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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