Amalgamated Financial Corp. (the “Company” or “Amalgamated”)
(Nasdaq: AMAL), the holding company for Amalgamated Bank (the
“Bank”), today announced financial results for the second quarter
ended June 30, 2024.
Second Quarter 2024 Highlights (on a linked quarter
basis)
- Net income of $26.8 million, or
$0.87 per diluted share, compared to $27.2 million, or $0.89 per
diluted share.
- Core net income1 of $26.2 million,
or $0.85 per diluted share, compared to $25.6 million, or $0.83 per
diluted share.
Deposits and
Liquidity
- Total deposits increased $143.2
million, or 2.0%, to $7.4 billion including an $8.8 million decline
in Brokered CDs.
- Excluding Brokered CDs, on-balance
sheet deposits increased $152.0 million, or 2.1%, to
$7.3 billion.
- Political deposits increased $292.3
million, or 20%, to $1.7 billion, which includes both on and
off-balance sheet deposits.
- Off-balance sheet deposits
increased $607.0 million, or 133%, to $1.1 billion, comprised of
both transactional political deposits and excess non-political
deposits.
- Average cost of deposits, excluding
Brokered CDs, increased 12 basis points to 148 basis points, where
non-interest-bearing deposits comprised 47% of total deposits,
excluding Brokered CDs, increasing from the prior quarter.
Assets and
Margin
- Net loans receivable increased
$49.0 million, or 1.1%, to $4.4 billion.
- Total PACE assessments grew
$27.4 million, or 2.4%, to $1.2 billion.
- Net interest income grew
$1.2 million, or 1.7%, to $69.2 million.
- Net interest margin compressed 3
basis points to 3.46%, impacted by an unanticipated premium
acceleration.
Capital and
Returns
- Tier 1 leverage ratio of 8.42%,
increasing 13 basis points, and Common Equity Tier 1 ratio of
13.48%.
- Tangible common equity1 ratio of
7.66%, representing a seventh consecutive quarter of
improvement.
- Tangible book value per share1
increased $0.88, or 4.5%, to $20.61, and has increased $3.83, or
22.8% since June 2023.
- Strong core return on average
tangible common equity1 of 17.34% and core return on average
assets1 of 1.27%
Priscilla Sims Brown, President and Chief
Executive Officer, commented, “Our second quarter financial results
clearly demonstrate that Amalgamated is continuing its high
performance across key metrics. We delivered outstanding deposit
growth, strong returns, and a continuously growing, sustainable
earnings base that will provide us with optionality as we look to
further expand our franchise over the medium term.”
________________________1 Reconciliations of
non-GAAP financial measures to the most comparable GAAP measure are
set forth on the last page of the financial information
accompanying this press release and may also be found on our
website, www.amalgamatedbank.com.
Second Quarter
Earnings
Net income for the second quarter of 2024 was
$26.8 million, or $0.87 per diluted share, compared to $27.2
million, or $0.89 per diluted share, for the first quarter of 2024.
The $0.4 million decrease during the quarter was primarily driven
by $3.6 million decrease in non-core income from solar tax equity
investments, which was expected, and a $1.4 million increase in
non-interest expense. This was offset by a $2.3 million decrease in
income tax expense, a $2.0 million increase in non-core ICS One-Way
Sell fee income from our off-balance sheet deposits, and a $1.2
million increase in net interest income.
Core net income1 for the second quarter of 2024
was $26.2 million, or $0.85 per diluted share, compared to $25.6
million, or $0.83 per diluted share, for the first quarter of 2024.
Excluded from core net income for the quarter, pre-tax, was
$4.9 million of ICS One-Way Sell fee income, $2.7 million of
losses on the sale of securities, $1.8 million of accelerated
depreciation from solar tax equity investments, $0.4 million of
gains on subordinated debt repurchases, and $44 thousand in
severance costs. Excluded from core net income for the first
quarter of 2024, pre-tax, was $2.9 million of ICS One-Way Sell
fee income, $2.8 million of losses on the sale of securities, $1.8
million of tax credits from our solar tax equity investments, $0.5
million in gains on the settlement of a lease termination, and $0.2
million in severance costs.
Net interest income was $69.2 million for the
second quarter of 2024, compared to $68.0 million for the first
quarter of 2024. Loan interest income decreased $0.7 million and
loan yields decreased 8 basis points as a result of $2.1 million of
accelerated amortization related to purchase premiums associated
with the payoff of a C&I loan relationship, offset by a $16.4
million increase in average loan balances. Interest income on
securities increased $1.9 million driven by an increase in the
average balance of securities of $138.5 million. Interest income on
resell agreements increased $0.7 million driven by a $43.6 million
increase in the average balance. The overall increase in interest
income was offset by higher interest expense on total
interest-bearing deposits of $3.0 million driven by a 22 basis
point increase in cost and by an increase in the average balance of
total interest-bearing deposits of $126.7 million. The changes in
deposit costs were primarily related to increased rates on money
market products and select non-time deposit accounts and a 26 basis
point increase in the cost of time deposits. The increase in the
average balance of interest-bearing deposits was primarily driven
by strong deposit growth across both political and non-political
sectors, partially offset by a decrease in the average balance of
higher cost borrowings of $183.5 million.
Net interest margin was 3.46% for the second
quarter of 2024, a decrease of 3 basis points from 3.49% in the
first quarter of 2024. The decrease is attributable to $2.1 million
of accelerated amortization related to purchase premiums associated
with the payoff of a C&I loan relationship as mentioned above,
which had an approximate 10 basis point constrictive impact on net
interest margin in the quarter. Prepayment penalties had no impact
on our net interest margin in the second quarter of 2024, which is
the same as in the prior quarter.
Provision for credit losses totaled an expense
of $3.2 million for the second quarter of 2024 compared to an
expense of $1.6 million in the first quarter of 2024. The expense
in the second quarter was primarily driven by charge-offs on the
solar loan portfolio and increase in reserves on the solar loan
portfolio, partially offset by improvements in macro-economic
forecasts used in the CECL model.
Non-interest income was $9.3 million for the
second quarter of 2024, compared to $10.2 million in the first
quarter of 2024. Excluding all non-core income adjustments, core
non-interest income1 was $8.5 million for the second quarter of
2024, compared to $8.3 million in the first quarter of 2024. The
increase was primarily related to higher commercial banking fees
and increased fees from our treasury investment services, offset by
modestly lower income from our trust business.
Non-interest expense for the second quarter of
2024 was $39.5 million, an increase of $1.4 million from the first
quarter of 2024. Core non-interest expense1 for the second quarter
of 2024 was $39.5 million, an increase of $1.0 million from the
first quarter of 2024. This was mainly driven by a $0.7 million
increase in compensation and employee benefits expense due to
select differential investments in employees, as well as higher
data processing and personnel recruitment expense.
Our provision for income tax expense was $9.0
million for the second quarter of 2024, compared to $11.3 million
for the first quarter of 2024. In the current quarter there were
$0.5 million of discrete tax benefits resulting in an effective tax
rate of 25.2%. In the prior quarter, the conclusion of a state and
city tax examination resulted in an adjustment of $0.9 million
additional tax expense. Excluding the discrete items and
adjustment, our effective tax rate for the second quarter of 2024
was 26.6%, compared to 26.9% for the first quarter of 2024.
Balance Sheet Quarterly
Summary
Total assets were $8.3 billion at June 30,
2024, compared to $8.1 billion at March 31, 2024, modestly growing
our balance sheet within our target range. Notable changes within
individual balance sheet line items include a $97.2 million
decrease in cash and cash equivalents, a $152.8 million increase in
securities, and a $49.0 million increase in net loans receivable.
Additionally, deposits excluding Brokered CDs increased by $152.0
million while Brokered CDs decreased $8.8 million, and other
borrowings decreased by $60.0 million. Our off-balance sheet
deposits increased by $607.0 million, or 133%, to $1.1 billion.
Total net loans receivable, at June 30,
2024 were $4.4 billion, an increase of $49.0 million, or 1.1% for
the quarter. The increase in loans is primarily driven by a
$55.1 million increase in multifamily loans, a
$23.9 million increase in commercial real estate loans, offset
by a $1.7 million decrease in commercial and industrial loans,
a $12.9 million decrease in consumer solar loans, and a
$14.7 million decrease in residential loans. During the
quarter, criticized or classified loans decreased $6.4 million,
largely related to a $9.5 million paydown on a classified
commercial and industrial loan, and an upgrade of $3.7 million of
commercial and industrial loans based on improvement in
performance. This was offset by downgrades of small business loans
totaling $6.1 million, and a $2.1 million increase in residential
and consumer criticized and classified loans.
