Amalgamated Financial Corp. (the “Company” or “Amalgamated”)
(Nasdaq: AMAL), the holding company for Amalgamated Bank (the
“Bank”), today announced financial results for the third quarter
ended September 30, 2024.
Third Quarter 2024 Highlights (on a
linked quarter basis)
- Net income of $27.9 million, or
$0.90 per diluted share, compared to $26.8 million, or $0.87 per
diluted share.
- Core net income1 of $28.0 million,
or $0.91 per diluted share, compared to $26.2 million, or $0.85 per
diluted share.
Deposits and Liquidity
- Total deposits increased $145.6
million, or 2.0%, to $7.6 billion including a $51.3 million decline
in Brokered CDs.
- Excluding Brokered CDs, on-balance
sheet deposits increased $196.9 million, or 2.7%, to
$7.5 billion.
- Political deposits increased $231.9
million, or 13%, to $2.0 billion, which includes both on and
off-balance sheet deposits.
- Off-balance sheet deposits
increased $114.1 million, or 11%, to $1.2 billion, comprised of
both transactional political deposits and other segment
deposits.
- Average cost of deposits, excluding
Brokered CDs, increased 3 basis points to 151 basis points, where
non-interest-bearing deposits comprised 51% of total deposits
excluding Brokered CDs.
Assets and Margin
- Net loans receivable increased
$78.0 million, or 1.8%, to $4.5 billion.
- Excluding a $40.9 million
package of low yielding residential loans marked-to-market and
moved to held-for-sale, net loans receivable increased
$118.9 million or 2.7%.
- Total PACE assessments grew
$10.6 million, or 0.9%, to $1.2 billion.
- Net interest income grew
$2.9 million, or 4.2%, to $72.1 million.
- Net interest margin increased 5
basis points to 3.51%.
Capital and
Returns
- Tier 1 leverage ratio of 8.63%,
increased by 21 basis points, and Common Equity Tier 1 ratio of
13.82%.
- Tangible common equity1 ratio of
8.14%, representing an eighth consecutive quarter of
improvement.
- Tangible book value per share1
increased $1.69, or 8.2%, to $22.29, and has increased $4.87, or
27.9% since September 2023.
- Strong core return on average
tangible common equity1 of 17.04% and core return on average
assets1 of 1.33%.
________________________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.
Priscilla Sims Brown, President and Chief
Executive Officer, commented, “Our third quarter financial results
continue to demonstrate that Amalgamated remains positioned to
achieve sustainable earnings and profitability. During
the quarter, we delivered outstanding deposit and loan growth,
strong profitability and returns, and a growing capital base that
positions us to invest in our strategic initiatives which will
sustain our growth into the future.”
Third Quarter
Earnings
Net income for the third quarter of 2024 was
$27.9 million, or $0.90 per diluted share, compared to $26.8
million, or $0.87 per diluted share, for the second quarter of
2024. The $1.1 million increase during the quarter was primarily
driven by a $3.2 million increase in non-core ICS One-Way Sell fee
income from our off-balance sheet deposits, a $2.9 million increase
in net interest income, a $1.3 million decrease in provision for
credit losses, and a $0.7 million increase in non-core income from
solar tax equity investments, which was expected. This was offset
by a $4.3 million reduction in fair value on a pool of lower
yielding residential loans moved to held for sale, a $1.5 million
increase in non-interest expense, and a $1.3 million increase in
income tax expense, and a $0.5 million increase in losses on
securities sales.
Core net income1 for the third quarter of 2024
was $28.0 million, or $0.91 per diluted share, compared to $26.2
million, or $0.85 per diluted share, for the second quarter of
2024. Excluded from core net income for the quarter, pre-tax, was
$8.1 million of ICS One-Way Sell fee income, a $4.3 million
reduction in fair value of held for sale residential loans, $3.2
million of losses on the sale of securities, $1.1 million of
accelerated depreciation from solar tax equity investments, $0.7
million of gains on subordinated debt repurchases, and $0.2 million
in severance costs. Excluded from core net income for the second
quarter of 2024, 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 our solar tax equity
investments, $0.4 million of gains on subordinated debt
repurchases.
