion — belonging — is now a thread in decision-making. We believe this focus is felt organization-wide.

We also see indications of success in how we’re rated by our team members when they’re surveyed on important dimensions of their experience at Amerant. You’ll see stories about two of these surveys — one internal, the other external — in this section.

Team Member Engagement Survey Results

At the heart of Amerant’s success is our belief that the true strength of a financial institution lies in the hands and hearts of its people.

Mariola Sanchez, SEVP Chief People Officer

Amerant’s current engagement score exceeds Medallia North America Financial Services average by 18%

What did team members say about engagement at Amerant

feel proud to work for Amerant.

believe in Amerant’s precepts.

would recommend Amerant as a great place to work.

agree that Amerant creates a team member experience that makes them want to work here for a long time.

feel valued by Amerant.

These topics were top of mind for our team members:

• Communication

• Career Development & Growth

• Well-being

Engagement Score

76%

Team members in Houston during Open Enrollment

Grit and Grace

Formed in late 2023 and formally announced in early 2024, the Women’s Development Program

— Grit and Grace — is designed to develop highperforming women for Amerant’s leadership bench. The program is a one-year commitment and consists of online certifications with accredited business schools such as Stanford, Columbia, UC Berkely, and Yale. The program demonstrates commitment to increasing the number of women in executive roles.

We partnered with ExecOnline to create a learning path for selected high-performing, high-potential women based on team and individual development needs. The curriculum is structured to broaden participants’ range of impact. There is a concentrated individual coaching component. Coursework includes:

• Building and Leading Effective Teams.

• Reading Effective Decision-Making.

• Leading Through Personal Excellence.

• Implementing Winning Strategies.

As a capstone-type project, the Grit and Grace Class of 2023-2024 is charged with proposing and launching a solution that elevates the experience for women at Amerant, and champions gender diversity and career advancement.

At Amerant, we believe that true inclusion stems from the ground up, driven by our passionate team members. Our business resource group empowers each individual to contribute to our collective strength, fostering a culture where every voice matters and every team member has the opportunity to thrive.

Kristy Amaro

Chief Diversity and Inclusion Officer

‘We Are’ Amerant

The multicultural resource group We Are kicked off in 2023 and now has 142 members, 23% of Amerant team members. We Are is evolving as ”We Are Amerant,” an internal business connection and support forum. We Are events and socials bring members together in person or virtually, often connecting multiple locations. The ability to network – to connect, share, learn with and from others – is widely acknowledged as a professional advantage. Meeting colleagues in informal social settings enables work relationships to grow.

Strategic executive-level development continued to set the tone as the Senior Leadership Team participated in Conscious Inclusion education. Those who practice conscious inclusion strive to intentionally focus their thoughts, beliefs, and behaviors toward leveraging differences to create value.

Grit and Grace Members - Amerant’s Women’s Development Program.

We Are social event in Miramar Operations Center.

I Belong at Amerant

Amerant continues to craft an internal culture that attracts strong talent as well as encourages team member growth, development, and retention. Our inclusion strategies are built around the HR pillars of Talent, Workplace, Communication, and Community.

Workplace belonging has emerged as the top team member experience driver linked to engagement and well-being.

On the Talent Front

Diversity & Inclusion

I feel like I belong at Amerant. Amerant promotes a diverse and inclusive work environment.

I am proud of this organization’s efforts to have a positive impact on our environment and communities.

People on my team cooperate to get the job done.

Workforce Demographics as of 12/31/23

Team members in Houston share treats for Black History Month celebration.

Sourcing local talent to make an Impact

Internship programs with local universities are a powerful facet of Amerant’s efforts to grow, hire, and retain a diverse range of business talent in our backyard. Amerant has education partnerships with local institutions in the community including University of Miami, Florida International University, Miami Dade College, Barry University, and Keiser University. These partnerships with the local universities:

• Demonstrate our efforts to promote social mobility in the communities we serve.

• Broaden our talent pool, enabling us to attract and retain team members with diverse backgrounds and perspectives.

Once team members are on board, we build on their existing skills and provide the right resources and opportunities to ensure our early career talent can develop at Amerant. We continue to analyze workforce data to identify underrepresented talent segments and set goals to close representation gaps.

Amerant welcomed six interns in the summer of ’23 through paid internship programs with Barry University and Florida International University. Through these programs, rising seniors explore a career in banking and are mentored by seasoned experts. Interns engage with operational units across the Bank including Business Development, Marketing, Corporate Communications, Finance, Credit, Human Resources, and Digital Transformation.

Immersive programs with Miami Dade College

Our partnership with Miami Dade College (MDC) continues to grow with two new oneyear work/study options through MDC’s Immersive Internship and Personal Banking Apprenticeship programs. Amerant hosted three MDC Immersive interns and one Personal Banking Apprentice from MDC who met specific criteria. The programs afford them reallife, tangible work experiences:

The Immersive Internship Program

This program with MDC’s School of Engineering, Technology, and Design gives students hands-on professional experience in data analytics while completing their senior year. Interns in this program are considered full-time Amerant team members and have access to the same benefits as full-time staff. Students work alongside the Bank’s Digital Transformation team to implement bank-wide digital solutions. Upon completion, they have the opportunity to transfer to full-time positions at the Bank.

The Personal Banking Apprenticeship Program Center for Financial Training (CFT) in partnership with MDC’s School of Business placed an apprentice in one of Amerant’s banking centers to gain the skills needed to become a banking specialists. During the yearlong program, the student worked with relationship managers and market managers. Those who complete this program are considered to have requisite experience in their field and may transfer to a full-time position at the Bank.

Intern from Miami Dade College at our headquarters in Coral Gables.

Summer interns meeting their mentors during welcome celebration.

Empowering Growth Through Learning

Programs support professional and personal growth

Amerant has a strong tradition of supporting team members in growing personally and professionally through learning and development programs. We offer traditional classroom learning, virtual learning, “any time” learning, mobile learning, social collaboration, and learning through games. In 2023, some 4,190 attendees received instructor-led learning sessions.

Tuition reimbursement programs for higher education provide access to a variety of degrees and certificates.

Team member development in 2023

22,798 $1,050

Top learning categories in 2023

• Business Software and Tools

• Mandatory and Compliance Issues

• Interpersonal Skills

Retail Banking gets onboarding uplift

We crafted a curriculum for newly hired Retail Banking talent that blends foundational principles with cuttingedge practices. Based on modern industry trends, this educational journey is designed to equip new team members with the skills, knowledge, and agility needed in the rapidly evolving banking landscape.

The three-week program includes technical system education and focused on-the-job learning with collaborative coaches at our dedicated “learning branches.” The revamped curriculum builds technical skills and emphasizes adaptability, creativity, and customer focus.

A reimagined onboarding curriculum empowers new Retail Banking team members to navigate challenges confidently and drive success.

Learning session in our Miramar Operations Center.

Ready, set . . . change!

To facilitate the conversion to the FIS system, we created a structured change management program to help team members transition effectively. Keys to success were engaging stakeholders, clearly communicating the change and reasons why it was happening, providing education and support, and addressing resistance to change. This was accomplished through role-specific learning plans, targeted communications, town halls, weekly standup meetings for leaders, resource centers for team members, and live support during conversion week.

Operating with a new, fully integrated, state-of-the-art system is because of all of the team members at Amerant that are dedicated to better serve our customers.

