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Dec 31, 2022
Amalgamated Financial Q4 2022 Earnings Report
Reported record fourth quarter financial results driven by loan growth and improved profitability.
Key Takeaways
Amalgamated Financial Corp. reported a record fourth quarter with net income of $24.8 million, or $0.80 per diluted share. Core net income, excluding solar tax equity investments, was $27.2 million, or $0.87 per diluted share. The company saw loan growth, an increase in net interest margin, and improved credit quality during the quarter.
Net income reached $24.8 million, or $0.80 per diluted share.
Core net income excluding solar tax equity investments was $27.2 million, or $0.87 per diluted share.
Loans receivable, net, increased by $231.8 million, or 6.1%, to $4.1 billion.
Net interest margin grew by 6 basis points to 3.56%.
Amalgamated Financial
Amalgamated Financial
Forward Guidance
While no specific forward guidance was provided in the report, the CEO expressed excitement about leading the Bank into its next centennial, citing the successful execution of their strategy over the past eighteen months and the resulting momentum.