Total deposits at June 30, 2024 were $7.4
billion, an increase of $143.2 million, or 2.0%, during the
quarter. Total deposits excluding Brokered CDs increased by $152.0
million to $7.3 billion, or a 2.1% increase. Including accounts
currently held off-balance sheet, deposits held by politically
active customers, such as campaigns, PACs, advocacy-based
organizations, and state and national party committees were $1.7
billion as of June 30, 2024, an increase of $292.3 million
during this quarter, of which a substantial portion were moved
off-balance sheet. Non-interest-bearing deposits represented 46% of
average total deposits and 47% of ending total deposits for the
quarter, excluding Brokered CDs, contributing to an average cost of
total deposits of 155 basis points. Super-core deposits2 totaled
approximately $4.2 billion, had a weighted average life of 17
years, and comprised 58% of total deposits, excluding Brokered CDs.
Total uninsured deposits were $4.5 billion, comprising 60% of total
deposits.
Nonperforming assets totaled $35.7 million, or
0.43% of period-end total assets at June 30, 2024, an increase
of $1.7 million, compared with $34.0 million, or 0.42% on a linked
quarter basis. The increase in nonperforming assets was primarily
driven by a $3.0 million increase in residential real estate
nonaccrual loans and a $0.5 million increase in commercial and
industrial nonaccrual loans, offset by a $1.1 million decrease in
consumer solar nonaccrual loans and $0.8 million of commercial and
industrial loan charge-offs.
During the quarter, the allowance for credit
losses on loans decreased $1.0 million to $63.4 million. The ratio
of allowance to total loans was 1.42%, a decrease of 4 basis points
from 1.46% in the first quarter of 2024. The decrease was primarily
the result of a commercial and industrial loan charge-off that was
previously fully reserved for.
________________________2 Refer to Terminology
on page 5 for definitions of certain terms used in this
release.
Capital Quarterly Summary
As of June 30, 2024, our Common Equity Tier
1 Capital ratio was 13.48%, Total Risk-Based Capital ratio was
16.04%, and Tier 1 Leverage Capital ratio was 8.42%, compared to
13.68%, 16.35% and 8.29%, respectively, as of March 31, 2024.
Stockholders’ equity at June 30, 2024 was $646.1 million, an
increase of $29.2 million during the quarter. The increase in
stockholders’ equity was primarily driven by $26.8 million of
net income for the quarter and a $5.3 million improvement in
accumulated other comprehensive loss due to the tax effected
mark-to-market on our available for sale securities portfolio,
offset by $3.7 million in dividends paid at $0.12 per outstanding
share.
Tangible book value per share was $20.61 as of
June 30, 2024 compared to $19.73 as of March 31, 2024.
Tangible common equity1 improved to 7.66% of tangible assets,
compared to 7.41% as of March 31, 2024.
Conference Call
As previously announced, Amalgamated Financial
Corp. will host a conference call to discuss its second quarter
2024 results today, July 25, 2024 at 11:00am (Eastern Time).
The conference call can be accessed by dialing 1-877-407-9716
(domestic) or 1-201-493-6779 (international) and asking for the
Amalgamated Financial Corp. Second Quarter 2024 Earnings Call. A
telephonic replay will be available approximately two hours after
the call and can be accessed by dialing 1-844-512-2921, or for
international callers 1-412-317-6671 and providing the access code
13746895. The telephonic replay will be available until
August 1, 2024.
Interested investors and other parties may also
listen to a simultaneous webcast of the conference call by logging
onto the investor relations section of our website at
https://ir.amalgamatedbank.com/. The online replay will remain
available for a limited time beginning immediately following the
call.
The presentation materials for the call can be
accessed on the investor relations section of our website at
https://ir.amalgamatedbank.com/.
About Amalgamated Financial
Corp.
Amalgamated Financial Corp. is a Delaware public
benefit corporation and a bank holding company engaged in
commercial banking and financial services through its wholly-owned
subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based
full-service commercial bank and a chartered trust company with a
combined network of five branches across New York City, Washington
D.C., and San Francisco, and a commercial office in Boston.
Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York
by the Amalgamated Clothing Workers of America, one of the
country's oldest labor unions. Amalgamated Bank provides commercial
banking and trust services nationally and offers a full range of
products and services to both commercial and retail customers.
Amalgamated Bank is a proud member of the Global Alliance for
Banking on Values and is a certified B Corporation®. As of
June 30, 2024, our total assets were $8.3 billion, total net
loans were $4.4 billion, and total deposits were $7.4 billion.
Additionally, as of June 30, 2024, our trust business held
$34.6 billion in assets under custody and $14.0 billion in assets
under management.
Non-GAAP Financial Measures
This release (and the accompanying financial
information and tables) refer to certain non-GAAP financial
measures including, without limitation, “Core operating revenue,”
“Core non-interest expense,” “Core non-interest income,” “Core net
income,” “Tangible common equity,” “Average tangible common
equity,” “Core return on average assets,” “Core return on average
tangible common equity,” and “Core efficiency ratio.”
Our management utilizes this information to
compare our operating performance for June 30, 2024 versus
certain periods in 2024 and 2023 and to prepare internal
projections. We believe these non-GAAP financial measures
facilitate making period-to-period comparisons and are meaningful
indications of our operating performance. In addition, because
intangible assets such as goodwill and other discrete items
unrelated to our core business, which are excluded, vary
extensively from company to company, we believe that the
presentation of this information allows investors to more easily
compare our results to those of other companies.
The presentation of non-GAAP financial
information, however, is not intended to be considered in isolation
or as a substitute for GAAP financial measures. We strongly
encourage readers to review the GAAP financial measures included in
this release and not to place undue reliance upon any single
financial measure. In addition, because non-GAAP financial measures
are not standardized, it may not be possible to compare the
non-GAAP financial measures presented in this release with other
companies’ non-GAAP financial measures having the same or similar
names. Reconciliations of non-GAAP financial disclosures to
comparable GAAP measures found in this release are set forth in the
final pages of this release and also may be viewed on our website,
amalgamatedbank.com.
Terminology
Certain terms used in this release are defined as follows:
“Core efficiency ratio” is defined as “Core
non-interest expense” divided by “Core operating revenue.” We
believe the most directly comparable performance ratio derived from
GAAP financial measures is an efficiency ratio calculated by
dividing total non-interest expense by the sum of net interest
income and total non-interest income.
“Core net income” is defined as net income after
tax excluding gains and losses on sales of securities, ICS One-Way
Sell fee income, gains on the sale of owned property, costs related
to branch closures, restructuring/severance costs, acquisition
costs, tax credits and accelerated depreciation on solar equity
investments, and taxes on notable pre-tax items. We believe the
most directly comparable GAAP financial measure is net income.
“Core non-interest expense” is defined as total
non-interest expense excluding costs related to branch closures,
restructuring/severance, and acquisitions. We believe the most
directly comparable GAAP financial measure is total non-interest
expense.
“Core non-interest income” is defined as total
non-interest income excluding gains and losses on sales of
securities, ICS One-Way Sell fee income, gains on the sale of owned
property, and tax credits and accelerated depreciation on solar
equity investments. We believe the most directly comparable GAAP
financial measure is non-interest income.
“Core operating revenue” is defined as total net
interest income plus “core non-interest income”. We believe the
most directly comparable GAAP financial measure is the total of net
interest income and non-interest income.
“Core return on average assets” is defined as
“Core net income” divided by average total assets. We believe the
most directly comparable performance ratio derived from GAAP
financial measures is return on average assets calculated by
dividing net income by average total assets.
“Core return on average tangible common equity”
is defined as “Core net income” divided by average “tangible common
equity.” We believe the most directly comparable performance ratio
derived from GAAP financial measures is return on average equity
calculated by dividing net income by average total stockholders’
equity.
“Super-core deposits” are defined as total
deposits from commercial and consumer customers, with a
relationship length of greater than 5 years. We believe the most
directly comparable GAAP financial measure is total deposits.
“Tangible assets” are defined as total assets
excluding, as applicable, goodwill and core deposit intangibles. We
believe the most directly comparable GAAP financial measure is
total assets.“Tangible common equity”, and “Tangible book value”
are defined as stockholders’ equity excluding, as applicable,
minority interests, preferred stock, goodwill and core deposit
intangibles. We believe that the most directly comparable GAAP
financial measure is total stockholders’ equity.
"Traditional securities portfolio" is defined as
total investment securities excluding PACE assessments. We believe
the most directly comparable GAAP financial measure is total
investment securities.
