Carlos Iafigliola, who became CEO of Amerant Bancorp in May 2025, is focused on addressing credit challenges at the Coral Gables, Florida-based bank following a tumultuous period. His predecessor, Jerry Plush, resigned in November 2025 shortly after Amerant reported a significant increase in nonperforming assets, which surged from $98 million to $140 million in the third quarter. The bank incurred $3.8 million in separation costs related to Plush's exit.
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Analyst Stephen Scouten from Piper Sandler noted that rising issues in commercial real estate and loans were undermining management credibility. In response, Iafigliola initiated a thorough review of Amerant's loan portfolio, which took place in the fourth quarter of the previous year. He emphasized that they examined each loan to enhance asset quality.
Iafigliola stated that the credit team was restructured to implement diverse analyses aimed at improving portfolio quality. However, nonperforming assets further increased to approximately $187 million in Q4 due to the bank's exit from higher-risk loans, and Iafigliola appointed Lee Ann Cragg as the new chief credit officer.
This year, under Iafigliola's direction, Amerant revamped its credit policies and internal procedures. He indicated that the changes have begun to foster a new internal culture related to credit risk management. In Q2 2026, the bank's nonperforming assets declined slightly to $186.6 million, representing 1.81% of total assets, down from 1.93% in Q1. Amerant's gross loans also grew by approximately $112 million, reaching $6.9 billion in Q2.
Despite the improvements, Iafigliola acknowledged that further efforts are needed but noted that the foundational changes are underway. He added that all nonperforming loans have specific action plans to address them. The bank simplified its operations to focus on two main areas: international and domestic services, while also pursuing cost-cutting measures.
Emphasizing the importance of growing the commercial segment, Iafigliola highlighted opportunities in sectors such as logistics, education, and professional services within south Florida and Tampa, targeting businesses generating $50 million or less in annual revenue. He described these firms as a prime focus for Amerant's commercial growth strategy.
Despite competitive pressures in the local market, where Amerant holds 2.36% of the deposit market share in Palm Beach, Miami-Dade, and Broward counties, as well as 0.37% in Tampa and Hillsborough County, Iafigliola believes the bank can remain a comprehensive solution for business owners by merging commercial and wealth management services.
Additionally, Amerant is expanding its presence in Venezuela, where it services both commercial and individual clients. Deposits from Venezuela rose nearly $500 million to $2.5 billion in Q2, attributed to essential industry operating deposits. Conversely, domestic deposits saw a decline of about 2% to $5.13 billion, largely due to the exit of a high-cost large fund provider, as reported by CFO Sharymar Calderon Yepez.