The following is a summary of the Amalgamated Financial Corp. (AMAL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Amalgamated Financial Corp reported a 16% increase in core net income in Q1 2024.

• The Net Interest Margin expanded by 5 basis points.

• Total deposits increased to $7.3 billion, with on-balance sheet deposits, excluding brokered CDs, increasing by 5.5% to $7.1 billion.

• Net income was $27.2 million or $0.89 per diluted share.

• Net loans receivable amounted to $4.4 billion, a slight increase from the previous quarter.

• The bank has revised its full-year 2024 guidance to core pre-tax pre-provision earnings of $145 million to $149 million and net interest income of $270 million to $274 million.

Business Progress:

• Deposit growth was observed from various sectors including political, union, nonprofit, and social advocacy segments, totaling $1.4 billion at quarter-end.

• The company managed to attract over $480 million in new deposits during Q1 and is optimistic about driving further organic deposit growth.

• The bank expects significant growth from its socially responsible banking business in line with the US's net 0 emissions target by 2050.

• It has seen growth in its multifamily portfolio this quarter, predominantly in the 421a or Section 8 housing segments.

• Opportunities are being explored in both deposits and financing, backed by the announcement of a fund worth $20 billion and an expected additional fund of $7 billion.

• Amalgamated is poised to drive margin expansion and improve capital for earnings growth by repositioning its balance sheet, led by a strong deposit franchise and expected growth in sustainable lending.

More details: Amalgamated Bank IR

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