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Amalgamated Bank Reports Fourth Quarter and Full Year 2019 Financial Results
NEW YORK, Jan. 31, 2020 (GLOBE NEWSWIRE) -- Amalgamated Bank (Nasdaq: AMAL) (“Amalgamated”) today announced financial results for the fourth quarter and full
About this update from Amalgamated Financial Corp.
[{"type":"text","content":"NEW YORK, Jan. 31, 2020 (GLOBE NEWSWIRE) -- Amalgamated Bank (Nasdaq: AMAL) (“Amalgamated”) today announced financial results for the fourth quarter and full year ended December 31, 2019. \n Fourth Quarter 2019 Highlights Net income of $12.0 million, or $0.37 per diluted share, as compared to $16.0 million, or $0.49 per diluted share, for the fourth quarter of 2018Core net income (non-GAAP) of $12.6 million, or $0.39 per diluted share, as compared to $9.7 million, or $0.30 per diluted share, for the fourth quarter of 2018Deposit growth of $318.6 million, or 29.5% annualized, compared to a balance of $4.3 billion on September 30, 2019Growth in Property Assessed Clean Energy (“PACE”) assessments (in held-to-maturity securities) of $177.5 million, bringing our total PACE assessments to $263.8 millionCost of deposits was 0.36%, as compared to 0.37% for the third quarter of 2019 and 0.27% for the fourth quarter of 2018Net interest margin was 3.43%, compared to 3.50% for the third quarter of 2019 and 3.57% for the fourth quarter of 2018.Tier 1 Leverage, Common Equity Tier 1, and Total Risk-Based capital ratios were 8.90%, 13.01%, and 14.01%, respectively, at December 31, 2019Total nonperforming assets were $66.7 million, or 1.25% of total assets, as of December 31, 2019, compared to $71.6 million or 1.42% of total assets, at September 30, 2019 and $59.3 million, or 1.27% of total assets, at December 31, 2018 Full Year 2019 Highlights Net income of $47.2 million, or $1.47 per diluted share, as compared to $44.7 million, or $1.46 per diluted share, for the full year of 2018Core net income (non-GAAP) of $48.2 million, or $1.49 per diluted share, as compared to $41.6 million, or $1.37 per diluted share, for the full year of 2018Deposit growth of $535.7 million, or 13.0%, compared to December 31, 2018Loan growth of $228.1 million, or 7.1%, compared to December 31, 2018Cost of deposits was 0.35%, compared to 0.26% for the full year of 2018Net interest margin was 3.55%, compared to 3.56% for the full year of 2018 Keith Mestrich, President and Chief Executive Officer of Amalgamated Bank, commented, “We are pleased with our results highlighted by $318.6 million in deposit growth, or 29.5% annualized, and the addition of $177.5 million in PACE assessments for the fourth quarter which has contributed to our 13.6% growth in interest-earning asset...