Forward-Looking Statements
Statements included in this release that are not
historical in nature are intended to be, and are hereby identified
as, forward-looking statements within the meaning of the Private
Securities Litigation Reform Act, Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements
generally can be identified through the use of forward-looking
terminology such as “may,” “will,” “anticipate,” “aspire,”
“should,” “would,” “believe,” “contemplate,” “expect,” “estimate,”
“continue,” “in the future,” “may” and “intend,” as well as other
similar words and expressions of the future. Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors, any or all of which could cause actual results
to differ materially from the results expressed or implied by such
forward-looking statements. These risks and uncertainties include,
but are not limited to: (i) uncertain conditions in the banking
industry and in national, regional and local economies in our core
markets, which may have an adverse impact on our business,
operations and financial performance; (ii) deterioration in the
financial condition of borrowers resulting in significant increases
in loan losses and provisions for those losses; (iii) deposit
outflows and subsequent declines in liquidity caused by factors
that could include lack of confidence in the banking system, a
deterioration in market conditions or the financial condition of
depositors; (iv) changes in our deposits, including an increase in
uninsured deposits; (v) unfavorable conditions in the capital
markets, which may cause declines in our stock price and the value
of our investments; (vi) negative economic and political conditions
that adversely affect the general economy, housing prices, the real
estate market, the job market, consumer confidence, the financial
condition of our borrowers and consumer spending habits, which may
affect, among other things, the level of non-performing assets,
charge-offs and provision expense; (vii) the rate of growth (or
lack thereof) in the economy and employment levels, as well as
general business and economic conditions, coupled with the risk
that adverse conditions may be greater than anticipated in the
markets that we serve; (viii) fluctuations or unanticipated changes
in the interest rate environment including changes in net interest
margin or changes in the yield curve that affect investments, loans
or deposits; (ix) potential deterioration in real estate collateral
values; (x) changes in legislation, regulation, public policies, or
administrative practices impacting the banking industry, including
increased regulation and FDIC assessments in the aftermath of the
Silicon Valley and Signature Bank failures; (xi) the outcome of any
legal proceedings that may be instituted against us (xii) our
inability to maintain the historical growth rate of our loan
portfolio; (xiii) changes in loan underwriting, credit review or
loss reserve policies associated with economic conditions,
examination conclusions, or regulatory developments; (xiv) the
impact of competition with other financial institutions, many of
which are larger and have greater resources, and fintechs, as well
as changes in the competitive environment (xv) any matter that
would cause us to conclude that there was impairment of any asset,
including intangible assets; (xvi) the risk that the preliminary
financial information reported herein and our current preliminary
analysis will be different when our review is finalized; (xvii)
increased competition for experienced members of the workforce
including executives in the banking industry; (xviii) our ability
to meet heightened regulatory and supervisory requirements; (xix)
our ability to grow and retain low-cost core deposits and retain
large, uninsured deposits; (xx) inability to comply with regulatory
capital requirements, including those resulting from changes to
capital calculation methodologies, required capital maintenance
levels or regulatory requests or directives; (xxi) risks associated
with litigation, including the applicability of insurance coverage;
(xxii) a failure in or breach of our operational or security
systems or infrastructure, or those of third party vendors or other
service providers, including as a result of unauthorized access,
computer viruses, phishing schemes, spam attacks, human error,
natural disasters, power loss and other security breaches; (xxiii)
a downgrade in our credit rating; (xxiv) increased political
opposition to Environmental, Social and Governance (“ESG”)
practices; (xxv) recessionary conditions; (xxvi) volatile credit
and financial markets both domestic and foreign; (xxvii) unexpected
challenges related to our executive officer retention; and (xxviii)
physical and transitional risks related to climate change as they
impact our business and the businesses that we finance. Additional
factors which could affect the forward-looking statements can be
found in our Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q, and Current Reports on Form 8-K filed with the SEC and
available on the SEC's website at https://www.sec.gov/. We disclaim
any obligation to update or revise any forward-looking statements
contained in this release, which speak only as of the date hereof,
whether as a result of new information, future events or otherwise,
except as required by law.
Investor Contact:Jamie LillisSolebury Strategic
Communicationsshareholderrelations@amalgamatedbank.com800-895-4172
Consolidated Statements of Income
(unaudited)
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
($ in thousands) |
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| INTEREST AND DIVIDEND
INCOME |
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
51,293 |
|
|
$ |
51,952 |
|
|
$ |
45,360 |
|
|
$ |
103,245 |
|
|
$ |
90,166 |
|
|
Securities |
|
44,978 |
|
|
|
42,390 |
|
|
|
39,506 |
|
|
|
87,368 |
|
|
|
79,018 |
|
|
Interest-bearing deposits in banks |
|
2,690 |
|
|
|
2,592 |
|
|
|
1,056 |
|
|
|
5,282 |
|
|
|
1,673 |
|
|
Total interest and dividend income |
|
98,961 |
|
|
|
96,934 |
|
|
|
85,922 |
|
|
|
195,895 |
|
|
|
170,857 |
|
| INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
28,882 |
|
|
|
25,891 |
|
|
|
18,816 |
|
|
|
54,773 |
|
|
|
32,651 |
|
|
Borrowed funds |
|
887 |
|
|
|
3,006 |
|
|
|
4,121 |
|
|
|
3,893 |
|
|
|
7,942 |
|
|
Total interest expense |
|
29,769 |
|
|
|
28,897 |
|
|
|
22,937 |
|
|
|
58,666 |
|
|
|
40,593 |
|
| NET INTEREST INCOME |
|
69,192 |
|
|
|
68,037 |
|
|
|
62,985 |
|
|
|
137,229 |
|
|
|
130,264 |
|
|
Provision for credit losses |
|
3,161 |
|
|
|
1,588 |
|
|
|
3,940 |
|
|
|
4,749 |
|
|
|
8,899 |
|
|
Net interest income after provision for credit losses |
|
66,031 |
|
|
|
66,449 |
|
|
|
59,045 |
|
|
|
132,480 |
|
|
|