Carlos Iafigliola SEVP Chief Operations Officer

Miami Dolphin Alec Ingold, a motivational speaker with a powerful personal message about change, joined us for four sessions over four months to help team members overcome adversity and succeed during change. Through these in-person and virtual sessions, team members gained real-time skills to apply in navigating a hugely complex system conversion.

Alec Ingold learning series: Adversity = Opportunity

Miami Dolphins fullback Alec Ingold brought high energy and star power to Amerant team members in “Embrace Change and Thrive with Intentionality” — an in-person and live — streamed Amerant learning event series. Alec is an inspirational force within the Miami Dolphins. His message is resilience and transformation. Helping the leaders of tomorrow is his passion. He believes that adversity spells opportunity and shares motivational life lessons — including rehabbing from a potentially career-ending injury — to inform and engage people at businesses and universities across the country. He shares actionable insights to attain extraordinary outcomes through consistent daily discipline.

Alec has an interest in finance as a profession. He has a degree in Personal Finance from the University of Wisconsin and shares Amerant’s drive to enhance financial literacy in schools.

Post go-live celebration with team members and FIS team.

Total Rewards: in the fundamentals

Amerant’s workforce is structured to support our business needs. The bank’s HR management objective is to attract, retain, and develop talent possessing skills and values that align with our precepts.

To support this objective, our human resources programs are designed to continuously develop talent; reward and support our team members through competitive pay and benefits; and enhance the company’s culture through efforts aimed at making the workplace more engaging, inclusive, and representative of the communities we serve.

Our competitive rewards practices and career growth and development opportunities support our recruiting and internal mobility efforts.

Competitive pay goes beyond the paycheck

Amerant believes in a competitive total rewards — compensation and benefits — program that aligns with business objectives and the interests of stakeholders. Our program is based on the fundamental principles of fairness, transparency, efficiency, and compliance with laws and regulations.

The Amerant total rewards program combines fixed and variable compensation. This compensation approach plays a significant role in our ability to attract, retain, and inspire the talent necessary to achieve our strategic objectives and drive sustained performance. The fixed and variable components are base salary, short-term incentive, equity-based long-term incentive, and a broad

range of health/welfare/lifestyle benefits, depending on specific job role and market conditions.

Life is complex and often uncertain. To offer team members a buffer against the future, we offer retirement contribution plans and an Employee Stock Purchase Plan. The stock purchase plan is a tangible way to “walk the talk” in empowering our people and sharing the success of our company with them. With this win/win program, Amerant team members* can purchase shares of company stock at a 15% discount. This gives them an even more meaningful stake in helping Amerant grow and become more successful.

At the end of 2023, 180 team members, or 29% of Amerant team members, were enrolled in the stock purchase plan.

Team members at Benefits Fair learn about Wealth Management options.

Team member in Miramar Operations Center.

Team members say they love Amerant

Amerant was again certified as a Most Loved Workplace in Newsweek’s annual rankings for the Top 100 Most Loved Workplaces® list, coming in at # 48 and gaining six places over last year. The Top 100 Most Loved Workplaces® are a collaboration by Newsweek and the Best Practice Institute (BPI), a leadership development and benchmark research company. Most Loved Workplaces certification is a valid method to determine team member experience and recognize a great workplace.

More than 175 companies and more than 3,000 executives across the United States, the Middle East/Northern Africa, and Southeast Asia were surveyed.

The Love of Workplace Index surveyed team members on various elements relating to employee satisfaction and sentiment, including the level of respect, collaboration, support, and sense of belonging they feel inside the company.

The global Most Loved Workplace survey results indicate that productivity rises as team member sentiment increases, with 94 percent of all respondents worldwide saying they did three to four times more work for a company they loved and 95 percent saying they stayed at companies they loved three to four times longer.

Bring Your Child to Work Day at our Miramar Operations Center.

Wholistic array: health, welfare, and lifestyle benefits

Amerant provides full- and part-time team members and their families with multiple options for a comprehensive benefits package. Our nationwide open-access health options allow in-network and out-of-network services, depending on plan. Here’s a rundown.

• An employer-paid, in-network dental DMO plan and a robust, low-premium, in/out-of-network dental PPO give team members and their dependents access to preventive, basic, and major dental services.

• A cost-free vision plan allows team members to maintain an annual vision-check routine.

• A cost-free group life and accidental death and dismemberment (AD&D) benefit covers all employees. Team members can purchase additional supplemental coverage for themselves, dependent spouses, and dependent children.

• A pre-tax Flexible Spending Account (FSA) and a pre-tax Health Savings Account (HSA) help make healthcare more affordable. Both can reduce out-of-pocket costs.

• Free mental and behavioral health resources are available to team members and their dependents through the Employee Assistance Program (EAP).

• On-site blood drives and flu shots visit specific Amerant locations to make participation convenient.

• Supplemental income protection can be purchased through short-term disability, accident, cancer, hospital indemnity, and critical care plan options.

• An optional legal plan offers legal assistance, advice, resources, and representation on all types of legal services.

• A retirement safe-harbor plan includes a pre-tax 401(K) plan, a post-tax ROTH, as well as an after-tax plan offered to help team members save for the future. The Employee Stock Purchase Plan offers another way to invest and save.

• Amerant provides a medical insurance premium discount once wellness requirements are met.

• Gym membership discounts and/or $20 monthly stipends promote exercise and well-being.

• Onsite $5 Yoga session are held twice weekly.

• Incentivized wellness self-care activities are offered.

• Onsite self-screening with our HIGI weight machine educates about health risk factors.

Team members in Miramar Operations Center enjoy new work stations.

Promoting Economic Mobility in Our Communities

COMMITMENT

We work tirelessly to empower our customers and bridge the gap faced by communities of all income levels by providing access to finance and building trusted banking relationships.

GOALS

• Strive to improve financial wellness among families and businesses in our communities

• Foster financial literacy in our communities

Amerant team members and future homeowner at Habitat Humanity Broward build.

Amerant Bank places people and banking centers where the need is

In any bank, a complex regulatory framework assures that certain standards are met and that good faith is present in all of the bank’s relationships, large and small. An important part of this framework is the Community Reinvestment Act (CRA), which encourages financial institutions to help meet community needs through safe and sound lending practices. It also helps ensure retail banking and community development services are available to all sectors, serving residents of lowand moderate-income neighborhoods and making investments there.

Amerant has a long-standing commitment to serving a variety of individuals and neighborhoods. This includes funding community development loans and contributing to programs in underserved regions. These investments help revitalize designated neighborhoods throughout the communities we serve. We also value opportunities to actively participate in organizations that support affordable housing, economic development, and community service.

The percentage by dollar amount of home mortgage and small business loans originated and purchased within the Bank’s assessment areas is 65.6% in 2023.

$33.1 million of mortgages and small business loans made to low and moderate income borrowers and businesses with revenues of $1 million and under.

$109.9 Million in Community Development Loans.

73% of all community development loans are within the Bank’s assessment areas, and 27% of these loans are within the broader statewide or regional area that includes the Bank’s assessment areas.

Habitat for Humanity of Greater Miami Homeowner Ceremony.

Outstanding rating from the OCC

An independent branch of the U.S. Department of the Treasury, the Office of the Comptroller of the Currency (OCC), rates banks for their CRA performance in three test areas: lending, investment, and service. Being rated in these areas encourages banks to help meet the needs of people in all the communities where they do business.

This includes economically disadvantaged areas, low- and moderate-income individuals, and small businesses. Once again, Amerant received Outstanding and High ratings in all three performance categories in its CRA evaluation by the OCC. The Bank has earned outstanding performance results in its evaluations since 2000.

