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Dec 31, 2023
Amalgamated Financial Q4 2023 Earnings Report
Amalgamated Financial Corp. reported Q4 2023 financial results, featuring $170.8 million deposit growth excluding brokered CDs and a net interest margin increase to 3.44%.
Key Takeaways
Amalgamated Financial Corp. reported a net income of $22.7 million, or $0.74 per diluted share, for Q4 2023, compared to $22.3 million, or $0.73 per diluted share, for the previous quarter. The increase was driven by net interest income and non-interest income growth, offset by increased provision for credit losses and income tax expense. Excluding Brokered CDs, on-balance sheet deposits increased $170.8 million or 2.6% to $6.8 billion.
Net income reached $22.7 million, with EPS at $0.74.
Total deposits increased to $7.0 billion, including a $149.7 million decline in Brokered CDs.
Net interest margin expanded to 3.44%.
Common Equity Tier 1 Capital ratio stood at 12.98%.
Amalgamated Financial
Amalgamated Financial
Forward Guidance
No specific forward guidance was provided in the press release.