Net interest income was $72.1 million for the
third quarter of 2024, compared to $69.2 million for the second
quarter of 2024. Loan interest income increased $2.8 million and
loan yields increased 11 basis points mainly as a result of a $86.7
million increase in average loan balances. Adjusted for two
discrete items; the effect of $2.1 million of accelerated
amortization related to purchase premiums last quarter and the
recognition in the current quarter of a $1.3 million acceleration
of deferred costs on certain loans, loan interest income increased
by $2.1 million in the quarter. Interest income on securities
increased $1.7 million driven by an increase in the average balance
of securities of $79.7 million. Interest expense on total
interest-bearing deposits increased $1.2 million driven by a 26
basis point increase in cost despite a decrease in the average
balance of total interest-bearing deposits of $235.6 million. The
increase in deposit cost was primarily related to adjustments to
rates on money market products and select non-time deposit accounts
late in second quarter and early in the current
quarter. The decrease in the average balance of
interest-bearing deposits was primarily driven by a mix shift as
newly raised political deposits were mainly non-interest-bearing
whereas related outflows were mainly interest-bearing.
Additionally, the average balance on Brokered CD’s declined $25.0
million as certain long-term issuances were called. The average
balance of borrowings also decreased $32.6 million, now
substantially consisting of lower-cost subordinated debt.
Net interest margin was 3.51% for the third
quarter of 2024, an increase of 5 basis points from 3.46% in the
second quarter of 2024. As noted above, there were two discrete
items that affected the third quarter and second quarter margin.
Excluding these discrete items, net interest margin improved 2
basis points from the prior quarter, all else equal. Prepayment
penalties had no impact on our net interest margin in the third
quarter of 2024, which is the same as in the prior quarter.
Provision for credit losses totaled an expense
of $1.8 million for the third quarter of 2024 compared to an
expense of $3.2 million in the second quarter of 2024. The expense
in the third quarter was primarily driven by charge-offs on our
consumer solar and small business portfolios, and updates to CECL
model assumptions, offset by decreases in reserves for unfunded
loan commitments.
Non-interest income was $8.9 million for the
third quarter of 2024, compared to $9.3 million in the second
quarter of 2024. Excluding all non-core income adjustments noted
above, core non-interest income1 was $8.8 million for the third
quarter of 2024, compared to $8.5 million in the second quarter of
2024. The increase was primarily related to higher commercial
banking fees, increased fees from our treasury investment services,
and modestly higher income from our trust business.
Non-interest expense for the third quarter of
2024 was $41.0 million, an increase of $1.5 million from the second
quarter of 2024. Core non-interest expense1 for the third quarter
of 2024 was $40.7 million, an increase of $1.3 million from the
second quarter of 2024. This was mainly driven by a $0.7 million
increase in compensation and employee benefits expense due to
strategic new hires and corporate performance accruals, as well as
higher data processing expense related to the advance of digital
initiatives scheduled for 2025.
Our provision for income tax expense was $10.3
million for the third quarter of 2024, compared to $9.0 million for
the second quarter of 2024. The effective tax rate for the third
quarter of 2024 was 26.9%. In the prior quarter, there were $0.5
million of discrete tax benefits resulting in an effective tax rate
of 25.2%, or 26.6% excluding the discrete items.
Balance Sheet Quarterly
Summary
Total assets were $8.4 billion at
September 30, 2024, compared to $8.3 billion at June 30, 2024,
which modestly grew the balance sheet above its target range but
also carried $40.9 million in loans held for sale related to
the residential loan sale that settled shortly after the quarter
closed. Notable changes within individual balance sheet line items
include a $91.2 million increase in cash and cash equivalents, a
$24.1 million increase in securities, and a $78.0 million increase
in net loans receivable. Additionally, deposits excluding Brokered
CDs increased by $196.9 million while Brokered CDs decreased $51.3
million, and borrowings decreased by $8.8 million. Our off-balance
sheet deposits increased by $114.1 million, or 11%, to $1.2
billion.
Total net loans receivable, at
September 30, 2024 were $4.5 billion, an increase of $78.0
million, or 1.8% for the quarter. The increase in loans is
primarily driven by a $60.8 million increase in multifamily
loans, a $46.0 million increase in commercial and industrial
loans, and a $37.6 million increase in commercial real estate
loans, offset by an $11.1 million decrease in consumer solar
loans, and a $54.3 million decrease in residential loans,
primarily due to the noted loan pool sale. During the quarter,
criticized or classified loans decreased $5.9 million, largely
related to a $6.9 million note sale (with a related fully reserved
$4.5 million charge-off) on a legacy non-accrual leveraged loan.
Additionally, payoffs of two delinquent commercial and industrial
loans totaling $1.7 million and charge-offs of smaller commercial
and industrial loans totaling $1.0 million were offset by the
downgrade of one $3.2 million multifamily loan to substandard and
accruing and downgrades of small business loans totaling $1.1
million.
