Business
Amalgamated Financial Corp. Reports Record Third Quarter 2022 Financial Results
NEW YORK, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated
About this update from Amalgamated Financial Corp.
[{"type":"text","content":"NEW YORK, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced record financial results for the third quarter ended September 30, 2022. Third Quarter 2022 Highlights Record earnings of $22.9 million, or $0.74 per diluted share, compared to $19.6 million, or $0.63 per diluted share, on a linked quarter basis.Excluding the impact of solar tax equity investments, core net income was $24.8 million, or $0.80 per diluted share, as compared to $20.9 million, or $0.67 per diluted share, on a linked quarter basis.Average deposits increased by $191.1 million, or 2.7%, to $7.3 billion, on a linked quarter basis.Industry leading average cost of deposits of 14 basis points, where non-interest bearing deposits comprised 54% of total deposits.Loans receivable, net of allowance and deferred fees and costs, increased $220.2 million, or 6.1%, to $3.8 billion, on a linked quarter basis.PACE assessments grew $114.6 million to $856.7 million on a linked quarter basis, comprised of an $8.7 million increase in commercial and $105.9 million increase in residential.Net interest income grew $11.1 million, or 19.6%, to $67.6 million compared to $56.5 million, while net interest margin grew by 47 basis points to 3.50%, compared to 3.03%, each on a linked quarter basis.Nonaccrual loans improved to $19.8 million or 0.51% of total loans, compared to $24.4 million or 0.67% of total loans on a linked quarter basis.Credit quality improved with criticized loans declining $22.8 million, or 16.8%, to $113.0 million, on a linked quarter basis.Regulatory capital remains above bank “well capitalized” standards. “I am proud to say that the momentum we have established in the last year demonstrates that our ‘Growth For Good’ strategy is working, as we reported record earnings for a second consecutive quarter,” said Priscilla Sims Brown, President and CEO. “We are progressing well toward our aspiration of achieving the most improved financial performance in U.S. banking, just as Amalgamated will celebrate its 100th anniversary in a few short months. I could not be more inspired by the team we have in place to propel this great bank into its next centennial.” Third Quarter Earnings Net income for the third quarter of 2022 was a record $22.9 mill...