Loading...
•
Mar 31, 2023
Amalgamated Financial Q1 2023 Earnings Report
Reported deposit stability and solid liquidity.
Key Takeaways
Amalgamated Financial Corp. reported a net income of $21.3 million, or $0.69 per diluted share, and deposits increased by $446.4 million to $7.0 billion.
Net income of $21.3 million, or $0.69 per diluted share.
Core net income excluding the impact of solar tax equity investments (non-GAAP) was $23.0 million, or $0.74 per diluted share.
Total deposits increased $446.4 million or 6.8% to $7.0 billion.
Loans receivable, net of deferred loan origination costs, increased $92.2 million, or 2.2%, to $4.2 billion.
Amalgamated Financial
Amalgamated Financial
Amalgamated Financial Revenue by Segment
Revenue by Segment
Trust Department fees Revenue
CapyFin.comService charges on deposit accounts Revenue
CapyFin.comBank-owned life insurance income Revenue
CapyFin.comEquity method investments income (loss) Revenue
CapyFin.comOther income Revenue
CapyFin.com Forward Guidance
Amalgamated has a differentiated position in the market as a mission-based bank, that has been run conservatively with long tenured client relationships. Over half our core deposit franchise is comprised of customers that have banked with us for decades given our shared values and labor union heritage. Our first quarter results again validate our mission and our beliefs. In fact, our results demonstrate the resiliency of our strategy as well as the strength of our customer relationships. Our strong capital and liquidity positions us well to pursue the next leg of our Growth for Good strategy.