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Amalgamated Financial Corp. Reports Preliminary Results for the Second Quarter 2023 and Announces Second Quarter 2023 Earnings Conference Call
Immediate Liquidity Coverage at 183% of Uninsured Deposits Excluding Super-Core Common Equity Tier 1 Capital Ratio of 12.49%, Above "Well Capitalized" Levels
About this update from Amalgamated Financial Corp.
[{"type":"text","content":"Immediate Liquidity Coverage at 183% of Uninsured Deposits Excluding Super-Core Common Equity Tier 1 Capital Ratio of 12.49%, Above \"Well Capitalized\" Levels NEW YORK, July 17, 2023 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (“Amalgamated” or the “Company”) (Nasdaq: AMAL) today announced preliminary results for the second quarter of 2023. Second Quarter 2023 Highlights (on a linked quarter basis) Net income of $21.6 million, or $0.70 per diluted share, compared to $21.3 million, or $0.69 per diluted share.Core net income of $22.0 million, or $0.72 per diluted share, as compared to $23.0 million, or $0.74 per diluted share. Deposits and Liquidity Total deposits decreased $146.7 million, or 2.1%, to $6.9 billion including a $126.4 million decline in Brokered CD utilization.Excluding Brokered CDs, deposits remained essentially unchanged at $6.4 billion, reflecting a strong and stable deposit base.Average cost of deposits, excluding Brokered CDs, was 87 basis points for the quarter, where non-interest bearing deposits remained steady and comprised a noteworthy 46% of total deposits.Super-core deposits totaled approximately $3.6 billion, had a weighted average life of 17 years, and comprised 55% of total deposits excluding Brokered CDs.Total uninsured deposits were $3.9 billion, improving to 57% of total deposits. Excluding uninsured super-core deposits of approximately $2.5 billion, remaining uninsured deposits were approximately 20-23% of total deposits with immediate liquidity coverage of 183%.Cash and borrowing capacity totaled $2.6 billion (immediately available) plus unpledged securities (two-day availability) of $758.3 million for total liquidity within two-days of $3.3 billion (improving to 85% of total uninsured deposits). Assets and Margin Loans receivable, net of deferred loan origination costs, increased $53.5 million, or 1.3%, to $4.3 billion.PACE assessments grew $64.3 million to $1.1 billion.Net interest income was $63.0 million, at the high-end of the guidance range provided in the first quarter. Net interest margin was 3.33%, in line with expectations. Share Repurchase Repurchased approximately 139,000 shares, or $2.2 million of common stock under the Company's $40 million share repurchase program announced in the first quarter of 2022.The Company expects to continue repurchasing shares through its common stoc...