Financial literacy expands horizons

Gaining financial literacy promotes economic mobility and financial independence in diverse populations. Amerant supports non-profit organizations that offer financial literacy education programs across the markets that we serve.

In 2023, Amerant Bank committed more than $153,500 to help people in its communities achieve greater financial literacy.

Many scholastic programs don’t cover individual finance. However, learning to stick to a household budget, manage bills, use credit responsibly, and save for the future are keys to greater financial security. Receiving financial education can make a huge difference.

Non-profit community partners

• Avenue Community Development Corporation

• Branches

• Catalyst Miami

• Centro Campesino Farm Worker Center, Inc.

• Credit Coalition

• Habitat for Humanity of Broward

• Habitat for Humanity of Greater Miami

• H.O.P.E.

• Houston Habitat for Humanity

• Opa-Locka Community Development Corp.

• Prospera

• The Women’s Resource Center

In 2023, Amerant committed more than $721,230 in charitable giving to nonprofit organizations in South Florida and the Greater Houston area that support and promote affordable housing, economic mobility, health and social services, and financial independence among diverse populations.

Shared Mission of Empowering the Next Generation

Amerant partners with Overtown Youth Center to amplify financial literacy

The Overtown Youth Center (OYC Miami) is Amerant’s partner in a new collaboration to amplify financial literacy in the community. Amerant will leverage its financial expertise and resources to support OYC Miami’s ongoing efforts in financial literacy. This collaboration aims to give youths in underserved communities money management skills that are key to long-term financial success.

Our partnership with the Overtown Youth Center represents a shared commitment to empower the next generation with essential financial skills. We are excited to work alongside the OYC team to make a tangible difference in the lives of these young people.

Jerry Plush Chairman &CEO

Banking the future on money management skills

As part of the relationship, Amerant will be named a partner in OYC Miami’s new facility. A classroom will be dedicated to hosting financial literacy workshops for middle schoolers. A principal team member from Amerant will serve on the OYC Miami Board, contributing strategic insights and teaming up with OYC Miami leaders and clients on financial literacy programs that promote responsible money management for young people.

OYC Miami, founded in 2003 by NBA Hall-of-Famer Alonzo Mourning and real estate developer Martin Z. Margulies, has served the Overtown and surrounding Miami communities for two decades. By focusing on financial literacy, OYC Miami equips youth with the knowledge and skills to make educated financial decisions now and in the future.

Habitat for Humanity Across Our Markets

Lucky 14 in Miami-Dade

Amerant team members helped build our 14th sponsored home in southwest Miami-Dade in February 2023. It went to a family in need of affordable housing — so important these days in light of soaring home prices.

Habitat Broward Blitz Build 2023

A mini-build for Habitat in Houston

Amerant team members helped build a playhouse for a deserving family through the Habitat Houston Playhouse Program in June 2023. Houston Habitat selects local families and charities to receive playhouses through this program. Many go to active and veteran military families.

Amerant partnered with Habitat Broward on a big team blitz and together we helped prepare another beautiful home for a deserving family — right in our own backyard.

Habitat for Humanity Broward - CEO Build 2023.

Financial education, small business assistance, and community development are Amerant priorities. The Bank has a robust record in all three, as seen below.

Small Business Loans

(Businesses with gross annual revenues of $1 million and under)

Community Development Loans

Number of low- and moderateincome individuals reached through Amerant-sponsored financial education events with nonprofit partners

$26.6 million 60 Loans

$109.9 million 30 Loans

4,631 individuals reached 43 units of affordable housing supported

Habitat for Humanity Broward - Home site build location.

Building Climate Resilience

COMMITMENT

Our innovative products and services are designed to help our communities and customers address the unique impacts of climate change and environmental degradation, driving sustainable outcomes and financial gains.

GOALS

Facilitate preparation for climate change in our communities.

Future-proof our business for long-term environmental sustainability.

Team Members expore the Florida Everglades.

Multifaceted Approach to Building Climate Resilience

Aiming for Net Zero by 2030

Reducing greenhouse gas (GHG) emissions is one of Amerant’s goals for achieving Net Zero by 2030.

We continue to work with our emissions accounting vendor, Aclymate Inc., to calculate our carbon emissions. Analyzing expense details such as fuel purchases and electricity consumption gives a picture of the carbon emissions associated with day-to-day business operations. Amerant has committed to offsetting 100% of its scope 1 emissions (direct emissions) and scope 2 emissions (indirect emissions from the purchase and use of electricity, steam, heating, and cooling) by 2030.

In 2023, we purchased emission offsets to cover emissions for 2023 through 2025.

Climate change makes community readiness a priority

Amerant places a priority on helping its communities prepare for climate change. We have made a firm monetary commitment in this regard: The Bank commits to steadily increasing the dollar value of environmentally conscious, direct or indirect financing and investments to $1 billion by 2030, cumulative since program inception in 2022.

Environmentally Conscious Finance (ECF) is lending or financing to mitigate the climate crisis and environmental degradation, reducing pressures on the environment by phasing to sustainable practices or use of sustainable resources. For lending, Amerant refers to this type of financing as Environmentally Conscious Lending (ECL).

Charging up on sustainability at the Amerant Center and Miramar Operations Center

With over 2,000 vehicle charging sessions at both locations in 2023, team members, tenants and guests are contributing to fewer emissions and lowering our carbon footprint.

Eligibility of loans and investments is determined using Amerant’s ECF Guidelines. This framework is based on standards and general principles applicable to the financial and banking industries.

In 2023, we built internal capacity to support our efforts by delivering education in Environmentally Conscious Lending to relationship managers, product managers, and credit analysts. We also implemented the ECL field on our commercial banking platform, nCino. This is key to monitoring and tracking our progress against our target.

Three dual electric vehicle charging stations were installed at the new Miramar Operations Center. It officially launched in March 2023.

22,317.3

13,948.3 KWHs Metric pounds of CO2 saved

=

1,116

10,866 Gallons of gasoline

Total Energy or CO2 Emissions From: Pounds of coal burned

Amerant facilities green up, inside and out

• Items used in lunch areas, coffee break rooms, and team member lounges are biodegradable and recyclable. This implementation was completed company-wide on April 1, 2023.

• Single-stream recycling, which allows all types of materials to be placed in one container, was introduced in the Coral Gables headquarters and Miramar Operations Center. This service makes it easier for team members to follow recycling guidelines.

Grant helps educate and empower future Floridians

Amerant awarded a $5,000 grant to nonprofit Dream in Green (DIG) to help host their annual Green Schools Challenge in the 2022-2023 school year.

DIG’s mission is to educate and empower students to respond to environmental issues threatening Florida’s ocean and coast. Amerant’s grant supported the Green Schools Challenge. The challenge reaches into MiamiDade County Public Schools (MDCPS) with a specialized sustainability curriculum. The two facets of the challenge are the Design & Build Competition and the Youth EcoSummit.

The Design & Build Competition was hosted through a partnership with Florida International University’s School of Architecture. High school student teams were tasked with redesigning an area of Miami, this year in the Omni District. The redesign identified the neighborhood’s current and future needs while incorporating climate change adaptations and considering sea level rise, flooding, and hurricanes. Each team built a 3D model judged by architects, city planners, and professors. Thirteen schools with a total of 22 teams participated.

The Youth Eco-Summit gave students the opportunity to share the green initiatives they created during the year. This year DIG partnered with the Philip and Patricia Frost Museum of Science to host the event. Student teams set up their tables in the atrium and presented their projects to museum guests. Projects included a composting program in the school cafeteria to offset food waste, starting a clothing exchange program to minimize textile waste, and planting school gardens to increase green space and food production.