Total deposits at September 30, 2024 were
$7.6 billion, an increase of $145.6 million, or 2.0%, during the
quarter. Total deposits excluding Brokered CDs increased by $196.9
million to $7.5 billion, or a 2.7% 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 $2.0
billion as of September 30, 2024, an increase of $231.9
million during this quarter. Non-interest-bearing deposits
represented 50% of average total deposits and 51% of ending total
deposits for the quarter, excluding Brokered CDs, contributing to
an average cost of total deposits of 158 basis points. Super-core
deposits2 totaled approximately $4.5 billion, had a weighted
average life of 16 years, and comprised 60% of total deposits,
excluding Brokered CDs. Total uninsured deposits were $4.5 billion,
comprising 59% of total deposits.
Nonperforming assets totaled $28.6 million, or
0.34% of period-end total assets at September 30, 2024, a
decrease of $7.1 million, compared with $35.7 million, or 0.43% on
a linked quarter basis. The decrease in nonperforming assets was
primarily driven by the note sale mentioned above, a $0.2 million
decrease in residential real estate nonaccrual loans, a $0.2
million decrease in consumer and consumer solar nonaccrual loans,
offset by a $0.3 million increase in commercial and industrial
nonaccrual loans.
During the quarter, the allowance for credit
losses on loans decreased $1.9 million to $61.5 million. The ratio
of allowance to total loans was 1.35%, a decrease of 7 basis points
from 1.42% in the second quarter of 2024. The decrease was
primarily the result of a release of reserves from the previously
noted legacy leveraged commercial and industrial note sale, which
carried a reserve of $4.5 million.
________________________2 Refer to Terminology
on page 6 for definitions of certain terms used in this
release.
Capital Quarterly Summary
As of September 30, 2024, the Common Equity
Tier 1 Capital ratio was 13.82%, the Total Risk-Based Capital ratio
was 16.25%, and the Tier 1 Leverage Capital ratio was 8.63%,
compared to 13.48%, 16.04% and 8.42%, respectively, as of June 30,
2024. Stockholders’ equity at September 30, 2024 was $698.3
million, an increase of $52.2 million during the quarter. The
increase in stockholders’ equity was primarily driven by
$27.9 million of net income for the quarter and a $26.9
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 $22.29 as of
September 30, 2024 compared to $20.61 as of June 30, 2024.
Tangible common equity1 improved to 8.14% of tangible assets,
compared to 7.66% as of June 30, 2024.
Conference Call
As previously announced, Amalgamated Financial
Corp. will host a conference call to discuss its third quarter 2024
results today, October 24, 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. Third 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
13748697. The telephonic replay will be available until
October 31, 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
September 30, 2024, our total assets were $8.4 billion, total
net loans were $4.5 billion, and total deposits were $7.6 billion.
Additionally, as of September 30, 2024, our trust business
held $35.4 billion in assets under custody and $14.6 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 September 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 are
not statements of historical or current fact nor are they
assurances of future performance and generally can be identified by
the use of forward-looking terminology, such as
