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Jun 30, 2021
Amalgamated Financial Q2 2021 Earnings Report
Amalgamated Financial Corp. reported financial results for the second quarter ended June 30, 2021.
Key Takeaways
Amalgamated Financial Corp. reported a net income of $10.4 million, or $0.33 per diluted share, for the second quarter of 2021. Deposits increased to $5.9 billion, while loans decreased to $3.1 billion. The cost of deposits was 0.10%, and the net interest margin was 2.75%.
Net income was $10.4 million, or $0.33 per diluted share.
Deposits increased $189.9 million to $5.9 billion on a linked quarter basis.
Political deposits remained strong and stable at $791.3 million as of June 30, 2021, with $99.3 million growth on a linked quarter basis.
Loans decreased $85.4 million to $3.1 billion, on a linked quarter basis.
Amalgamated Financial
Amalgamated Financial
Forward Guidance
The company anticipates loan demand to rebound in the second half of the year and is exploring M&A opportunities.
Positive Outlook
- Optimistic for loan demand to rebound as we look to the second half of the year.
- Focus on organic loan growth.
- Exploring M&A opportunities.
- Deepening high-value client relationships
- Expanding our customer base
Challenges Ahead
- Current backdrop remains challenging as loan demand is tepid
- Prepayments remained elevated
- Low interest rate environment
- Pressure on fixed income bonds
- Equity method investment losses