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Sep 30, 2021
Amalgamated Financial Q3 2021 Earnings Report
Announced financial results for the third quarter ended September 30, 2021
Key Takeaways
Amalgamated Financial Corp. reported a net income of $14.4 million, or $0.46 per diluted share, for the third quarter of 2021. Deposits increased by $314.5 million, and PACE assessments grew by $81.4 million. The company also announced a plan to acquire Amalgamated Bank of Chicago.
Net income was $14.4 million, or $0.46 per diluted share.
Deposits increased $314.5 million to $6.2 billion.
Political deposits remained strong and stable at $1.0 billion.
PACE assessments grew $81.4 million to $627.2 million.
Amalgamated Financial
Amalgamated Financial
Forward Guidance
Amalgamated Financial Corp. is positioned to achieve its revised full-year guidance, with growth initiatives focused on loan and trust growth while maintaining its mission as America’s Socially Responsible Bank. The company's initiatives are focused on four pillars including the building of our business through our mission, improving our focus on and deepening insights of our core customers, developing and expanding our product expertise to grow our lending platform and trust businesses, and improving our data and technology.
Positive Outlook
- Delivered strong results across revenue, profitability, and credit quality.
- Experienced growth in PACE assessments.
- Deposit franchise continued its growth trajectory.
- Cost of deposits declined to 9 basis points.
- Launched a series of growth initiatives designed to fuel loan and trust growth.
Challenges Ahead
- Headwinds experienced in our loan portfolio.
- Decrease in average loans of $75.2 million from the prepayment and paydowns of residential and commercial real estate loans.
- Net interest margin decreased by five basis points from the previous quarter.
- Non-interest income decreased compared to the same quarter in 2020.
- Increase in non-interest expense from the previous quarter.