121,365 |
|
| NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
Trust Department fees |
|
3,657 |
|
|
|
3,854 |
|
|
|
4,006 |
|
|
|
7,511 |
|
|
|
7,935 |
|
|
Service charges on deposit accounts |
|
8,614 |
|
|
|
6,136 |
|
|
|
2,712 |
|
|
|
14,750 |
|
|
|
5,166 |
|
|
Bank-owned life insurance income |
|
615 |
|
|
|
609 |
|
|
|
546 |
|
|
|
1,224 |
|
|
|
1,327 |
|
|
Losses on sale of securities |
|
(2,691 |
) |
|
|
(2,774 |
) |
|
|
(267 |
) |
|
|
(5,465 |
) |
|
|
(3,353 |
) |
|
Gains on sale of loans, net |
|
69 |
|
|
|
47 |
|
|
|
2 |
|
|
|
116 |
|
|
|
4 |
|
|
Equity method investments income (loss) |
|
(1,551 |
) |
|
|
2,072 |
|
|
|
556 |
|
|
|
521 |
|
|
|
711 |
|
|
Other income |
|
545 |
|
|
|
285 |
|
|
|
389 |
|
|
|
830 |
|
|
|
1,360 |
|
|
Total non-interest income |
|
9,258 |
|
|
|
10,229 |
|
|
|
7,944 |
|
|
|
19,487 |
|
|
|
13,150 |
|
| NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
|
23,045 |
|
|
|
22,273 |
|
|
|
21,165 |
|
|
|
45,318 |
|
|
|
43,180 |
|
|
Occupancy and depreciation |
|
3,379 |
|
|
|
2,904 |
|
|
|
3,436 |
|
|
|
6,283 |
|
|
|
6,835 |
|
|
Professional fees |
|
2,332 |
|
|
|
2,376 |
|
|
|
2,759 |
|
|
|
4,708 |
|
|
|
4,989 |
|
|
Data processing |
|
4,786 |
|
|
|
4,629 |
|
|
|
4,082 |
|
|
|
9,415 |
|
|
|
8,631 |
|
|
Office maintenance and depreciation |
|
580 |
|
|
|
663 |
|
|
|
718 |
|
|
|
1,243 |
|
|
|
1,445 |
|
|
Amortization of intangible assets |
|
182 |
|
|
|
183 |
|
|
|
222 |
|
|
|
365 |
|
|
|
444 |
|
|
Advertising and promotion |
|
1,175 |
|
|
|
1,219 |
|
|
|
1,028 |
|
|
|
2,394 |
|
|
|
2,615 |
|
|
Federal deposit insurance premiums |
|
1,050 |
|
|
|
1,050 |
|
|
|
1,100 |
|
|
|
2,100 |
|
|
|
1,818 |
|
|
Other expense |
|
2,983 |
|
|
|
2,855 |
|
|
|
3,019 |
|
|
|
5,838 |
|
|
|
6,199 |
|
|
Total non-interest expense |
|
39,512 |
|
|
|
38,152 |
|
|
|
37,529 |
|
|
|
77,664 |
|
|
|
76,156 |
|
| Income before income
taxes |
|
35,777 |
|
|
|
38,526 |
|
|
|
29,460 |
|
|
|
74,303 |
|
|
|
58,359 |
|
|
Income tax expense |
|
9,024 |
|
|
|
11,277 |
|
|
|
7,818 |
|
|
|
20,301 |
|
|
|
15,383 |
|
|
Net income |
$ |
26,753 |
|
|
$ |
27,249 |
|
|
$ |
21,642 |
|
|
$ |
54,002 |
|
|
$ |
42,976 |
|
| Earnings per common share -
basic |
$ |
0.88 |
|
|
$ |
0.89 |
|
|
$ |
0.71 |
|
|
$ |
1.77 |
|
|
$ |
1.40 |
|
| Earnings per common share -
diluted |
$ |
0.87 |
|
|
$ |
0.89 |
|
|
$ |
0.70 |
|
|
$ |
1.75 |
|
|
$ |
1.39 |
|
Consolidated Statements of Financial
Condition
| ($ in thousands) |
June 30,2024 |
|
March 31,2024 |
|
December 31,2023 |
| Assets |
(unaudited) |
|
(unaudited) |
|
|
|
Cash and due from banks |
$ |
4,081 |
|
|
$ |
3,830 |
|
|
$ |
2,856 |
|
| Interest-bearing deposits in
banks |
|
53,912 |
|
|
|
151,374 |
|
|
|
87,714 |
|
|
Total cash and cash equivalents |
|
57,993 |
|
|
|
155,204 |
|
|
|
90,570 |
|
| Securities: |
|
|
|
|
|
|
Available for sale, at fair value |
|
|
|
|
|
|
Traditional securities |
|
1,581,338 |
|
|
|
1,445,793 |
|
|
|
1,429,739 |
|
|
Property Assessed Clean Energy (“PACE”) assessments |
|
112,923 |
|
|
|
82,258 |
|
|
|
53,303 |
|
| |
|
1,694,261 |
|
|
|
1,528,051 |
|
|
|
1,483,042 |
|
|
Held-to-maturity, at amortized cost: |
|
|
|
|
|
|
Traditional securities, net of allowance for credit losses of $53,
$53, and $54, respectively |
|
606,013 |
|
|
|
616,172 |
|
|
|
620,232 |
|
|
PACE assessments, net of allowance for credit losses of $655, $657,
and $667, respectively |
|
1,054,569 |
|
|
|
1,057,790 |
|
|
|
1,076,602 |
|
| |
|
1,660,582 |
|
|
|
1,673,962 |
|
|
|
1,696,834 |
|
| |
|
|
|
|
|
| Loans held for sale |
|
1,926 |
|
|
|
2,137 |
|
|
|
1,817 |
|
| Loans receivable, net of
deferred loan origination costs |
|
4,471,839 |
|
|
|
4,423,780 |
|
|
|
4,411,319 |
|
|
Allowance for credit losses |
|
(63,444 |
) |
|
|
(64,400 |
) |
|
|
(65,691 |
) |
| Loans receivable, net |
|
4,408,395 |
|
|
|
4,359,380 |
|
|
|
4,345,628 |
|
| |
|
|
|
|
|
| Resell agreements |
|
137,461 |
|
|
|
131,242 |
|
|
|
50,000 |
|
| Federal Home Loan Bank of New
York ("FHLBNY") stock, at cost |
|
4,823 |
|
|
|
4,603 |
|
|
|
4,389 |
|
| Accrued interest
receivable |
|
52,575 |
|
|
|
53,436 |
|
|
|
55,484 |
|
| Premises and equipment,
net |
|
6,599 |
|
|
|
7,128 |
|
|
|
7,807 |
|
| Bank-owned life insurance |
|
106,752 |
|
|
|
106,137 |
|
|
|
105,528 |
|
| Right-of-use lease asset |
|
17,971 |
|
|
|
19,797 |
|
|
|
21,074 |
|
| Deferred tax asset, net |
|
47,654 |
|
|
|
49,171 |
|
|
|
56,603 |
|
| Goodwill |
|
12,936 |
|
|
|
12,936 |
|
|
|
12,936 |
|
| Intangible assets, net |
|
1,852 |
|
|
|
2,034 |
|
|
|
2,217 |
|
| Equity method investments |
|
12,710 |
|
|
|
14,801 |
|
|
|
13,024 |
|
| Other assets |
|
26,214 |
|
|
|
16,663 |
|
|
|
25,371 |
|
|
Total assets |
$ |
8,250,704 |
|
|
$ |
8,136,682 |
|
|
$ |
7,972,324 |
|
|
Liabilities |
|
|
|
|
|
| Deposits |
$ |
7,448,988 |
|
|
$ |
7,305,765 |
|
|
$ |
7,011,988 |
|
| Subordinated debt, net |
|
68,117 |
|
|
|
70,570 |
|
|
|
70,546 |
|
| Other borrowings |
|
9,135 |
|
|
|
69,135 |
|
|
|
234,381 |
|
| Operating leases |
|
24,784 |
|
|
|
27,250 |
|
|
|
30,646 |
|
| Other liabilities |
|
53,568 |
|
|
|
47,024 |
|
|
|
39,399 |
|
|
Total liabilities |
|
7,604,592 |
|
|
|
7,519,744 |
|
|
|
7,386,960 |
|
| Stockholders’
equity |
|
|
|
|
|
| Common stock, par value $.01
per share |
|
307 |
|
|
|
307 |
|
|
|
307 |
|
| Additional paid-in
capital |
|
286,021 |
|
|
|
287,198 |
|
|
|
288,232 |
|
| Retained earnings |
|
435,202 |
|
|
|
412,190 |
|
|
|
388,033 |
|
| Accumulated other
comprehensive loss, net of income taxes |
|
(73,579 |
) |
|
|
(78,872 |
) |
|
|
(86,004 |
) |
| Treasury stock, at cost |
|
(1,972 |
) |
|
|
(4,018 |
) |
|
|
(5,337 |
) |
|
Total Amalgamated Financial Corp. stockholders'
equity |
|
645,979 |
|
|
|
616,805 |
|
|
|
585,231 |
|
| Noncontrolling interests |
|
133 |
|
|
|
133 |
|
|
|
133 |
|
|
Total stockholders' equity |
|
646,112 |
|
|
|
616,938 |
|
|
|
585,364 |
|
|
Total liabilities and stockholders’ equity |
$ |
8,250,704 |
|
|
$ |
8,136,682 |
|
|
$ |
7,972,324 |
|
Select Financial Data
| |
As of and for the |
|
As of and for the |
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
(Shares in thousands) |
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Selected Financial
Ratios and Other Data: |
|
|
|
|
|
|
|
|
|
| Earnings per share |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.88 |
|
|
$ |
0.89 |
|
|
$ |
0.71 |
|
|
$ |
1.77 |
|
|
$ |
1.40 |
|
|
Diluted |
|
0.87 |
|
|
|
0.89 |
|
|
|
0.70 |
|
|
|
1.75 |
|
|
|
1.39 |
|
| Core net income
(non-GAAP) |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.86 |
|
|
$ |
0.84 |
|
|
$ |
0.72 |
|
|
$ |
1.70 |
|
|
$ |
1.47 |
|
|
Diluted |
|
0.85 |
|
|
|
0.83 |
|
|
|
0.72 |
|
|
|
1.68 |
|
|
|
1.46 |
|
| Book value per common share
(excluding minority interest) |
$ |
21.09 |
|
|
$ |
20.22 |
|
|
$ |
17.29 |