“may,” “approximately,” “will,” “anticipate,” “should,”
“would,” “believe,” “contemplate,” “expect,” “estimate,”
“continue,” “plan,” “possible,” and “intend,” or the negative
thereof as well as other similar words and expressions of the
future. Forward-looking statements are subject to risks,
uncertainties and assumptions that are difficult to predict as to
timing, extent, likelihood and degree of occurrence, which could
cause our actual results to differ materially from those
anticipated in or by such statements. Potential risks and
uncertainties include, but are not limited to, the following: (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)
our ability to maintain sufficient liquidity to meet our deposit
and debt obligations as they come due, which may require that we
sell investment securities at a loss, negatively impacting our net
income, earnings and capital; (vi) unfavorable conditions in the
capital markets, which may cause declines in our stock price and
the value of our investments; (vii) 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; (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)
the general decline in the real estate and lending markets,
particularly in commercial real estate in our market areas, and the
effects of the enactment of or changes to rent-control and other
similar regulations on multi-family housing; (x) changes in
legislation, regulation, public policies, or administrative
practices impacting the banking industry, including increased
minimum capital requirements and other regulation in the aftermath
of recent bank failures; (xi) the outcome of any legal proceedings
that may be instituted against us (xii) our inability to achieve
organic loan and deposit growth and the composition of that growth;
(xiii) the composition of our loan portfolio, including any
concentration in industries or sectors that may experience
unanticipated or anticipated adverse conditions greater than other
industries or sectors in the national or local economies in which
we operate; (xiv) inaccuracy of the assumptions and estimates we
make and policies that we implement in establishing our allowance
for credit losses; (xv) changes in loan underwriting, credit review
or loss reserve policies associated with economic conditions,
examination conclusions, or regulatory developments; (xvi) any
matter that would cause us to conclude that there was impairment of
any asset, including intangible assets; (xvii) limitations on our
ability to declare and pay dividends; (xviii) the impact of
competition with other financial institutions, including pricing
pressures and the resulting impact on our results, including as a
result of compression to net interest margin; (xix) increased
competition for experienced members of the workforce including
executives in the banking industry; (xx) 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; (xxi) increased regulatory scrutiny and exposure
from the use of “big data” techniques, machine learning, and
artificial intelligence; (xxii) downgrade in our credit rating;
(xxiii) “greenwashing claims” against us and our Environmental,
Social and Governance (“ESG”) products and increased scrutiny and
political opposition to ESG and Diversity, Equity and Inclusion
(“DEI”) practices; (xxiv) any unanticipated or greater than
anticipated adverse conditions (including the possibility of
earthquakes, wildfires, and other natural disasters)affecting the
markets in which we operate; (xxv) physical and transitional risks
