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Jun 30, 2023
Amalgamated Financial Q2 2023 Earnings Report
Second quarter financial results were announced, with immediate liquidity coverage at 183% and a Common Equity Tier 1 Capital Ratio of 12.51%.
Key Takeaways
Amalgamated Financial Corp. reported a net income of $21.6 million, or $0.70 per diluted share, for the second quarter of 2023, compared to $21.3 million, or $0.69 per diluted share, for the first quarter of 2023. Total deposits decreased to $6.9 billion, while loans receivable increased to $4.3 billion.
Net income reached $21.6 million, or $0.70 per diluted share.
Core net income was $22.0 million, or $0.72 per diluted share.
Total deposits decreased to $6.9 billion, including a decline in Brokered CD utilization.
Loans receivable increased to $4.3 billion.
Amalgamated Financial
Amalgamated Financial
Forward Guidance
The company expects to continue repurchasing shares through its common stock share repurchase program, with $23.5 million of remaining capacity. The timing and exact amount of stock repurchase activity will be informed by economic and regulatory considerations as well as Amalgamated's overall position, earnings outlook, and capital deployment priorities.