|
|
$ |
21.09 |
|
|
$ |
17.29 |
|
| Tangible book value per share
(non-GAAP) |
$ |
20.61 |
|
|
$ |
19.73 |
|
|
$ |
16.78 |
|
|
$ |
20.61 |
|
|
$ |
16.78 |
|
| Common shares outstanding, par
value $.01 per share(1) |
|
30,630 |
|
|
|
30,510 |
|
|
|
30,573 |
|
|
|
30,630 |
|
|
|
30,573 |
|
| Weighted average common shares
outstanding, basic |
|
30,551 |
|
|
|
30,476 |
|
|
|
30,619 |
|
|
|
30,513 |
|
|
|
30,662 |
|
| Weighted average common shares
outstanding, diluted |
|
30,832 |
|
|
|
30,737 |
|
|
|
30,776 |
|
|
|
30,789 |
|
|
|
30,820 |
|
| |
|
|
|
|
|
|
|
|
|
|
(1) 70,000,000 shares authorized; 30,743,666, 30,736,141, and
30,736,141 shares issued for the periods ended June 30, 2024,
March 31, 2024, and June 30, 2023 respectively, and
30,630,386, 30,510,393, and 30,572,606 shares outstanding for the
periods ended June 30, 2024, March 31, 2024, and June 30,
2023, respectively. |
Select Financial Data
| |
As of and for the |
|
As of and for the |
| |
Three Months Ended |
|
Six Months Ended |
| |
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
| |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Selected Performance
Metrics: |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
1.30 |
% |
|
1.36 |
% |
|
1.11 |
% |
|
1.33 |
% |
|
1.11 |
% |
| Core return on average assets
(non-GAAP) |
1.27 |
% |
|
1.27 |
% |
|
1.13 |
% |
|
1.27 |
% |
|
1.16 |
% |
| Return on average equity |
17.27 |
% |
|
18.24 |
% |
|
16.45 |
% |
|
17.75 |
% |
|
16.83 |
% |
| Core return on average
tangible common equity (non-GAAP) |
17.34 |
% |
|
17.59 |
% |
|
17.28 |
% |
|
17.46 |
% |
|
18.21 |
% |
| Average equity to average
assets |
7.53 |
% |
|
7.44 |
% |
|
6.77 |
% |
|
7.48 |
% |
|
6.60 |
% |
| Tangible common equity to
tangible assets (non-GAAP) |
7.66 |
% |
|
7.41 |
% |
|
6.59 |
% |
|
7.66 |
% |
|
6.59 |
% |
| Loan yield |
4.68 |
% |
|
4.76 |
% |
|
4.33 |
% |
|
4.72 |
% |
|
4.36 |
% |
| Securities yield |
5.22 |
% |
|
5.21 |
% |
|
4.85 |
% |
|
5.21 |
% |
|
4.79 |
% |
| Deposit cost |
1.55 |
% |
|
1.46 |
% |
|
1.10 |
% |
|
1.51 |
% |
|
0.96 |
% |
| Net interest margin |
3.46 |
% |
|
3.49 |
% |
|
3.33 |
% |
|
3.47 |
% |
|
3.46 |
% |
| Efficiency ratio (1) |
50.37 |
% |
|
48.75 |
% |
|
52.91 |
% |
|
49.56 |
% |
|
53.10 |
% |
| Core efficiency ratio
(non-GAAP) |
50.80 |
% |
|
50.40 |
% |
|
52.31 |
% |
|
50.60 |
% |
|
51.97 |
% |
| |
|
|
|
|
|
|
|
|
|
| Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
| Nonaccrual loans to total
loans |
0.78 |
% |
|
0.75 |
% |
|
0.79 |
% |
|
0.78 |
% |
|
0.79 |
% |
| Nonperforming assets to total
assets |
0.43 |
% |
|
0.42 |
% |
|
0.45 |
% |
|
0.43 |
% |
|
0.45 |
% |
| Allowance for credit losses on
loans to nonaccrual loans |
182.83 |
% |
|
195.04 |
% |
|
200.19 |
% |
|
182.83 |
% |
|
200.19 |
% |
| Allowance for credit losses on
loans to total loans |
1.42 |
% |
|
1.46 |
% |
|
1.59 |
% |
|
1.42 |
% |
|
1.59 |
% |
| Annualized net charge-offs to
average loans |
0.25 |
% |
|
0.20 |
% |
|
0.29 |
% |
|
0.22 |
% |
|
0.27 |
% |
| |
|
|
|
|
|
|
|
|
|
| Capital
Ratios: |
|
|
|
|
|
|
|
|
|
| Tier 1 leverage capital
ratio |
8.42 |
% |
|
8.29 |
% |
|
7.78 |
% |
|
8.42 |
% |
|
7.78 |
% |
| Tier 1 risk-based capital
ratio |
13.48 |
% |
|
13.68 |
% |
|
12.51 |
% |
|
13.48 |
% |
|
12.51 |
% |
| Total risk-based capital
ratio |
16.04 |
% |
|
16.35 |
% |
|
15.26 |
% |
|
16.04 |
% |
|
15.26 |
% |
| Common equity tier 1 capital
ratio |
13.48 |
% |
|
13.68 |
% |
|
12.51 |
% |
|
13.48 |
% |
|
12.51 |
% |
| |
|
|
|
|
|
|
|
|
|
|
(1) Efficiency ratio is calculated by dividing total non-interest
expense by the sum of net interest income and total non-interest
income |
Loan and PACE Assessments Portfolio
Composition
| (In thousands) |
At June 30, 2024 |
|
At March 31, 2024 |
|
At June 30, 2023 |
| |
Amount |
|
% of total |
|
Amount |
|
% of total |
|
Amount |
|
% of total |
| Commercial portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
1,012,400 |
|
|
22.6 |
% |
|
$ |
1,014,084 |
|
|
22.9 |
% |
|
$ |
949,403 |
|
|
22.3 |
% |
| Multifamily |
|
1,230,545 |
|
|
27.5 |
% |
|
|
1,175,467 |
|
|
26.6 |
% |
|
|
1,095,752 |
|
|
25.8 |
% |
| Commercial real estate |
|
377,484 |
|
|
8.4 |
% |
|
|
353,598 |
|
|
8.0 |
% |
|
|
333,340 |
|
|
7.8 |
% |
| Construction and land
development |
|
23,254 |
|
|
0.5 |
% |
|
|
23,266 |
|
|
0.5 |
% |
|
|
28,664 |
|
|
0.7 |
% |
|
Total commercial portfolio |
|
2,643,683 |
|
|
59.0 |
% |
|
|
2,566,415 |
|
|
58.0 |
% |
|
|
2,407,159 |
|
|
56.6 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Retail portfolio: |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Residential real estate
lending |
|
1,404,624 |
|
|
31.4 |
% |
|
|
1,419,321 |
|
|
32.1 |
% |
|
|
1,388,571 |
|
|
32.7 |
% |
| Consumer solar |
|
385,567 |
|
|
8.6 |
% |
|
|
398,501 |
|
|
9.0 |
% |
|
|
411,873 |
|
|
9.7 |
% |
| Consumer and other |
|
37,965 |
|
|
1.0 |
% |
|
|
39,543 |
|
|
0.9 |
% |
|
|
44,135 |
|
|
1.0 |
% |
|
Total retail portfolio |
|
1,828,156 |
|
|
41.0 |
% |
|
|
1,857,365 |
|
|
42.0 |
% |
|
|
1,844,579 |
|
|
43.4 |
% |
|
Total loans held for investment |
|
4,471,839 |
|
|
100.0 |
% |
|
|
4,423,780 |
|
|
100.0 |
% |
|
|
4,251,738 |
|
|
100.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit
losses |
|
(63,444 |
) |
|
|
|
|
(64,400 |
) |
|
|
|
|
(67,431 |
) |
|
|
|
Loans receivable, net |
$ |
4,408,395 |
|
|
|
|
$ |
4,359,380 |
|
|
|
|
$ |
4,184,307 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| PACE assessments: |
|
|
|
|
|
|
|
|
|
|
|
| Available for sale, at fair
value |
|
|
|
|
|
|
|
|
|
|
|
|
Residential PACE assessments |
|
112,923 |
|
|
9.7 |
% |
|
|
82,258 |
|
|
7.2 |
% |
|
|
23,266 |
|
|
2.2 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Held-to-maturity, at amortized
cost |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial PACE assessments |
|
256,663 |
|
|
22.0 |
% |
|
|
256,661 |
|
|
22.5 |
% |
|
|
262,093 |
|
|
24.7 |
% |
|
Residential PACE assessments |
|
798,561 |
|
|
68.4 |
% |
|
|
801,786 |
|
|
70.3 |
% |
|
|
775,707 |
|
|
73.1 |
% |
|
Total Held-to-maturity PACE assessments |
|
1,055,224 |
|
|
90.4 |
% |
|
|
1,058,447 |
|
|
92.8 |
% |
|
|
1,037,800 |
|
|
97.8 |
% |
|
Total PACE assessments |
|
1,168,147 |
|
|
100.0 |
% |
|
|
1,140,705 |
|
|
100.0 |
% |
|
|
1,061,066 |
|
|
100.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit
losses |
|
(655 |
) |
|
|
|
|
(657 |
) |
|
|
|
|
(650 |
) |
|
|
|
Total PACE assessments, net |
$ |
1,167,492 |
|
|
|
|
$ |
1,140,048 |
|
|
|
|
$ |
1,060,416 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, net and total PACE assessments, net as a % of
Deposits |
|
74.9 |
% |
|
|
|
|
75.3 |
% |
|
|
|
|
76.1 |
% |
|
|
|
Loans receivable, net and total PACE assessments, net as a % of
Deposits excluding Brokered CDs |
|
76.4 |
% |
|
|
|
|
77.0 |
% |
|
|
