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Mar 31, 2022
Amalgamated Financial Q1 2022 Earnings Report
Amalgamated Financial Corp. announced financial results for the first quarter ended March 31, 2022.
Key Takeaways
Amalgamated Financial Corp. reported a net income of $14.2 million, or $0.45 per diluted share. Deposits increased to $7.0 billion, and loans increased to $3.4 billion. The company's credit quality improved, with criticized assets declining.
Net income was $14.2 million, or $0.45 per diluted share.
Deposits increased to $7.0 billion, with political deposits increasing to $1.1 billion.
Loans increased to $3.4 billion.
Credit quality improved with criticized assets declining.
Amalgamated Financial
Amalgamated Financial
Forward Guidance
The company expects to deliver high-single-digit loan growth in 2022 and sustained profitability.
Positive Outlook
- Confident in delivering high-single-digit loan growth in 2022
- Expectation to further improve performance metrics
- Anticipated improvement in valuation through prudent use of capital
- Focus on shareholder returns
- Balance sheet is well positioned to capitalize on the current rising interest rate environment
Challenges Ahead
- Deterioration in the financial condition of borrowers resulting in significant increases in loan losses
- Continuation of the historically low short-term interest rate environment
- Inability to maintain the historical growth rate of the loan portfolio
- Changes in loan underwriting, credit review or loss reserve policies associated with economic conditions
- The impact of competition with other financial institutions, including pricing pressures and the resulting impact on our results