Green School’s Challenge

Total # of Individuals reached

2,965

Total Program #’s for 2022-2023

• 144 schools registered

• 12,000 students engaged

• 900 teachers engaged

Dream in Green at Terra High School in Miami.

More eco-friendly news

• 424 team members completed the “ROI of Going Green,” an educational session to demonstrate the direct connection of ecofriendly practices to the bottom line.

• Followed the latest energy construction codes: All new-build Amerant facilities including our Broward facilities have smart lighting, which includes LED high-efficiency, occupancy-sensor lamps throughout. In addition, 50% of electrical outlets are fitted with occupancy sensors to shut down when not in use.

• Three dual electric vehicle charging stations were installed at the Miramar Operations Center that officially launched in March 2023.

Environmentally Conscious Financing

Amerant partners in financing NJ solar projects

Amerant partnered with Seminole Financial Services, LLC, a leading lender in the renewable energy space, to finance two solar power projects in New Jersey for HESP Solar, LLC.

HESP Solar, LLC, is a solar development company formed in 2014 by former Hudson Energy Solar Company executives. Its management team has over 20 years of experience developing 125 megawatts (MW) solar projects in the United States.

The Pittsgrove Solar project is a 2.004 MW dc (direct current) ground mount system located in Pittsgrove Township, Salem County, New Jersey. The system will be built on a capped sanitary landfill owned by Pittsgrove Township.

The Swedesboro Solar project will consist of roof- and ground-mounted systems at three public schools, two fixed-tilt ground-mounted installations at Charles Harker School and Charles Stratton School in Woolwich, New Jersey, and a fixed-tilt, roofmounted system located at the Margaret Clifford School in Swedesboro, New Jersey.

Plant-based product maker gets a funding boost

Raw Sugar, LLC, a personal care lifestyle brand featuring plant-based products, secured a participation facility with Amerant and another financial institution for working capital and general corporate purposes. Raw Sugar uses organic extracts and plant-derived ingredients to deliver an environmentally friendly and more health-conscious product. The company’s products are organic, cruelty-free, vegan, and non-GMO.

Beyond offering a sustainable product line, Raw Sugar has a community outreach program, “Bar Back,” which donates bars of soap to those in need.

The participation facility is limited-guaranteed by WM Partners, a private equity group with a strong commitment to ESG as a key ingredient in their investment decisions. WM Partners is a signatory of the United Nations Principles for Responsible Investment and the Institutional Limited Partners Association Diversity in Action Initiative.

Our precious river of grass: K-8 Everglades Literacy Program builds awareness

The goal is for every student in the state to be ready to respond to future ecological challenges.

A three-way partnership between Amerant, The Everglades Foundation, and the Miami Foundation is investing in teachers to drive awareness in schools for the benefit of local and ecological communities.

The Everglades Literacy program aims to help students understand the Everglades ecosystem by delving into its history, environmental challenges, economic implications, and solutions for restoration. The goal is for every student in the state to be prepared to respond to future ecological challenges.

Free resources for teachers include a K-12 Teacher Toolkit with 36 comprehensive Everglades lesson plans aligned to Next Generation Sunshine State Standards. Other features are a speaker series, student challenges, and STEM-based professional development materials for educators. Learn more by visiting, www.evergladesliteracy.org.

Smart solutions to road congestion

Amerant has partnerships with two companies that are on the move to reduce traffic congestion and emissions with eco-friendly solutions, Freebee and Circuit. Both offer ondemand, 100% electric transportation. With Freebee — as the name implies — travel is community-driven and free. Circuit, meanwhile, is a purveyor of affordable eco-friendly rides for businesses, visitors, and local communities in Fort Lauderdale. Electric shared vehicle services reduce emissions and traffic congestion while creating jobs and promoting local businesses. Amerant team members and customers in the Las Olas center can ditch the car and catch a ride to and from spots like the Brightline station, restaurants, and more.

FreeBee cars in Las Olas - Fort Lauderdale, FL.

Circuit cars in Las Olas - Fort Lauderdale, FL.

Amerant and the HEAT dig deep to grow trees

Amerant and The Miami HEAT teamed up to hold the Heat’s twelfth annual HEAT Beach Sweep at Oleta River State Park in North Miami Beach in January 2023. As part of NBA Green and in conjunction with One Tree Planted, the HEAT planted 30 native trees along a popular bike and hiking trail. The trail is being restored from damage by invasive exotic trees and root rot. One Tree Planted is a global nonprofit on a mission to make it simple for anyone to help the environment by planting trees.

Meanwhile, on the South Florida coast, staff from Florida International University College of Arts, Sciences and Education led groups of volunteers in and around Biscayne Bay. They tested water for microplastics in the Bay and recorded plant and animal observations. This information helps track the movement and abundance of species in response to climate and other environmental changes.

Amerant team members and Miami Heat players volunteering at Heat Beach Sweep presented by Amerant.

How We Walk the Talk

COMMITMENT

We lead by example.

Camillus House Art Therapy Program Event hosted at our Headquarters in Coral Gables, FL.

An Active Presence in Our Local Community

Several years into our journey of making a positive impact, Amerant remains committed to meaningful action toward our sustainability goals. Our team is vigorously engaged in understanding how we can guide our communities to a greener future. This involvement is illustrated in our participation in civic and philanthropic initiatives.

Banks hold a crucial and powerful position in mitigating the adverse impacts of climate change, primarily through responsible banking and lending practices. In this crucial arena, Amerant is poised to make a significant difference as a community-focused bank rooted in South Florida.

See details on page 29 of two examples of how Amerant financing supports sustainable endeavors.

’Canes Day of Service in Key Biscayne

University of Miami alumni and Amerant team members celebrated Earth Day 2023 on Virginia Key Beach for the ’Canes Day of Service flagship event and beach cleanup. The cleanup site was across from the Rosenstiel School of Marine and Atmospheric Science.

Hosted by the Miami ’Canes Community, 40-plus Amerant team members joined in a heavy-duty cleanup along the beach. They scoured shorelines and paddled through waterways on kayaks or paddle boards to collect debris. More than 600 pounds of trash and debris, including heavy metal, plastics, glass, wood, fiber, and miscellaneous garbage, were collected.

The program also raised funds for the Protecting Our Resources Fund at the Rosenstiel School and the Miami ’Canes Scholarship Fund.

Each year, Amerant volunteers give hundreds of hours of their time and talent to benefit nonprofit community organizations and charitable causes. Amerant’s community partnerships allow us to walk hand-in-hand with those who help our communities flourish.

Percentages for the four categories:

Health and Social Services

Community and Economic Development

Arts and Culture

Education and Financial Literacy

Amerant volunteers in Key Biscayne during ’Canes Day of Service.

Community Partnership with Headliners

Sports-team-based community spirit is a driver of positive change

Amerant Bank wrapped up 2023 as the Official Bank of the Miami Heat, the Official Bank of the Florida Panthers, the Official Hometown Bank of University of Miami Athletics, and the Official Bank of Rice University Athletics. Major team relationships allow Amerant to support activities that align with its Impact precepts and bring positive outcomes to customers, Amerant team members, and the community as a whole.

On the Ice with the Florida Panthers

In 2023, we expanded our multi-year partnership as the Official Bank of the Florida Panthers and FLA Live Arena to win the naming rights to the arena, now known as the Amerant Bank Arena. We also launched the Panthers debit card so the South Florida community can showcase their Panthers pride.

