Business
Amalgamated Financial Corp. Reports Second Quarter 2024 Financial Results; Continued Stellar Deposit Growth; Return on Average Assets of 1.30%
YoY Tangible Book Value per share Growth of 22.8% | Net Interest Margin of 3.46% NEW YORK, July 25, 2024 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (the
About this update from Amalgamated Financial Corp.
[{"type":"text","content":"YoY Tangible Book Value per share Growth of 22.8% | Net Interest Margin of 3.46%\nNEW YORK, July 25, 2024 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Highlights (on a linked quarter basis) Net income of $26.8 million, or $0.87 per diluted share, compared to $27.2 million, or $0.89 per diluted share.Core net income1 of $26.2 million, or $0.85 per diluted share, compared to $25.6 million, or $0.83 per diluted share. Deposits and Liquidity Total deposits increased $143.2 million, or 2.0%, to $7.4 billion including an $8.8 million decline in Brokered CDs.Excluding Brokered CDs, on-balance sheet deposits increased $152.0 million, or 2.1%, to $7.3 billion.Political deposits increased $292.3 million, or 20%, to $1.7 billion, which includes both on and off-balance sheet deposits.Off-balance sheet deposits increased $607.0 million, or 133%, to $1.1 billion, comprised of both transactional political deposits and excess non-political deposits.Average cost of deposits, excluding Brokered CDs, increased 12 basis points to 148 basis points, where non-interest-bearing deposits comprised 47% of total deposits, excluding Brokered CDs, increasing from the prior quarter. Assets and Margin Net loans receivable increased $49.0 million, or 1.1%, to $4.4 billion.Total PACE assessments grew $27.4 million, or 2.4%, to $1.2 billion.Net interest income grew $1.2 million, or 1.7%, to $69.2 million.Net interest margin compressed 3 basis points to 3.46%, impacted by an unanticipated premium acceleration. Capital and Returns Tier 1 leverage ratio of 8.42%, increasing 13 basis points, and Common Equity Tier 1 ratio of 13.48%.Tangible common equity1 ratio of 7.66%, representing a seventh consecutive quarter of improvement.Tangible book value per share1 increased $0.88, or 4.5%, to $20.61, and has increased $3.83, or 22.8% since June 2023.Strong core return on average tangible common equity1 of 17.34% and core return on average assets1 of 1.27% Priscilla Sims Brown, President and Chief Executive Officer, commented, “Our second quarter financial results clearly demonstrate that Amalgamated is continuing its high performance across key metrics. We delivered outs...