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Dec 31, 2021
Amalgamated Financial Q4 2021 Earnings Report
Announced financial results for the fourth quarter ended December 31, 2021.
Key Takeaways
Amalgamated Financial Corp. reported a net income of $15.9 million, or $0.50 per diluted share for Q4 2021, compared to $13.8 million, or $0.44 per diluted share for Q4 2020. Total assets exceeded $7.0 billion for the first time and deposits increased to $6.4 billion. The company is focused on high single digit loan growth in 2022 and sustained profitability.
Net income of $15.9 million, or $0.50 per diluted share, compared to $13.8 million, or $0.44 per diluted share for the fourth quarter of 2020.
Total assets exceeded $7.0 billion for the first time.
Deposits increased $131.8 million to $6.4 billion on a linked quarter basis.
Net loans, not including PACE assessments, increased $189.9 million, or 6.2%, to $3.3 billion, on a linked quarter basis.
Forward Guidance
The company's immediate focus in 2022 is to add experienced bankers and underwriters who can help to grow the platform and accelerate growth in focus markets and segments. The acquisition of Amalgamated Bank of Chicago will provide market expansion into the Midwest and significant revenue and cost synergies.
Positive Outlook
- Deliver meaningful loan growth.
- Recruited a talented and experienced leader for Commercial Real Estate business.
- Deposit franchise remains a competitive advantage.
- Momentum to accelerate growth and profitability into the year ahead.
- Acquisition of Amalgamated Bank of Chicago will provide market expansion into the Midwest.
Challenges Ahead
- The acquisition does not close when expected or at all because conditions to closing are not satisfied on a timely basis or at all.
- Financial projections from the acquisition are not realized.
- Deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses
Historical Earnings Impact
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Avg. Return Before/After Earnings
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