Amalgamated Financial Corp (AMAL) News & EventsAMALNews & EventsAmalgamated Financial Corp

Q2 Revenue $98.4M, Net Interest Margin Rises to 3.78%

Reports Q2 revenue $98.4M. Net interest margin increased 3 basis points to 3.78%. Tangible book value per share increased $0.88, or 3.3%, to $27.47. CEO Priscilla Sims Brown commented, "This quarter showcases the power of the franchise we have built. With the strongest balance sheet in our history and one of the most differentiated deposit franchises in banking, we are successfully converting balance sheet growth into record earnings, record profitability, and a scalable platform for future performance."

Q1 Revenue Reaches $93.4M, CEO Emphasizes Financial Strength

Reports Q1 revenue $93.4M vs. $58.2M last quarter. Net interest margin increased 9 basis points to 3.75%. Tangible book value per share increased 41c, or 1.6%, to $26.59. Tier 1 leverage ratio was 9.33% and Common Equity Tier 1 ratio was 14.20%. CEO Priscilla Sims Brown commented, "Overall, we delivered a very strong first quarter that underscores the strength of our balance sheet and purpose-driven model. We grew net revenue to $93.4M, expanded net interest margin 9 basis points to 3.75%, increased on-balance sheet deposits to $8.2B, and maintained strong Tier 1 capital at above 9.3%. Included in our results was an incremental $9.2M provision tied to a single-borrower multifamily relationship that moved to nonaccrual during the quarter. We believe the underlying collateral supports our position and we are aggressively pursuing resolution options to preserve and maximize value. We view this as an isolated event with one borrower, which does not change our performance outlook. With the momentum we saw in the quarter, we are focused on executing and delivering on our revenue and earnings targets over the balance of the year."

Amalgamated Bank Net Interest Margin Expands to 3.66%

Net interest margin expanded 6 basis points to 3.66%. Priscilla Sims Brown, President and CEO, commented, "We had a record breaking quarter for deposit gathering, generating nearly $1 billion of new deposits across all of our customer segments. This demonstrates the mission-aligned, differentiated competitive advantage that only Amalgamated possesses. We now look forward to driving the next phase of Amalgamated's growth, and building on this solid foundation."