As part of the relationship, the Panthers and Amerant Bank again partnered to support veterans in South Florida — a community that both organizations have histories of serving — with the Saves for Vets program. Throughout the 2022-2023 regular season, $40 per save made by a Panthers goaltender benefits a veteran-focused nonprofit organization in South Florida. At year’s end 2023, the Panthers had made 3,011 saves in their Saves for Vets program. The donations totaled $120,440 towards the veteran non-profits.

At the end of 2023, the Panthers Saves for Vets program had racked up $120,440 to help veteran non-profits.

We are excited to step up our commitment to the people and businesses of Broward County. We aim to be the Bank of choice in the markets we serve and believe this expanded partnership on the ice is another big step that demonstrates this commitment.

Jerry Plush Chairman &CEO

Our Hometown University in Miami

A year ago, University of Miami Athletics and Amerant Bank launched a strategic partnership that made Amerant the Official “Hometown Bank” of Miami Hurricanes Athletics. The partnership includes UM football, basketball, baseball, and the Hometown Heroes program. Heroes celebrates those who have served our country and the local community. Key aspects of our partnership:

• Supporting the South Florida youth community, centered around Elementary School Day programming and youth sports clinics. These provide athletic and educational elements that tie into Amerant Bank and its core values.

• Recognizing local heroes at UM Athletics events through Hometown Hero efforts for active and former military service personnel and First Responders. Amerant and UM are creating a service appreciation experience that includes a chance to meet and engage with the Miami Hurricanes.

On the Go with the Miami Heat

Amerant is nearing the year’s mark in its strategic partnership as “Official Bank of the Miami HEAT.” Through the partnership with the Miami HEAT, volunteers from Amerant and HEAT representatives teamed up on community activities in 2023 that included the Bounce Back from Cancer Walk and HEAT Beach Sweep.

HEAT Beach Sweep displays the shared HEAT/Amerant commitment to generating environmental awareness that helps protect our ecosystem. Held in early 2023 when some 25 Amerant team members volunteered, the annual beach sweep took place again in January 2024.

In the words of Amerant Chairman and CEO Jerry Plush, “... This strategic partnership with the Miami HEAT is redefining the meaning of a bank being an integral part of the community – one that supports and aligns with businesses and organizations that are truly rooted in South Florida.”

Florida Beach Bowl spotlights HBCU’s

Amerant is the new official sponsor of the first-ever Florida Beach Bowl, an NCAA-sanctioned intercollegiate football game designed as a platform for Historically Black Colleges and Universities (HBCUs) to showcase their talents on a national stage. The multi-year partnership, announced in October 2023, illustrates the bank’s creativity in finding ways to empower local communities and support a spirit of unity. The game is played in Fort Lauderdale in Broward County, where Amerant has expansion efforts underway.

Our Hometown University in Houston

Rice University and Amerant Bank sealed a partnership in June 2023 that made Amerant the “Official Bank of Rice University Athletics.” The extensive partnership includes prominent branding at university athletic venues, special events, online channels, and more. It also brings Amerant the ability to provide banking services to athletics fans, donors, students, and the surrounding community.

A Rice University debit card that was launched in 2023 for Houston customers lets fans customize their Amerant card with hometown pride.

Teddy Bear Toss is a slam-dunk for Rice Men’s Basketball

Amerant team members joined Rice University Men’s Basketball teammates to help The Children’s Assessment Center (The CAC) in Houston as part of their annual Teddy Bear toss. Stuffed animals collected at a home game were distributed at the center to children and families.

Thanksgiving drive Tik-Tok with Miami Heat players.

Leadership In Our Community

Leaders at Amerant serve as advocates and authorities for the community across diverse sectors, engaging actively in a variety of charitable boards. They cultivate connections in the community, pinpoint overlooked requirements, and help in creating strategies to address these deficiencies. The organizations they support concentrate on efforts such as enhancing early childhood education, improving financial understanding, promoting community health, ensuring the availability of low-cost housing, and supporting small businesses.

Alexis

Howard Levine

Dorrego

Easterseals of South Florida Board of Directors

Habitat for Humanity Broward Board of Directors

United Way Miami

Deering Estate Foundation

President

For a Bright Future Foundation Board of Directors

CREW Miami Board of Directors

Family Resource Center of South Florida Board of Directors

Junior Achievement of South Florida Board of Directors

Voices for Children Board of Directors

Children’s Home Society - Suncoast Board of Directors

Ronald McDonald House Charities of South Florida Board of Directors

Miami-Dade Beacon Council Board of Directors

Orange Bowl Committee Board of Directors

Broward Workshop Board of Directors

Nova Southeastern University Ambassador

Big Brothers Big Sisters Miami-Dade Board of Directors

ARC Broward Board of Directors

Kids in Distress Board of Directors

Junior Achievement of South Florida Member of the Circle of Wise Women

United Way Broward

Coral Gables Community Foundation Board of Directors

Step Miami Chair of the Board

In the Company of Women awards ceremony.

Houston Food Bank

Back to School with Branches FL.

Organization

Team Member

South Florida

Maria Olivera Community Relations

Mariola Sanchez Human Resources

Mark Jaundoo Digital

Marshall Martin Chief Legal Officer

Le Jardin Community Center Chair of the Board

Center for Financial Training Board of Directors

For a Bright Future Board of Directors

Camillus House Young Leaders

United Way of Miami Board of Directors

South Florida Banking Institute Board of Directors

FIU President’s Council Board of Directors

Matthew Bruno Miami-Dade Market President

Early Learning Coalition of Miami-Dade and Monroe County Chair of Board

Centro Mater Foundation Board of Directors

Live Like Bella Foundation Board of Directors

Mayra Mesa Private Client Group

Orlando Garcia Private Client Group

Orlando Gonzalez Corporate Security

Pablo Lau Retail Credit

Pedro Parra International Banking

Robert Lopez Special Assets

Sharymar Calderon Chief Financial Officer

Silvia Larrieu Business Development

Teresa Tundidor Asset Based Lending

Key Biscayne Rotary Foundation Board of Directors

Key Biscayne Rotary Club Board of Directors

Key Biscayne Woman’s Club Board of Directors

Junior Orange Bowl Committee member

Financial Institution Security Association Board of Directors

Kiwanis of Little Havana President

Center for Financial Training International Board of Directors

Habitat for Humanity of Miami Board of Directors

Zoo Miami Foundation Board of Directors

Overtown Youth Center Board of Directors

Florida Export Finance Corporation Board of Directors

Texas

West

Noche Super Buena at Centro Mater Hialeah.

Rice University Family Weekend.

Latin Builders Association - Small Business Bank of the Year.

Orange Bowl Committee - packing food items for donation event.

Carlos Vega Retail Banking Beau Lezar Corporate Banking

Camara de Empresarios Latinos Board of Directors

Houston

Chamber of Commerce Board of Directors

COMMITMENT

We uphold our commitment to sound governance, business ethics, and compliance.

GOAL

Build Board Diversity.

Amerant Bank Broward Regional Office in Plantation, FL.

Corporate Governance and Transparency

Our Board of Directors is core to Amerant’s commitment to integrity. The Board provides governance over the company’s affairs for the benefit of shareholders while also considering the needs of diverse constituents. Through its Corporate Governance, Nominating and Sustainability Committee, the Board also has direct oversight of the Impact Program and receives Impact progress reports at least once each quarter.