related to climate change as they impact our business and the
businesses that we finance; (xxvi) future repurchase of our shares
through our common stock repurchase program; and (xxvii)
descriptions of assumptions underlying or relating to any of the
foregoing. 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.com
800-895-4172
Consolidated Statements of Income
(unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
($ in thousands) |
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
Loans |
$ |
54,110 |
|
|
$ |
51,293 |
|
|
$ |
49,578 |
|
|
$ |
157,355 |
|
|
$ |
139,744 |
|
Securities |
|
46,432 |
|
|
|
44,978 |
|
|
|
39,971 |
|
|
|
133,801 |
|
|
|
118,989 |
|
Interest-bearing deposits in banks |
|
2,274 |
|
|
|
2,690 |
|
|
|
1,687 |
|
|
|
7,556 |
|
|
|
3,360 |
|
Total interest and dividend income |
|
102,816 |
|
|
|
98,961 |
|
|
|
91,236 |
|
|
|
298,712 |
|
|
|
262,093 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
Deposits |
|
30,105 |
|
|
|
28,882 |
|
|
|
23,158 |
|
|
|
84,879 |
|
|
|
55,809 |
|
Borrowed funds |
|
604 |
|
|
|
887 |
|
|
|
4,350 |
|
|
|
4,497 |
|
|
|
12,292 |
|
Total interest expense |
|
30,709 |
|
|
|
29,769 |
|
|
|
27,508 |
|
|
|
89,376 |
|
|
|
68,101 |
|
NET INTEREST INCOME |
|
72,107 |
|
|
|
69,192 |
|
|
|
63,728 |
|
|
|
209,336 |
|
|
|
193,992 |
|
Provision for credit losses |
|
1,849 |
|
|
|
3,161 |
|
|
|
2,014 |
|
|
|
6,598 |
|
|
|
10,913 |
|
Net interest income after provision for credit losses |
|
70,258 |
|
|
|
66,031 |
|
|
|
61,714 |
|
|
|
202,738 |
|
|
|
183,079 |
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
Trust Department fees |
|
3,704 |
|
|
|
3,657 |
|
|
|
3,678 |
|
|
|
11,215 |
|
|
|
11,613 |
|
Service charges on deposit accounts |
|
12,091 |
|
|
|
8,614 |
|
|
|
2,731 |
|
|
|
26,841 |
|
|
|
7,897 |
|
Bank-owned life insurance income |
|
613 |
|
|
|
615 |
|
|
|
727 |
|
|
|
1,837 |
|
|
|
2,054 |
|
Losses on sale of securities |
|
(3,230 |
) |
|
|
(2,691 |
) |
|
|
(1,699 |
) |
|
|
(8,695 |
) |
|
|
(5,052 |
) |
Gain (loss) on sale of loans and changes in fair value on loans
held-for-sale, net |
|
(4,223 |
) |
|
|
69 |
|
|
|
26 |
|
|
|
(4,107 |
) |
|
|
30 |
|
Equity method investments income (loss) |
|
(823 |
) |
|
|
(1,551 |
) |
|
|
550 |
|
|
|
(301 |
) |
|
|
1,261 |
|
Other income |
|
807 |
|
|
|
545 |
|
|
|
767 |
|
|
|
1,636 |
|
|
|
2,127 |
|
Total non-interest income |
|
8,939 |
|
|
|
9,258 |
|
|
|
6,780 |
|
|
|
28,426 |
|
|
|
19,930 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
|
23,757 |
|
|
|
23,045 |
|
|
|
21,345 |
|
|
|
69,075 |
|
|
|
64,525 |
|
Occupancy and depreciation |
|
3,423 |
|
|
|
3,379 |
|
|
|
3,349 |
|
|
|
9,705 |
|
|
|
10,184 |
|
Professional fees |
|
2,575 |
|
|
|
2,332 |
|
|
|
2,222 |
|
|
|
7,284 |
|
|
|
7,211 |
|
Data processing |
|
5,087 |
|
|
|
4,786 |
|
|
|
4,545 |
|
|
|
14,503 |
|
|
|
13,176 |
|
Office maintenance and depreciation |
|
651 |
|
|
|
580 |
|
|
|
685 |
|
|
|
1,894 |
|
|
|
2,130 |
|
Amortization of intangible assets |
|
183 |
|
|
|
182 |
|
|
|
222 |
|
|
|
548 |
|
|
|
666 |
|
Advertising and promotion |
|
1,023 |
|
|
|
1,175 |
|
|
|
816 |
|
|
|
3,417 |
|
|
|
3,431 |
|
Federal deposit insurance premiums |
|
900 |
|
|
|
1,050 |
|
|
|
1,200 |
|
|
|
3,000 |
|
|
|
3,018 |
|
Other expense |
|
3,365 |
|
|
|
2,983 |
|
|
|
2,955 |
|
|
|
9,203 |
|
|
|
9,154 |
|
Total non-interest expense |
|
40,964 |
|
|
|
39,512 |
|
|
|
37,339 |
|
|
|
118,629 |
|
|
|
113,495 |
|
Income before income taxes |
|
38,233 |
|
|
|
35,777 |
|
|
|
31,155 |
|
|
|
112,535 |
|
|
|
89,514 |
|