|
|
81.6 |
% |
|
|
Net Interest Income Analysis
| |
Three Months Ended |
| |
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
| (In thousands) |
AverageBalance |
Income /Expense |
Yield /Rate |
|
AverageBalance |
Income /Expense |
Yield /Rate |
|
AverageBalance |
Income /Expense |
Yield /Rate |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits in banks |
$ |
213,725 |
|
$ |
2,690 |
|
5.06 |
% |
|
$ |
205,369 |
|
$ |
2,592 |
|
5.08 |
% |
|
$ |
114,010 |
|
$ |
1,056 |
|
3.72 |
% |
| Securities(1) |
|
3,308,881 |
|
|
42,937 |
|
5.22 |
% |
|
|
3,170,356 |
|
|
41,064 |
|
5.21 |
% |
|
|
3,259,797 |
|
|
39,393 |
|
4.85 |
% |
| Resell agreements |
|
122,618 |
|
|
2,041 |
|
6.69 |
% |
|
|
79,011 |
|
|
1,326 |
|
6.75 |
% |
|
|
5,570 |
|
|
113 |
|
8.14 |
% |
| Loans receivable, net (2) |
|
4,406,843 |
|
|
51,293 |
|
4.68 |
% |
|
|
4,390,489 |
|
|
51,952 |
|
4.76 |
% |
|
|
4,202,911 |
|
|
45,360 |
|
4.33 |
% |
|
Total interest-earning assets |
|
8,052,067 |
|
|
98,961 |
|
4.94 |
% |
|
|
7,845,225 |
|
|
96,934 |
|
4.97 |
% |
|
|
7,582,288 |
|
|
85,922 |
|
4.55 |
% |
|
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and due from banks |
|
6,371 |
|
|
|
|
|
|
5,068 |
|
|
|
|
|
|
5,034 |
|
|
|
|
| Other assets |
|
217,578 |
|
|
|
|
|
|
226,270 |
|
|
|
|
|
|
208,944 |
|
|
|
|
|
Total assets |
$ |
8,276,016 |
|
|
|
|
|
$ |
8,076,563 |
|
|
|
|
|
$ |
7,796,266 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Savings, NOW and money market
deposits |
$ |
3,729,858 |
|
$ |
24,992 |
|
2.69 |
% |
|
$ |
3,591,551 |
|
$ |
21,872 |
|
2.45 |
% |
|
$ |
3,203,681 |
|
$ |
13,298 |
|
1.66 |
% |
| Time deposits |
|
210,565 |
|
|
1,898 |
|
3.63 |
% |
|
|
188,045 |
|
|
1,576 |
|
3.37 |
% |
|
|
158,992 |
|
|
610 |
|
1.54 |
% |
| Brokered CDs |
|
156,086 |
|
|
1,992 |
|
5.13 |
% |
|
|
190,240 |
|
|
2,443 |
|
5.16 |
% |
|
|
411,510 |
|
|
4,908 |
|
4.78 |
% |
|
Total interest-bearing deposits |
|
4,096,509 |
|
|
28,882 |
|
2.84 |
% |
|
|
3,969,836 |
|
|
25,891 |
|
2.62 |
% |
|
|
3,774,183 |
|
|
18,816 |
|
2.00 |
% |
| Other borrowings |
|
104,560 |
|
|
887 |
|
3.41 |
% |
|
|
288,093 |
|
|
3,006 |
|
4.20 |
% |
|
|
371,004 |
|
|
4,121 |
|
4.46 |
% |
|
Total interest-bearing liabilities |
|
4,201,069 |
|
|
29,769 |
|
2.85 |
% |
|
|
4,257,929 |
|
|
28,897 |
|
2.73 |
% |
|
|
4,145,187 |
|
|
22,937 |
|
2.22 |
% |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand and transaction
deposits |
|
3,390,941 |
|
|
|
|
|
|
3,138,238 |
|
|
|
|
|
|
3,055,770 |
|
|
|
|
| Other liabilities |
|
60,982 |
|
|
|
|
|
|
79,637 |
|
|
|
|
|
|
67,710 |
|
|
|
|
|
Total liabilities |
|
7,652,992 |
|
|
|
|
|
|
7,475,804 |
|
|
|
|
|
|
7,268,667 |
|
|
|
|
|
Stockholders' equity |
|
623,024 |
|
|
|
|
|
|
600,759 |
|
|
|
|
|
|
527,599 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
8,276,016 |
|
|
|
|
|
$ |
8,076,563 |
|
|
|
|
|
$ |
7,796,266 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / interest rate spread |
|
|
$ |
69,192 |
|
2.09 |
% |
|
|
|
$ |
68,037 |
|
2.24 |
% |
|
|
|
$ |
62,985 |
|
2.33 |
% |
|
Net interest-earning assets / net interest margin |
$ |
3,850,998 |
|
|
|
3.46 |
% |
|
$ |
3,587,296 |
|
|
|
3.49 |
% |
|
$ |
3,437,101 |
|
|
|
3.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits excluding Brokered CDs / total cost of deposits
excluding Brokered CDs |
$ |
7,331,364 |
|
|
|
1.48 |
% |
|
$ |
6,917,834 |
|
|
|
1.36 |
% |
|
$ |
6,418,443 |
|
|
|
0.87 |
% |
|
Total deposits / total cost of deposits |
$ |
7,487,450 |
|
|
|
1.55 |
% |
|
$ |
7,108,074 |
|
|
|
1.46 |
% |
|
$ |
6,829,953 |
|
|
|
1.10 |
% |
|
Total funding / total cost of funds |
$ |
7,592,010 |
|
|
|
1.58 |
% |
|
$ |
7,396,167 |
|
|
|
1.57 |
% |
|
$ |
7,200,957 |
|
|
|
1.28 |
% |
| |
| (1) Includes
FHLBNY stock in the average balance, and dividend income on FHLBNY
stock in interest income. |
| (2) Includes
prepayment penalty interest income in 2Q2024, 1Q2024, and 2Q2023 of
$0, $18, and $0, respectively (in thousands). |
Net Interest Income Analysis
| |
Six Months Ended |
| |
June 30, 2024 |
|
June 30, 2023 |
| (In thousands) |
AverageBalance |
Income /Expense |
Yield /Rate |
|
AverageBalance |
Income /Expense |
Yield /Rate |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits in banks |
$ |
209,547 |
|
$ |
5,282 |
|
5.07 |
% |
|
$ |
102,550 |
|
$ |
1,673 |
|
3.29 |
% |
| Securities |
|
3,239,619 |
|
|
84,000 |
|
5.21 |
% |
|
|
3,310,492 |
|
|
78,586 |
|
4.79 |
% |
| Resell agreements |
|
100,814 |
|
|
3,368 |
|
6.72 |
% |
|
|
12,071 |
|
|
432 |
|
7.22 |
% |
| Total loans, net (1)(2) |
|
4,398,665 |
|
|
103,245 |
|
4.72 |
% |
|
|
4,166,389 |
|
|
90,166 |
|
4.36 |
% |
|
Total interest-earning assets |
|
7,948,645 |
|
|
195,895 |
|
4.96 |
% |
|
|
7,591,502 |
|
|
170,857 |
|
4.54 |
% |
|
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
| Cash and due from banks |
|
5,720 |
|
|
|
|
|
|
4,527 |
|
|
|
|
| Other assets |
|
221,924 |
|
|
|
|
|
|
212,960 |
|
|
|
|
|
Total assets |
$ |
8,176,289 |
|
|
|
|
|
$ |
7,808,989 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Savings, NOW and money market
deposits |
$ |
3,660,704 |
|
$ |
46,864 |
|
2.57 |
% |
|
$ |
3,147,765 |
|
$ |
22,853 |
|
1.46 |
% |
| Time deposits |
|
199,305 |
|
|
3,474 |
|
3.51 |
% |
|
|
154,429 |
|
|
907 |
|
1.18 |
% |
| Brokered CDs |
|
173,163 |
|
|
4,435 |
|
5.15 |
% |
|
|
389,718 |
|
|
8,891 |
|
4.60 |
% |
|
Total interest-bearing deposits |
|
4,033,172 |
|
|
54,773 |
|
2.73 |
% |
|
|
3,691,912 |
|
|
32,651 |
|
1.78 |
% |
| Other borrowings |
|
196,326 |
|
|
3,893 |
|
3.99 |
% |
|
|
359,505 |
|
|
7,942 |
|
4.45 |
% |
|
Total interest-bearing liabilities |
|
4,229,498 |
|
|
58,666 |
|
2.79 |
% |
|
|
4,051,417 |
|
|
40,593 |
|
2.02 |
% |
|
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Demand and transaction
deposits |
|
3,264,590 |
|
|
|
|
|
|
3,170,729 |
|
|
|
|
| Other liabilities |
|
70,309 |
|
|
|
|
|
|
71,732 |
|
|
|
|
|
Total liabilities |
|
7,564,397 |
|
|
|
|
|
|
7,293,878 |
|
|
|
|
|
Stockholders' equity |
|
611,892 |
|
|
|
|
|
|
515,111 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
8,176,289 |
|
|
|
|
|
$ |
7,808,989 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / interest rate spread |
|
|
$ |
137,229 |
|
2.17 |
% |
|
|
|
$ |
130,264 |
|
2.52 |
% |
|
Net interest-earning assets / net interest margin |
$ |
3,719,147 |
|
|
|
3.47 |
% |
|
$ |
3,540,085 |
|
|
|
3.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits excluding Brokered CDs / total cost of deposits
excluding Brokered CDs |
$ |
7,124,599 |
|
|
|
1.42 |
% |
|
$ |
6,472,923 |
|
|
|
0.74 |
% |
|
Total deposits / total cost of deposits |
$ |
7,297,762 |
|
|
|
1.51 |
% |
|
$ |
6,862,641 |
|
|
|
0.96 |
% |
|
Total funding / total cost of funds |
$ |
7,494,088 |
|
|
|
1.57 |
% |
|
$ |
7,222,146 |
|
|
|
1.13 |
% |
|
|