Duty of care, duty of loyalty

Directors must act in good faith, fulfilling their duties of care and loyalty towards the Bank. They are required to make independent, sound decisions believed to benefit Amerant and its shareholders, considering the company’s Impact commitments.

The Board ensures adherence to safe banking practices, ethical standards, and policies, while its Risk Committee verifies the establishment and implementation of a risk governance framework meeting regulatory standards. It monitors risk activities and ensures management compliance

Ringing in a milestone

with this framework. Directors depend on the integrity and expertise of senior management, advisors, and auditors for fulfilling their responsibilities, but also rigorously review their recommendations and decisions. The Board sets Amerant’s strategic direction and approves its annual financial and business plans, which senior management develops and implements, then presents for the Board’s approval. The Board, with senior management, periodically reviews these plans to track progress and decide on necessary adjustments, applying the same level of scrutiny to major changes in the company’s Impact goals.

Senior Amerant leaders and board members rang the famous Opening Bell at the New York Stock Exchange on August 29, 2023, to celebrate Amerant Bancorp’s first trading day on the Exchange. It was a significant milestone in Amerant’s journey as a public company.

Amerant team members everywhere were there in a universal, virtual celebration. It was a shared moment of victory about the company’s sustained advancement, made possible by wise stewardship and the brains and hard work of Amerant team members. The journey continues.

Senior leaders and members of the Board ring the opening bell, while team members watch live stream.

Board committees support oversight

The committees of the Board are the Audit, Compensation and Human Capital; Corporate Governance, Nominating and Sustainability; and Risk committees. These assist in the oversight of the areas for which they have responsibility. The Board strives to ensure it is composed of effective leaders and that its members have an appropriate mix of skills, experience, and viewpoints. The annual evaluation of the Board, its committees, and the directors is a key tool the Board uses to achieve this commitment. In this multi-phase process, the Board and each committee conduct their own evaluations. Each committee reports the results of its evaluation to the Board. These evaluations generally include an assessment of the Board’s and each committee’s structure and procedures, as well as an assessment of its overall effectiveness.

Further, the Corporate Governance, Nominating, and Sustainability Committee periodically evaluates each director to determine whether they are performing their functions effectively. Reports with the results of these individual evaluations are shared with each Director, and the Lead Independent Director holds individual meetings with each Director to discuss the findings as well as any opportunities for improvements, if applicable. The charters of the Audit, Compensation and Human Capital, Corporate Governance, Nominating and Sustainability, and Risk Committees are available on the Amerant website.

The full Board, along with each of the Board’s committees, has the primary responsibility for risk oversight in areas over which they have responsibility.

Risk Committee

Oversees the Company’s enterprise risk management framework. In addition, the Risk Committee evaluates, monitors, and makes recommendations for setting our overall risk appetite and oversees management’s responsibility for maintaining operational controls and procedures designed to ensure that the Company’s various business activities function within the risk appetite and tolerance established by the Board.

Corporate Governance, Nominating, and Sustainability Committee

Responsible for overseeing risks related to the independence of our Board as well as potential conflicts of interest facing our directors and executive officers. It also oversees risks related to governance and sustainability.

Monitors risks associated with financial reporting, accounting practices and policies, procedures, disclosures, and the internal controls over financial reporting as well as regulatory compliance risk. The Audit Committee meets periodically in joint session with the Risk Committee to review the enterprise risk management framework.

Compensation and Human Capital Committee

Primarily responsible for developing and providing for the administration of the Company’s compensation policies and programs for Executive Officers and overseeing the development, implementation, and effectiveness of the Company’s human capital management policies and practices. The committee is also responsible for assessing any risks associated with our compensation policies, plans, programs, and practices, and particularly for ensuring that these are designed in a manner that does not encourage inappropriate or excessive risk by our team members.

Audit Committee

A Board that reflects our communities

Our world is increasingly diverse. Amerant’s Board of Directors must reflect this diversity in gender, race, ethnicity, range of perspectives, and broad professional experience. Individual directors apply their unique and varied frames of experience and reference to governance and operational decision-making. Such diversity is vital to effective, forward-thinking oversight of the company.

As of December 31, 2023, the Board was composed of eleven Directors. They have unique skills and backgrounds which, when combined, produce a complementary balance and richly diverse points of view. The average tenure of Directors was 16.5 years. Nine directors are independent under the NYSE listing standards, also reflected in our Corporate Governance Guidelines. In continuing with the vision to evolve the diversity of the Board, in April 2023, we announced the appointment of our fourth woman director, Ashaki Rucker, to our Board of Directors.

Demographics of Non-Executive Members of the Board of Directors

Responsible Supply Chain

Goods and services, responsibly

As the first step of a three-year roadmap, Amerant in 2022 developed a Code of Conduct for third parties who provide goods and services to the Bank. Introduced in 2023, this Code, which aligns with internal policy and procedures throughout the Bank, includes guidance on Sustainability and Diversity, Equity & Inclusion (DE&I) initiatives as they relate to Amerant’s third parties.

The purpose of this Code and framework is to establish goals that align with Industry Standards and ensure we are providing ample opportunity for Sustainable and DE&I Suppliers to bid, win, and supply Amerant with goods and services we use every day.

Team members at the Miramar Operations Center.

System implemention - KissFlow

In 2023, Amerant’s third-party risk and procure-topay managed information system, KissFlow, was implemented. This system can capture data on our third parties who identify themselves as sustainable organizations or who adhere to industry standards for the goods or services received. It also captures data for DE&I suppliers.

We use the KissFlow system to complete due diligence and collect data points from our suppliers. It also serves as a central repository for contract information and the Procure to Pay (P2P) Platform. Full deployment of KissFlow in 2023 was delayed

by the allocation of resources to the core migration and the challenging move to the FIS ecosystem. As a result, we plan to finish implementing the P2P modules and workflows in 2024. These tools will enable Amerant to benchmark identified Sustainability and DE&I Supplier’s spend against the greater portfolio of supplier spend. This linkage from identified Supplier, to Contract, to Purchase Order, to Invoices, and Payments will offer a picture of Amerant’s total Supplier Portfolio. From there, we can collect and analyze the supplier base to set up baselines and create goals for Amerant’s overall spend position.

Disaster Relief and Recovery

Business Continuity goes beyond having Plan B and Plan C

Weather events that disrupt business happen every year. Other incidents, such as widespread system failures or civil unrest can occur. Whatever happens, Amerant’s comprehensive Business Continuity Program has prepared the Bank to be resilient in the face of a challenge to its continuing operations.

Amerant’s best-practice business continuity program meets all the requirements set by the Federal Financial Institutions Examination Council (FFIEC). The Business Continuity program demonstrates expertise and collaboration in action. The program receives direction from Amerant senior leadership, with oversight, governance, and compliance driven by the Business Continuity Committee and Board of Directors.

Implementation - getting the job done - is handled through a Business Continuity Program Office led by

the Operational Risk and Business Continuity Manager. Specialized teams drawn from staff all over the company contribute their expertise. Teams have specific roles and responsibilities to implement resilient capabilities and to support a resumption of mission-critical processes in the event of a disaster.

Teams include the Executive Response Team and the supporting teams: Technology, Site, Business Recovery, Human Resources, Business and Communications teams.

Team members in lunch room at Miramar Operations Center.