Income tax expense |
|
10,291 |
|
|
|
9,024 |
|
|
|
8,847 |
|
|
|
30,591 |
|
|
|
24,230 |
|
Net income |
$ |
27,942 |
|
|
$ |
26,753 |
|
|
$ |
22,308 |
|
|
$ |
81,944 |
|
|
$ |
65,284 |
|
Earnings per common share - basic |
$ |
0.91 |
|
|
$ |
0.88 |
|
|
$ |
0.73 |
|
|
$ |
2.68 |
|
|
$ |
2.13 |
|
Earnings per common share - diluted |
$ |
0.90 |
|
|
$ |
0.87 |
|
|
$ |
0.73 |
|
|
$ |
2.65 |
|
|
$ |
2.12 |
|
Consolidated Statements of Financial
Condition
($ in thousands) |
September 30,2024 |
|
June 30,2024 |
|
December 31,2023 |
Assets |
(unaudited) |
|
(unaudited) |
|
|
Cash and due from banks |
$ |
3,946 |
|
|
$ |
4,081 |
|
|
$ |
2,856 |
|
Interest-bearing deposits in banks |
|
145,261 |
|
|
|
53,912 |
|
|
|
87,714 |
|
Total cash and cash equivalents |
|
149,207 |
|
|
|
57,993 |
|
|
|
90,570 |
|
Securities: |
|
|
|
|
|
Available for sale, at fair value |
|
|
|
|
|
Traditional securities |
|
1,617,045 |
|
|
|
1,581,338 |
|
|
|
1,429,739 |
|
Property Assessed Clean Energy (“PACE”) assessments |
|
149,500 |
|
|
|
112,923 |
|
|
|
53,303 |
|
|
|
1,766,545 |
|
|
|
1,694,261 |
|
|
|
1,483,042 |
|
Held-to-maturity, at amortized cost: |
|
|
|
|
|
Traditional securities, net of allowance for credit losses of $51,
$53, and $54, respectively |
|
583,788 |
|
|
|
606,013 |
|
|
|
620,232 |
|
PACE assessments, net of allowance for credit losses of $641, $655,
and $667, respectively |
|
1,028,588 |
|
|
|
1,054,569 |
|
|
|
1,076,602 |
|
|
|
1,612,376 |
|
|
|
1,660,582 |
|
|
|
1,696,834 |
|
|
|
|
|
|
|
Loans held for sale |
|
38,623 |
|
|
|
1,926 |
|
|
|
1,817 |
|
Loans receivable, net of deferred loan origination costs |
|
4,547,903 |
|
|
|
4,471,839 |
|
|
|
4,411,319 |
|
Allowance for credit losses |
|
(61,466 |
) |
|
|
(63,444 |
) |
|
|
(65,691 |
) |
Loans receivable, net |
|
4,486,437 |
|
|
|
4,408,395 |
|
|
|
4,345,628 |
|
|
|
|
|
|
|
Resell agreements |
|
74,883 |
|
|
|
137,461 |
|
|
|
50,000 |
|
Federal Home Loan Bank of New York ("FHLBNY") stock, at cost |
|
4,625 |
|
|
|
4,823 |
|
|
|
4,389 |
|
Accrued interest receivable |
|
54,268 |
|
|
|
52,575 |
|
|
|
55,484 |
|
Premises and equipment, net |
|
6,413 |
|
|
|
6,599 |
|
|
|
7,807 |
|
Bank-owned life insurance |
|
107,365 |
|
|
|
106,752 |
|
|
|
105,528 |
|
Right-of-use lease asset |
|
16,125 |
|
|
|
17,971 |
|
|
|
21,074 |
|
Deferred tax asset, net |
|
38,510 |
|
|
|
47,654 |
|
|
|
56,603 |
|
Goodwill |
|
12,936 |
|
|
|
12,936 |
|
|
|
12,936 |
|
Intangible assets, net |
|
1,669 |
|
|
|
1,852 |
|
|
|
2,217 |
|
Equity method investments |
|
11,514 |
|
|
|
12,710 |
|
|
|
13,024 |
|
Other assets |
|
32,144 |
|
|
|
26,214 |
|
|
|
25,371 |
|
Total assets |
$ |
8,413,640 |
|
|
$ |
8,250,704 |
|
|
$ |
7,972,324 |
|
Liabilities |
|
|
|
|
|
Deposits |
$ |
7,594,564 |
|
|
$ |
7,448,988 |
|
|
$ |
7,011,988 |
|
Borrowings |
|
68,436 |
|
|
|
77,252 |
|
|
|
304,927 |
|
Operating leases |
|
22,292 |
|
|
|
24,784 |
|
|
|
30,646 |
|
Other liabilities |
|
30,016 |
|
|
|
53,568 |
|
|
|
39,399 |
|
Total liabilities |
|
7,715,308 |
|
|
|
7,604,592 |
|
|
|
7,386,960 |
|
Stockholders’ equity |
|
|
|
|
|
Common stock, par value $.01 per share |
|
308 |
|
|
|
307 |
|
|
|
307 |
|
Additional paid-in capital |
|
287,167 |
|
|
|
286,021 |
|
|
|
288,232 |
|
Retained earnings |
|
459,398 |
|
|
|
435,202 |
|
|
|
388,033 |
|
Accumulated other comprehensive loss, net of income taxes |
|
(46,702 |
) |
|
|
(73,579 |
) |
|
|
(86,004 |
) |
Treasury stock, at cost |
|
(1,972 |
) |
|
|
(1,972 |
) |
|
|
(5,337 |
) |
Total Amalgamated Financial Corp. stockholders' equity |