| (1) Includes
Federal Home Loan Bank (FHLB) stock in the average balance, and
dividend income on FHLB stock in interest income. |
| (2) Includes
prepayment penalty interest income in June YTD 2024 and June YTD
2023 of $18 and $0 thousand, respectively. |
Deposit Portfolio Composition
| |
Three Months Ended |
| (In thousands) |
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
| |
EndingBalance |
|
AverageBalance |
|
EndingBalance |
|
AverageBalance |
|
EndingBalance |
|
AverageBalance |
|
Non-interest-bearing demand deposit accounts |
$ |
3,445,068 |
|
|
$ |
3,390,941 |
|
|
$ |
3,182,047 |
|
|
$ |
3,138,238 |
|
|
$ |
2,958,104 |
|
|
$ |
3,055,770 |
|
| NOW accounts |
|
192,452 |
|
|
|
191,253 |
|
|
|
200,900 |
|
|
|
197,659 |
|
|
|
199,262 |
|
|
|
193,851 |
|
| Money market deposit
accounts |
|
3,093,644 |
|
|
|
3,202,365 |
|
|
|
3,222,271 |
|
|
|
3,051,670 |
|
|
|
2,744,411 |
|
|
|
2,644,580 |
|
| Savings accounts |
|
336,943 |
|
|
|
336,240 |
|
|
|
341,054 |
|
|
|
342,222 |
|
|
|
363,058 |
|
|
|
365,250 |
|
| Time deposits |
|
227,437 |
|
|
|
210,565 |
|
|
|
197,265 |
|
|
|
188,045 |
|
|
|
161,335 |
|
|
|
158,992 |
|
| Brokered certificates of
deposit ("CDs") |
|
153,444 |
|
|
|
156,086 |
|
|
|
162,228 |
|
|
|
190,240 |
|
|
|
468,481 |
|
|
|
411,510 |
|
|
Total deposits |
$ |
7,448,988 |
|
|
$ |
7,487,450 |
|
|
$ |
7,305,765 |
|
|
$ |
7,108,074 |
|
|
$ |
6,894,651 |
|
|
$ |
6,829,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total deposits excluding
Brokered CDs |
$ |
7,295,544 |
|
|
$ |
7,331,364 |
|
|
$ |
7,143,537 |
|
|
$ |
6,917,834 |
|
|
$ |
6,426,170 |
|
|
$ |
6,418,443 |
|
| |
Three Months Ended |
| |
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
| (In thousands) |
AverageRate
Paid(1) |
|
Cost ofFunds |
|
AverageRate
Paid(1) |
|
Cost ofFunds |
|
AverageRate
Paid(1) |
|
Cost ofFunds |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand deposit accounts |
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
| NOW accounts |
1.07 |
% |
|
1.07 |
% |
|
1.05 |
% |
|
1.03 |
% |
|
0.95 |
% |
|
0.96 |
% |
| Money market deposit
accounts |
3.08 |
% |
|
2.93 |
% |
|
2.96 |
% |
|
2.67 |
% |
|
2.02 |
% |
|
1.81 |
% |
| Savings accounts |
1.67 |
% |
|
1.37 |
% |
|
1.34 |
% |
|
1.29 |
% |
|
1.04 |
% |
|
1.00 |
% |
| Time deposits |
3.50 |
% |
|
3.63 |
% |
|
3.44 |
% |
|
3.37 |
% |
|
1.77 |
% |
|
1.54 |
% |
| Brokered CDs |
4.98 |
% |
|
5.13 |
% |
|
4.99 |
% |
|
5.16 |
% |
|
5.02 |
% |
|
4.78 |
% |
|
Total deposits |
1.59 |
% |
|
1.55 |
% |
|
1.60 |
% |
|
1.46 |
% |
|
1.27 |
% |
|
1.10 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing deposits
excluding Brokered CDs |
2.88 |
% |
|
2.74 |
% |
|
2.75 |
% |
|
2.50 |
% |
|
1.84 |
% |
|
1.66 |
% |
| |
| (1) Average rate
paid is calculated as the weighted average of spot rates on deposit
accounts. Off-balance sheet deposits are excluded from all
calculations shown. |
Asset Quality
| (In thousands) |
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
Loans 90 days past due and accruing |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Nonaccrual loans held for
sale |
|
989 |
|
|
|
989 |
|
|
|
1,546 |
|
| Nonaccrual loans -
Commercial |
|
23,778 |
|
|
|
24,228 |
|
|
|
28,078 |
|
| Nonaccrual loans - Retail |
|
10,924 |
|
|
|
8,791 |
|
|
|
5,606 |
|
| Nonaccrual securities |
|
29 |
|
|
|
31 |
|
|
|
35 |
|
| Total nonperforming
assets |
$ |
35,720 |
|
|
$ |
34,039 |
|
|
$ |
35,265 |
|
| |
|
|
|
|
|
| Nonaccrual
loans: |
|
|
|
|
|
|
Commercial and industrial |
$ |
8,428 |
|
|
$ |
8,750 |
|
|
$ |
7,575 |
|
|
Multifamily |
|
— |
|
|
|
— |
|
|
|
2,376 |
|
|
Commercial real estate |
|
4,231 |
|
|
|
4,354 |
|
|
|
4,660 |
|
|
Construction and land development |
|
11,119 |
|
|
|
11,124 |
|
|
|
13,467 |
|
|
Total commercial portfolio |
|
23,778 |
|
|
|
24,228 |
|
|
|
28,078 |
|
|
|
|
|
|
|
|
|
Residential real estate lending |
|
7,756 |
|
|
|
4,763 |
|
|
|
2,470 |
|
|
Consumer solar |
|
2,794 |
|
|
|
3,852 |
|
|
|
2,811 |
|
|
Consumer and other |
|
374 |
|
|
|
176 |
|
|
|
325 |
|
|
Total retail portfolio |
|
10,924 |
|
|
|
8,791 |
|
|
|
5,606 |
|
|
Total nonaccrual loans |
$ |
34,702 |
|
|
$ |
33,019 |
|
|
$ |
33,684 |
|
Credit Quality
| |
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
| ($ in thousands) |
|
|
|
|
|
| Criticized and
classified loans |
|
|
|
|
|
|
Commercial and industrial |
$ |
53,940 |
|
|
$ |
62,242 |
|
|
$ |
34,987 |
|
| Multifamily |
|
10,242 |
|
|
|
10,274 |
|
|
|
17,668 |
|
| Commercial real estate |
|
8,311 |
|
|
|
8,475 |
|
|
|
29,788 |
|
| Construction and land
development |
|
11,119 |
|
|
|
11,124 |
|
|
|
15,891 |
|
| Residential real estate
lending |
|
7,756 |
|
|
|
4,763 |
|
|
|
2,470 |
|
| Consumer solar |
|
2,794 |
|
|
|
3,785 |
|
|
|
2,811 |
|
| Consumer and other |
|
374 |
|
|
|
243 |
|
|
|
325 |
|
|
Total loans |
$ |
94,536 |
|
|
$ |
100,906 |
|
|
$ |
103,940 |
|
| Criticized and
classified loans to total loans |
|
|
|
|
|
|
Commercial and industrial |
1.21 |
% |
|
1.41 |
% |
|
0.82 |
% |
| Multifamily |
0.23 |
% |
|
0.23 |
% |
|
0.42 |
% |
| Commercial real estate |
0.19 |
% |
|
0.19 |
% |
|
0.70 |
% |
| Construction and land
development |
0.25 |
% |
|
0.25 |
% |
|
0.37 |
% |
| Residential real estate
lending |
0.17 |
% |
|
0.11 |
% |
|
0.06 |
% |
| Consumer solar |
0.06 |
% |
|
0.09 |
% |
|
0.07 |
% |
| Consumer and other |
0.01 |
% |
|
0.01 |
% |
|
0.01 |
% |
|
Total loans |
2.12 |
% |
|
2.29 |
% |
|
2.45 |
% |
| |
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
| |
Annualized net charge-offs (recoveries) to average
loans |
|
ACL to total portfolio balance |
|
Annualized net charge-offs (recoveries) to average
loans |
|
ACL to total portfolio balance |
|
Annualized net charge-offs (recoveries) to average
loans |
|
ACL to total portfolio balance |
|
Commercial and industrial |
0.32 |
% |
|
1.44 |
% |
|
0.16 |
% |
|
1.58 |
% |
|
0.36 |
% |
|
1.77 |
% |
| Multifamily |
— |
% |
|
0.38 |
% |
|
— |
% |
|
0.38 |
% |
|
— |
% |
|
0.58 |
% |
| Commercial real estate |
— |
% |
|
0.40 |
% |
|
— |
% |
|
0.40 |
% |
|
— |
% |
|
0.69 |
% |
| Construction and land
development |
— |
% |
|
3.60 |
% |
|
— |
% |
|
3.67 |
% |
|
— |
% |
|
1.13 |
% |
| Residential real estate
lending |
(0.18 |
)% |
|
0.88 |
% |
|
— |
% |
|
0.87 |
% |
|
(0.01 |
)% |
|
1.10 |
% |
| Consumer solar |
2.57 |
% |
|
7.00 |
% |
|
1.67 |
% |
|
6.72 |
% |
|
0.58 |
% |
|
6.79 |
% |
| Consumer and other |
0.01 |
% |
|
6.49 |
% |
|
0.86 |
% |
|
6.36 |
% |
|
0.96 |
% |
|
6.06 |
% |
| Total loans |
0.25 |
% |
|
1.42 |
% |
|
0.20 |
% |
|
1.46 |
% |
|
0.14 |
% |
|
1.59 |
% |
Reconciliation of GAAP to Non-GAAP Financial
MeasuresThe information provided below presents a
reconciliation of each of our non-GAAP financial measures to the
most directly comparable GAAP financial measure.