Ethics, Compliance and Risk Management

In both letter and spirit

Fair and responsible banking is a cornerstone of Amerant’s corporate values. All products are reviewed by our compliance team to ensure alignment with applicable consumer protection laws and UDAAP, which regulates Unfair, Deceptive, or Abusive Acts or Practices. Amerant’s commitment to lend fairly and responsibly helps drive the product life cycle, from product development, advertising, and marketing to training. Our marketing efforts represent Amerant products and services fairly and truthfully and disclose the associated costs and fees honestly and transparently. We strive to make our disclosures clear and understandable. Team members receive ongoing education on fair and responsible banking rules and regulations, as well as on internal fair housing and fair banking policies.

Our compliance posture and fair lending foundation are central to achieving our vision to be a Bank that people value and trust.

Code of business conduct

The Amerant Code of Conduct and Ethics states that every Amerant team member must treat all customers fairly and consistently throughout the banking relationship, from account opening to account closing, and at all points in between. Team members receive training on and reacknowledge this code every year.

Reporting process for critical concerns

Team members are empowered to ask questions or report violations of the Code freely and without concern of retaliation. We have an open-door policy that encourages colleagues to approach their division head, immediate supervisor, or Human Resources with ethical questions or concerns. Team members may also report violations through the intranet portal, The Insider, as well as an Ethics and Compliance Hotline which operates 24 hours a day, 7 days a week, and is run by an independent, third-party provider.

Key commitments in code of conduct

• Honest and ethical conduct, including ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

• Full, fair, accurate, timely, and understandable disclosure in all public communications, including reports and documents that we file with the U.S. Securities and Exchange Commission (SEC).

• Compliance with all applicable laws, rules and regulations.

• Prompt internal reporting of violations of this Code, and protection of persons who report violations of this Code, violations of any law, rule or regulation, or any questionable accounting practice.

• Accountability on the part of all team members for adherence to this Code.

Team members in Houston at Rice University partnership social.

Building a sustainable future: Amerant’s proactive approach to ESG and Risk Management

Amerant recognizes the critical role of Environmental, Social, and Governance (ESG) factors in achieving longterm success. Our Impact Strategy goes beyond simply identifying climate risks and social and governance concerns – it actively integrates them into our robust Enterprise Risk Management framework. This forwardthinking approach strengthens our ability to navigate challenges and capitalize on opportunities.

Embedding sustainability for lasting impact

We’ve taken significant steps to incorporate ESG factors into our strategic/reputational risk scorecard. As a result, we can proactively identify and manage potential risks while unlocking opportunities across key areas:

• Diversity, Equity, and Inclusion (DEI): We’ve implemented a comprehensive DEI framework with measurable goals and strong governance structures. This framework fosters a more diverse leadership team, including both women and under-represented minority groups, at the executive management and Board of Directors levels.

• Talent Acquisition, Retention, and Development: Recognizing the vital role talent plays in our success, we actively recruited across the organization in 2023. This focus on talent management ensures we have the skilled workforce needed to achieve our goals.

• Climate Resilience: We’ve developed innovative programs specifically focused on climate resilience in the markets we serve. These programs promote the development of green products and services while minimizing the environmental impact of our own operations. Additionally, we assess the environmental impact of our financing activities, with a particular focus on sectors identified as having moderate to high climate risk.

Collaboration for informed risk management

Amerant prioritizes transparent and collaborative risk management. Our front-line units, Risk Management, and Internal Audit teams work hand-in-hand to ensure responsible risk-taking practices. This collaborative approach provides the Board with a comprehensive picture of our risk profile. Additionally, both Risk Management and Internal Audit have unrestricted access to the Board, allowing them to independently communicate critical risk assessments, findings, and recommendations. This ensures informed decision-making at the highest levels of the Company.

Senior Officers Meeting with guest speaker, Paul Maurice, head coach of the Florida Panthers.

Customer Service and Satisfaction

Customer loyalty ‘NPS’ score holds strong

Amerant remained stable in the October 2023 Net Promoter Score results. Despite a slight decrease of 2.1 points, the overall 68.3 score is a reflection of strong customer satisfaction and is much higher than the industry average of 34.

Brand sentiment analysis reveals that customers value our brand for its ability to please, instill trust, and provide a sense of safety. These were themes both domestically and internationally.

Areas of strength include customer service, with customers expressing high satisfaction levels and praising the friendliness, courtesy, helpfulness, and knowledge of our account officers. Personalized service and attention are also appreciated.

Areas that required focus and improvement were customers’ perception of an outdated user experience, as well as issues with online and mobile banking services. Given the importance of staying up to date on our technology, our system conversion to FIS, implemented in November 2023, has allowed us to address these matters on our path to improvement. Additionally, the new platform affords a better user experience, with much improved account-opening processes.

Pleased

Trusting

Safe

Valued

Customer service

Knowledge of Account Officers

Personalized attention

Friendliness and courtesy

Areas of Improvement

• Online and mobile banking • Issue resolution delays • Follow up on customers’ requests

Team members in Coral Gables headquarters break room.

Data Security and Privacy

Shielding customer and company information

Amerant protects its systems with a multifaceted Information Security Program (ISP). The company is focused on safeguarding company data, customer data, and the systems that collect, process, and maintain this information.

The ISP was developed and implemented to:

• Ensure the confidentiality, integrity, and availability of customer and institutional information.

• Protect against any anticipated threats to the security or integrity of such information.

• Protect against unauthorized access, use, disclosure, modification, damage, or loss that may result in substantial harm or inconvenience to Amerant or its customers.

The ISP accomplishes this with:

Governance: Maintaining an information security governance structure that enables collaboration and support for information security initiatives.

Prevention, Detection, and Response: Providing recommendations and techniques for security measures that safeguard Amerant’s systems and information, as well as establishing and maintaining an incident response plan aligned with the organization’s risk profile.

Security Review and Monitoring: Validating and monitoring security in IT systems, critical functions, products, and services, forming the basis for continuous improvement.

Awareness: Educating customers and team members about information security risks, vulnerabilities, threats, and security policies.

Sensitivity to data privacy

All financial companies need to share customers’ personal information to perform their everyday business services. Amerant is committed to protecting the privacy of customer information and maintaining industry-standard levels of security that comply with federal and state law. We have developed a list of instances in which data is

shared and with whom. There are special procedures designed to allow customers to limit these datasharing processes. This information is included in the Data Privacy Notice and the Digital Privacy Policy.

Senior Officers Meeting in Coral Gables headquarters.

Amerant ESG Metrics and Targets

Pillars Goals Metrics

Dollar value of environmentally conscious direct or indirect financing and investments (1)

Number of participants in Amerant-sponsored environmental activities (2)

Be carbon neutral in our operations (3)

Percentage reduction/offset of Green House Gas (GHG) Scope 1 & 2 emissions (Baseline: 2,000 tCO2e) (4)

Strive

Dollar value of socially conscious financing to empower the underserved in our communities (5)

Number of participants in Amerant-sponsored financial literacy activities (6)

Percentage of underrepresented team members (7)

Percentage of women in executive positions (8)

Team member engagement score (9)

Percentage of fair pay gap (10)

Percentage of women representation (11)

Percentage of racial/ethnic minority representation (12)

2023

2023 2024 2025 2030

“Hispanic” and “white” are not included in this metric as both will grow organically due to our presence in certain markets. Data collected voluntarily at the time of employment as per the Equal Employment Opportunity Commission (EEOC). (8) Based on workforce statistics that measure the number of women in Executive/Senior Level Official and Manager Job Classification as per EEO-1 Job Classification (9) Team member engagement survey will be performed every other year, starting in 2023. The Bank engages an independent party to conduct survey. (10) Fair pay gap defined as the difference in pay between men and women capturing differences across many possible dimensions, including worker education, experience, and occupation/role. When the gender pay gap is calculated by comparing all male workers to all female workers – irrespective of differences along these additional dimensions – the result is the ‘unadjusted’ pay gap. On the contrary, when the gap is calculated after accounting for underlying differences in education, experience, etc., then the result is the ‘adjusted’ pay gap. To establish a baseline for this metric, in 2023 the company conducted a first high-level ‘adjusted’ assessment, which included gender gap across occupation/role and was validated by an independent party. The company will further this analysis by 2025 to include additional dimensions impacting this metric. (11) Calculated based on non-executive members following self-identification of board members. Women representation (4:10). (12) Calculated based on non-executive members following self-identification of board members. Minority defined as any race other than White. Minority racial/ethnic representation (4:10)

Reconciliation of Changes 2023 vs 2022

As part of the evolution of Amerant’s Sustainability program, the below section is intended to provide the rationale supporting the changes in targets to best reflect where the program is today.