|
698,199 |
|
|
|
645,979 |
|
|
|
585,231 |
|
Noncontrolling interests |
|
133 |
|
|
|
133 |
|
|
|
133 |
|
Total stockholders' equity |
|
698,332 |
|
|
|
646,112 |
|
|
|
585,364 |
|
Total liabilities and stockholders’ equity |
$ |
8,413,640 |
|
|
$ |
8,250,704 |
|
|
$ |
7,972,324 |
|
Select Financial Data
|
As of and for the |
|
As of and for the |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
(Shares in thousands) |
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Selected Financial Ratios and Other Data: |
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.91 |
|
|
$ |
0.88 |
|
|
$ |
0.73 |
|
|
$ |
2.68 |
|
|
$ |
2.13 |
|
Diluted |
|
0.90 |
|
|
|
0.87 |
|
|
|
0.73 |
|
|
|
2.65 |
|
|
|
2.12 |
|
Core net income (non-GAAP) |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.91 |
|
|
$ |
0.86 |
|
|
$ |
0.76 |
|
|
$ |
2.61 |
|
|
$ |
2.23 |
|
Diluted |
|
0.91 |
|
|
|
0.85 |
|
|
|
0.76 |
|
|
|
2.59 |
|
|
|
2.22 |
|
Book value per common share (excluding minority interest) |
$ |
22.77 |
|
|
$ |
21.09 |
|
|
$ |
17.93 |
|
|
$ |
22.77 |
|
|
$ |
17.93 |
|
Tangible book value per share (non-GAAP) |
$ |
22.29 |
|
|
$ |
20.61 |
|
|
$ |
17.43 |
|
|
$ |
22.29 |
|
|
$ |
17.43 |
|
Common shares outstanding, par value $.01 per share(1) |
|
30,663 |
|
|
|
30,630 |
|
|
|
30,459 |
|
|
|
30,663 |
|
|
|
30,459 |
|
Weighted average common shares outstanding, basic |
|
30,646 |
|
|
|
30,551 |
|
|
|
30,481 |
|
|
|
30,558 |
|
|
|
30,601 |
|
Weighted average common shares outstanding, diluted |
|
30,911 |
|
|
|
30,832 |
|
|
|
30,590 |
|
|
|
30,868 |
|
|
|
30,738 |
|
|
|
|
|
|
|
|
|
|
|
(1) 70,000,000 shares authorized; 30,776,163, 30,743,666, and
30,736,141 shares issued for the periods ended September 30,
2024, June 30, 2024, and September 30, 2023 respectively, and
30,662,883, 30,630,386, and 30,458,781 shares outstanding for the
periods ended September 30, 2024, June 30, 2024, and
September 30, 2023, respectively. |
Select Financial Data
|
As of and for the |
|
As of and for the |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Selected Performance Metrics: |
|
|
|
|
|
|
|
|
|
Return on average assets |
1.32 |
% |
|
1.30 |
% |
|
1.12 |
% |
|
1.33 |
% |
|
1.11 |
% |
Core return on average assets (non-GAAP) |
1.33 |
% |
|
1.27 |
% |
|
1.17 |
% |
|
1.29 |
% |
|
1.17 |
% |
Return on average equity |
16.63 |
% |
|
17.27 |
% |
|
16.43 |
% |
|
17.35 |
% |
|
16.69 |
% |
Core return on average tangible common equity (non-GAAP) |
17.04 |
% |
|
17.34 |
% |
|
17.67 |
% |
|
17.31 |
% |
|
18.02 |
% |
Average equity to average assets |
7.96 |
% |
|
7.53 |
% |
|
6.82 |
% |
|
7.65 |
% |
|
6.67 |
% |
Tangible common equity to tangible assets (non-GAAP) |
8.14 |
% |
|
7.66 |
% |
|
6.72 |
% |
|
8.14 |
% |
|
6.72 |
% |
Loan yield |
4.79 |
% |
|
4.68 |
% |
|
4.56 |
% |
|
4.74 |
% |
|
4.43 |
% |
Securities yield |
5.25 |
% |
|
5.22 |
% |
|
4.94 |
% |
|
5.23 |
% |
|
4.84 |
% |
Deposit cost |
1.58 |
% |
|
1.55 |
% |
|
1.33 |
% |
|
1.53 |
% |
|
1.08 |
% |
Net interest margin |
3.51 |
% |
|
3.46 |
% |
|
3.29 |
% |
|
3.48 |
% |
|
3.40 |
% |
Efficiency ratio (1) |
50.54 |
% |
|
50.37 |
% |
|
52.96 |
% |
|
49.89 |
% |
|
53.05 |
% |
Core efficiency ratio (non-GAAP) |
50.35 |
% |
|
50.80 |
% |
|
51.71 |
% |
|
50.52 |
% |
|
51.88 |
% |
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
Nonaccrual loans to total loans |
0.61 |
% |
|
0.78 |
% |
|
0.79 |
% |
|
0.61 |
% |
|
0.79 |
% |
Nonperforming assets to total assets |
0.34 |
% |
|
0.43 |
% |
|
0.46 |
% |
|
0.34 |
