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Jun 30, 2022
Amalgamated Financial Q2 2022 Earnings Report
Amalgamated Financial Corp. reported record financial results for the second quarter ended June 30, 2022.
Key Takeaways
Amalgamated Financial Corp. announced record financial results for the second quarter ended June 30, 2022, with net income of $19.6 million, or $0.63 per diluted share. Deposits increased to $7.3 billion, and loans increased to $3.6 billion. Net interest income grew to $56.5 million, and the net interest margin grew to 3.03%.
Record earnings of $19.6 million, or $0.63 per diluted share.
Deposits increased $317.7 million, or 4.6%, to $7.3 billion.
Loans increased $176.3 million, or 5.1%, to $3.6 billion.
Net interest income grew $8.1 million, or 16.7%, to $56.5 million.
Amalgamated Financial
Amalgamated Financial
Forward Guidance
While no explicit numerical forward guidance was given, the report highlights the company's lending strategy focused on sustainability, economic justice, and community financing, with expectations of continued profitable growth and development of its deposit franchise.
Positive Outlook
- Implementation of lending strategy.
- Financing investments through earnings.
- Lending to customer segments focused on sustainability, economic justice, community financing, and other social causes.
- Building a reliable lending platform staffed with experienced bankers.
- Sustaining profitable growth and continue developing our industry-leading deposit franchise.
Challenges Ahead
- Deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses.
- Continued fluctuation of the interest rate environment.
- Our 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, examination conclusions, or regulatory developments.
- The impact of competition with other financial institutions, including pricing pressures and the resulting impact on our results, including as a result of compression to net interest margin.