Amalgamated Bank Reports First Quarter 2020 Financial Results

About this update from Amalgamated Financial Corp.

[{"type":"text","content":"NEW YORK, April 30, 2020 (GLOBE NEWSWIRE) -- Amalgamated Bank (Nasdaq: AMAL) (“Amalgamated”) today announced financial results for the first quarter ended March 31, 2020. \n First Quarter 2020 Highlights Net income of $9.5 million, or $0.30 per diluted share, compared to $10.8 million, or $0.33 per diluted share, for the first quarter of 2019Core net income (non-GAAP)1 of $9.2 million, or $0.29 per diluted share, compared to $10.7 million, or $0.33 per diluted share, for the first quarter of 2019Deposit growth of $435.6 million, or 37.5% annualized, compared to a balance of $4.6 billion on December 31, 2019Loan growth of $76.2 million, or 8.9% annualized, compared to a balance of $3.4 billion on December 31, 2019Cost of deposits was 0.33%, compared to 0.36% for the fourth quarter of 2019 and 0.31% for the first quarter of 2019Net interest margin was 3.46%, compared to 3.43% for the fourth quarter of 2019 and 3.65% for the first quarter of 2019Tier 1 Leverage, Common Equity Tier 1, and Total Risk-Based capital ratios were 8.47%, 12.74%, and 13.96%, respectively, at March 31, 2020Total nonperforming assets were $65.6 million or 1.14% of total assets as of March 31, 2020, compared to $66.7 million or 1.25% of total assets at December 31, 2019 and $56.6 million, or 1.15% of total assets at March 31, 2019 Keith Mestrich, President and Chief Executive Officer of Amalgamated Bank, commented, “As COVID-19 continues to severely impact New York City and our nation, our first priority has been the safety of our employees and the customers that we serve. We have moved quickly to ensure the integrity of our operations as we transition to this new normal with a majority of our employees now working from home. Our staff is seamlessly handling transactions and making new loans in this environment and I am very proud of their unwavering commitment to our customers during this unprecedented time. I am also very proud of the financial support that we have been able to provide to those who need it most through our recently created Frontline Workers Fund offering direct assistance to those battling the pandemic on the frontlines as well as the launch of the Families and Workers Fund, in partnership with a consortium of foundations, whose goal is to provide financial resources to vulnerable working families across the country.” Mr. Mestrich continued...

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