Changes to Targets

1. The target definition for the metric, “Dollar value of environmentally conscious direct or indirect financing and investments,” has been updated to reflect that actuals and targets are cumulative since program inception.

2. Target percentage reduction/offset of 100% of our GHG annual emissions is based on 2022 established baseline of 2,000 tCO2e for the metric “Percentage reduction/offset of GHG scope 1 and 2 emissions.”

3. The targets for the metric, “Dollar value of socially conscious financing to empower the underserved in our communities,” have been reverted to the original goal of $1.1 billion to reflect that actuals and targets are cumulative since program inception.

4. The target definition for the metric, “Percentage of underrepresented team members,” has been updated to best reflect underrepresented ethnicities/races in the organization.

5. The target definition for the metric, “Percentage of fair pay gap,” has been updated for better clarity.

SASB Metrics

Sustainability Accounting Standards Board (SASB) Index

As recommended by the SASB materiality finder, Amerant is disclosing in alignment with the most recent SASB Commercial Banking industry standard, dated October 2018, and such disclosure will likely evolve over time. Certain information is not disclosed because it is not considered material, it is

privileged or confidential, or it could cause a competitive disadvantage if disseminated. All data is as of and for the year ended 12/31/23, unless otherwise noted.

Banking

FN-CB-230a.1 1

1. Number of data breaches, 2. Percentage involving personally identifiableinformation (PII), 3. Number of account holders affected

1. Amerant had 1 cybersecurity incident in which less than 1% of total customers were affected with total of 1,288 account holders affected

2. Not material 3. Not material

Description of approach to identifying and addressing data security risks

FN-CB-230a.2

FN-CB-240a.1

FN-CB-240a.2

1. Number and 2. Amount of loans outstanding qualified to programs designed to promote small business and community development

1. Number and 2. Amount of past due and nonaccrual loans qualified to programs designed to promote small business and community development

Number of no-cost retail checking accounts provided to previously unbanked or underbanked customers

FN-CB-240a.3

FN-CB-240a.4

Number of participants in financial literacy initiatives for unbanked, underbanked, or underserved customers

• 2023 Impact Report Page 46: Data Security and Privacy section

•Amerant Security Center

• Dec 31, 2023 10-K

Page 11: Information Technology Systems section Page 20: Privacy section

Loans Qualified:

1,832 Loans

$1,663,338,932

Amerant offers all of its customers a Value Checking product which allows customers to avoid a $5 monthly fee by enrolling in online statements or monthly direct deposit, or completing four debit card transactions per statement cycle. It also includes free services such as online banking and bill pay. Amerant also offers Student Checking accounts which allows customers to avoid a $5 monthly fee by enrolling in online statements. Amerant recorded 11,538 Value Checking accounts and 54 Student Checking accounts.

NOTE: Overdraft fees are waived for overdrafts up to $100.

In 2023, 3,953 individuals participated in financial literacy programs sponsored by Amerant through partnerships with Non-Governmental Agencies that help reach the underserved communities. These numbers are tallied and sourced from impact reports or rosters provided by the agencies we collaborate with.

FN-CB-410a.2

FN-CB-510a.1

Commercial and industrial credit exposure, by industry

Description of approach to incorporation of Sustainability factors in credit analysis

Total amount of monetary losses as a result of legal proceedings associated with fraud, insider trading, anti-trust, anti-competitive behavior, market manipulation, malpractice, or other related financial industry laws or regulations

FN-CB-510a.2

FN-CB-550a.1

FN-CB-550a.2

Description of whistleblower policies and procedures

Global Systematically Important Bank (G-SIB) score by category

Description of approach to incorporation of results of mandatory and voluntary stress tests into capital adequacy planning, long-term corporate strategy, and other business activities

Commercial Banking (Cont’d) Activity Metrics

• Dec 31, 2023 10-K

Page 93: Composition of loans held for investment by industry segment under the Management’s Discussion and Analysis of Financial Condition and Results of Operations section.

Amerant continues to work on evaluating the capacity/data needs to incorporate Sustainability factors into the Bank’s Credit Analysis process. In 2023, a framework was drafted and Environmentally Conscious Loan (“ECL”) fields were programmed into Amerant’s loan origination systems which we worked on defining in 2022.

•There have been no losses resulting from legal proceedings associated with fraud, insider trading, anti-trust, anti-competitive behavior, market manipulation, malpractice, or other related financial industry law or regulations.

• Dec 31, 2023 10-K Page 60: Legal Proceedings section

• Code of Conducts and Ethics

Not applicable to Amerant

(1) Amerant performs an annual capital stress testing with the federal reserves’ CCAR scenarios published every February to estimate the impact to Capital ratios and Net Income for the following nine quarters, consistent with CCAR exercise. The results are used in capital planning, risk appetite definition and in strategic planning. (2) Currently looking for Sustainability data/scenario providers to model impacts to our portfolio (3) Disclosed internally to the Board of Directors and regulators.

About this Report

This report outlines our Sustainability initiatives, activities, progress, metrics and performance for January 1, 2023, through December 31, 2023, unless otherwise noted, and the disclosures included in this report are being provided for the purpose of transparency given the increasing stakeholder interest in these matters. Certain information provided in this report is intended to be responsive to the Sustainability Accounting Standards Board Standard for the Commercial Banking Industry and should not be relied on for any other purpose. Our approach and procedures to the disclosures included in this report are different from our approach and procedures to disclosures included in mandatory regulatory reporting, including under SEC regulations. Our inclusion of information in this report should not be construed as an admission as to the materiality of such information for purposes of applicable securities laws or as used in the context of financial statements and financial reporting. This report was not audited by any third party.

Forward-Looking Statements

Certain statements made in this report are not statements of historical fact and constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “aspire,” “assume,” “believe,” “budget,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “goal,” “hope,” “indicate,” “intend,” “may,” “might,” “outlook,” “plan,” “project,” “projection,” “predict,” “prospect,” “potential,” “roadmap,” “seek,” “should,” “target,” “will,” and “would,” or the negative versions of those words or other comparable words of a future or forward-looking nature. Forward-looking statements are based upon management’s expectations as well as certain assumptions and estimates made by, and information available to, management at the time such statements were made. Forward-looking statements are not historical facts, are not guarantees of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that are beyond our control and that may cause actual results to differ materially from those expressed in, or implied by, such forwardlooking statements. These risks, uncertainties and other factors include, without limitation, factors as detailed from time to time in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the Securities and Exchange Commission Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date of this report, if one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statements. The forward-looking statements speak only as of the date of this report, and we do not undertake any obligation to publicly update or review any forwardlooking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law.