| |
As of and for the |
|
As of and for the |
| |
Three Months Ended |
|
Six Months Ended |
| (in thousands) |
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
| Core operating
revenue |
|
|
|
|
|
|
|
|
|
|
Net Interest income (GAAP) |
$ |
69,192 |
|
|
$ |
68,037 |
|
|
$ |
62,985 |
|
|
$ |
137,229 |
|
|
$ |
130,264 |
|
| Non-interest income |
|
9,258 |
|
|
|
10,229 |
|
|
|
7,944 |
|
|
|
19,487 |
|
|
|
13,150 |
|
| Add: Securities loss |
|
2,691 |
|
|
|
2,774 |
|
|
|
267 |
|
|
|
5,465 |
|
|
|
3,353 |
|
| Less: ICS One-Way Sell Fee
Income(1) |
|
(4,859 |
) |
|
|
(2,903 |
) |
|
|
— |
|
|
|
(7,762 |
) |
|
|
— |
|
| Less: Subdebt repurchase
gain(2) |
|
(406 |
) |
|
|
— |
|
|
|
— |
|
|
|
(406 |
) |
|
|
(780 |
) |
| Add: Tax (credits)
depreciation on solar investments(3) |
|
1,815 |
|
|
|
(1,808 |
) |
|
|
— |
|
|
|
7 |
|
|
|
— |
|
| Core operating revenue
(non-GAAP) |
|
77,691 |
|
|
|
76,329 |
|
|
|
71,196 |
|
|
|
154,020 |
|
|
|
145,987 |
|
| |
|
|
|
|
|
|
|
|
|
| Core non-interest
expense |
|
|
|
|
|
|
|
|
|
| Non-interest expense
(GAAP) |
$ |
39,512 |
|
|
$ |
38,152 |
|
|
$ |
37,529 |
|
|
$ |
77,664 |
|
|
$ |
76,156 |
|
| Add: Gain on settlement of
lease termination(4) |
|
— |
|
|
|
499 |
|
|
|
— |
|
|
|
499 |
|
|
|
— |
|
| Less: Severance costs(5) |
|
(44 |
) |
|
|
(184 |
) |
|
|
(285 |
) |
|
|
(228 |
) |
|
|
(285 |
) |
| Core non-interest expense
(non-GAAP) |
|
39,468 |
|
|
|
38,467 |
|
|
|
37,244 |
|
|
|
77,935 |
|
|
|
75,871 |
|
| |
|
|
|
|
|
|
|
|
|
| Core net
income |
|
|
|
|
|
|
|
|
|
| Net Income (GAAP) |
$ |
26,753 |
|
|
$ |
27,249 |
|
|
$ |
21,642 |
|
|
$ |
54,002 |
|
|
$ |
42,977 |
|
| Add: Securities loss |
|
2,691 |
|
|
|
2,774 |
|
|
|
267 |
|
|
|
5,465 |
|
|
|
3,353 |
|
| Less: ICS One-Way Sell Fee
Income(1) |
|
(4,859 |
) |
|
|
(2,903 |
) |
|
|
— |
|
|
|
(7,762 |
) |
|
|
— |
|
| Less: Gain on settlement of
lease termination(4) |
|
— |
|
|
|
(499 |
) |
|
|
— |
|
|
|
(499 |
) |
|
|
— |
|
| Less: Subdebt repurchase
gain(2) |
|
(406 |
) |
|
|
— |
|
|
|
— |
|
|
|
(406 |
) |
|
|
(780 |
) |
| Add: Severance costs(5) |
|
44 |
|
|
|
184 |
|
|
|
285 |
|
|
|
228 |
|
|
|
285 |
|
| Add: Tax (credits)
depreciation on solar investments(3) |
|
1,815 |
|
|
|
(1,808 |
) |
|
|
— |
|
|
|
7 |
|
|
|
— |
|
| Less: Tax on notable
items |
|
180 |
|
|
|
607 |
|
|
|
(147 |
) |
|
|
775 |
|
|
|
(753 |
) |
| Core net income
(non-GAAP) |
|
26,218 |
|
|
|
25,604 |
|
|
|
22,047 |
|
|
|
51,810 |
|
|
|
45,082 |
|
| |
|
|
|
|
|
|
|
|
|
| Tangible common
equity |
|
|
|
|
|
|
|
|
|
| Stockholders' equity
(GAAP) |
$ |
646,112 |
|
|
$ |
616,938 |
|
|
$ |
528,614 |
|
|
$ |
646,112 |
|
|
$ |
528,614 |
|
| Less: Minority interest |
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
| Less: Goodwill |
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
| Less: Core deposit
intangible |
|
(1,852 |
) |
|
|
(2,034 |
) |
|
|
(2,661 |
) |
|
|
(1,852 |
) |
|
|
(2,661 |
) |
| Tangible common equity
(non-GAAP) |
|
631,191 |
|
|
|
601,835 |
|
|
|
512,884 |
|
|
|
631,191 |
|
|
|
512,884 |
|
| |
|
|
|
|
|
|
|
|
|
| Average tangible
common equity |
|
|
|
|
|
|
|
|
|
| Average stockholders' equity
(GAAP) |
$ |
623,024 |
|
|
$ |
600,759 |
|
|
$ |
527,599 |
|
|
$ |
611,892 |
|
|
$ |
515,111 |
|
| Less: Minority interest |
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
| Less: Goodwill |
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
| Less: Core deposit
intangible |
|
(1,941 |
) |
|
|
(2,123 |
) |
|
|
(2,769 |
) |
|
|
(2,032 |
) |
|
|
(2,879 |
) |
| Average tangible common equity
(non-GAAP) |
|
608,014 |
|
|
|
585,567 |
|
|
|
511,761 |
|
|
|
596,791 |
|
|
|
499,163 |
|
| |
|
|
|
|
|
|
|
|
|
| Core return on average
assets |
|
|
|
|
|
|
|
|
|
| Denominator: Total average
assets (GAAP) |
$ |
8,276,016 |
|
|
$ |
8,076,563 |
|
|
$ |
7,796,266 |
|
|
|
8,176,290 |
|
|
|
7,808,988 |
|
| Core return on average assets
(non-GAAP) |
|
1.27 |
% |
|
|
1.27 |
% |
|
|
1.13 |
% |
|
|
1.27 |
% |
|
|
1.16 |
% |
| |
|
|
|
|
|
|
|
|
|
| Core return on average
tangible common equity |
|
|
|
|
|
|
|
|
|
| Denominator: Average tangible
common equity |
$ |
608,014 |
|
|
$ |
585,567 |
|
|
$ |
511,761 |
|
|
|
596,791 |
|
|
|
499,163 |
|
| Core return on average
tangible common equity (non-GAAP) |
|
17.34 |
% |
|
|
17.59 |
% |
|
|
17.28 |
% |
|
|
17.46 |
% |
|
|
18.21 |
% |
| |
|
|
|
|
|
|
|
|
|
| Core efficiency
ratio |
|
|
|
|
|
|
|
|
|
| Numerator: Core non-interest
expense (non-GAAP) |
$ |
39,468 |
|
|
$ |
38,467 |
|
|
$ |
37,244 |
|
|
$ |
77,935 |
|
|
$ |
75,871 |
|
| Core efficiency ratio
(non-GAAP) |
|
50.80 |
% |
|
|
50.40 |
% |
|
|
52.31 |
% |
|
|
50.60 |
% |
|
|
51.97 |
% |
| |
| (1) Included in
service charges on deposit accounts in the Consolidated Statements
of Income(2) Included in other income in the Consolidated
Statements of Income(3) Included in equity method investments
income in the Consolidated Statements of Income(4) Included in
occupancy and depreciation in the Consolidated Statements of
Income(5) Included in compensation and employee benefits in the
Consolidated Statements of Income |
Amalgamated Financial (NASDAQ:AMAL)
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From Jun 2024 to Jul 2024
Amalgamated Financial (NASDAQ:AMAL)
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From Jul 2023 to Jul 2024
