Amalgamated Q4 net income $22.7M ($0.74 EPS); deposits ex-brokered CDs up $170.8M

Amalgamated Financial Corp.

2023-FY EPS reported $2.86

Net income $22.7M, $0.74 diluted EPS; core net income $22.1M ($0.72).
Total deposits $7.0B, up $21.1M; excluding brokered CDs, deposits grew $170.8M (2.6%).
Political deposits surged $236.1M (24.8%) to $1.2B.
Net interest margin expanded 15 bps to 3.44%; net interest income up 5.63% to $67.3M.
CET1 ratio 12.98%; tangible common equity ratio 7.16%, fifth consecutive quarterly improvement.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Amalgamated Financial Corp. reported the fourth quarter and year ended December 31, 2023 results: net income Net income of $22.7 million, EPS $0.74 per diluted share.

Period: the fourth quarter and year ended December 31, 2023
Net income: Net income of $22.7 million
EPS: $0.74 per diluted share
Result: reported results

Exact text from the filing

Amalgamated Financial Corp. Reports Fourth Quarter 2023 Financial Results: $170.8 Million Deposit Growth Excluding Brokered CDs; Net Interest Margin Rises to 3.44% Common Equity Tier 1 Capital Ratio of 12.98% | Return on Average Assets of 1.13% NEW YORK, January 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 fourth quarter ended December 31, 2023. Fourth Quarter 2023 Highlights (on a linked quarter basis) • Net income of $22.7 million, or $0.74 per diluted share, compared to $22.3 million, or $0.73 per diluted share.

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Source: SEC EDGAR

accession 0001823608-24-000005

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