% |
|
0.46 |
% |
Allowance for credit losses on loans to nonaccrual loans |
222.30 |
% |
|
182.83 |
% |
|
197.58 |
% |
|
222.30 |
% |
|
197.58 |
% |
Allowance for credit losses on loans to total loans |
1.35 |
% |
|
1.42 |
% |
|
1.56 |
% |
|
1.35 |
% |
|
1.56 |
% |
Annualized net charge-offs to average loans |
0.61 |
% |
|
0.25 |
% |
|
0.27 |
% |
|
0.35 |
% |
|
0.27 |
% |
|
|
|
|
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital ratio |
8.63 |
% |
|
8.42 |
% |
|
7.89 |
% |
|
8.63 |
% |
|
7.89 |
% |
Tier 1 risk-based capital ratio |
13.82 |
% |
|
13.48 |
% |
|
12.63 |
% |
|
13.82 |
% |
|
12.63 |
% |
Total risk-based capital ratio |
16.25 |
% |
|
16.04 |
% |
|
15.28 |
% |
|
16.25 |
% |
|
15.28 |
% |
Common equity tier 1 capital ratio |
13.82 |
% |
|
13.48 |
% |
|
12.63 |
% |
|
13.82 |
% |
|
12.63 |
% |
|
|
|
|
|
|
|
|
|
|
(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 September 30, 2024 |
|
At June 30, 2024 |
|
At September 30, 2023 |
|
Amount |
|
% of total |
|
Amount |
|
% of total |
|
Amount |
|
% of total |
Commercial portfolio: |
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
1,058,376 |
|
|
23.3 |
% |
|
$ |
1,012,400 |
|
|
22.6 |
% |
|
$ |
1,050,355 |
|
|
24.1 |
% |
Multifamily |
|
1,291,380 |
|
|
28.4 |
% |
|
|
1,230,545 |
|
|
27.5 |
% |
|
|
1,094,955 |
|
|
25.1 |
% |
Commercial real estate |
|
415,077 |
|
|
9.1 |
% |
|
|
377,484 |
|
|
8.4 |
% |
|
|
324,139 |
|
|
7.4 |
% |
Construction and land development |
|
22,224 |
|
|
0.5 |
% |
|
|
23,254 |
|
|
0.5 |
% |
|
|
28,326 |
|
|
0.6 |
% |
Total commercial portfolio |
|
2,787,057 |
|
|
61.3 |
% |
|
|
2,643,683 |
|
|
59.0 |
% |
|
|
2,497,775 |
|
|
57.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Retail portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate lending |
|
1,350,347 |
|
|
29.7 |
% |
|
|
1,404,624 |
|
|
31.4 |
% |
|
|
1,409,530 |
|
|
32.3 |
% |
Consumer solar |
|
374,499 |
|
|
8.2 |
% |
|
|
385,567 |
|
|
8.6 |
% |
|
|
415,324 |
|
|
9.5 |
% |
Consumer and other |
|
36,000 |
|
|
0.8 |
% |
|
|
37,965 |
|
|
1.0 |
% |
|
|
42,116 |
|
|
1.0 |
% |
Total retail portfolio |
|
1,760,846 |
|
|
38.7 |
% |
|
|
1,828,156 |
|
|
41.0 |
% |
|
|
1,866,970 |
|
|
42.8 |
% |
Total loans held for investment |
|
4,547,903 |
|
|
100.0 |
% |
|
|
4,471,839 |
|
|
100.0 |
% |
|
|
4,364,745 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
(61,466 |
) |
|
|
|
|
(63,444 |
) |
|
|
|
|
(67,815 |
) |
|
|
Loans receivable, net |
$ |
4,486,437 |
|
|
|
|
$ |
4,408,395 |
|
|
|
|
$ |
4,296,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACE assessments: |
|
|
|
|
|
|
|
|
|
|
|
Available for sale, at fair value |
|
|
|
|
|
|
|
|
|
|
|
Residential PACE assessments |
|
149,500 |
|
|
12.7 |
% |
|
|
112,923 |
|
|
9.7 |
% |
|
|
38,526 |
|
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-maturity, at amortized cost |
|
|
|
|
|
|
|
|
|
|
|
Commercial PACE assessments |
|
256,128 |
|
|
21.7 |
% |
|
|
256,663 |
|
|
22.0 |
% |
|
|
270,020 |
|
|
24.3 |
% |
Residential PACE assessments |
|
773,101 |
|
|
65.6 |
% |
|
|
798,561 |
|
|
68.4 |
% |
|
|
800,484 |
|
|
72.2 |
% |
Total Held-to-maturity PACE assessments |
|
1,029,229 |
|
|
87.3 |
% |
|
|
1,055,224 |
|
|
90.4 |
% |
|
|
1,070,504 |
|
|
96.5 |
% |
Total PACE assessments |
|
1,178,729 |
|
|
100.0 |
% |
|
|
1,168,147 |
|
|
100.0 |
% |
|
|
1,109,030 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
(641 |
) |
|
|
|
|
(655 |
) |
|
|
|
|
(670 |
) |
|
|
Total PACE assessments, net |
$ |
1,178,088 |
|
|
|
|
$ |
1,167,492 |
|
|
|
|
$ |
1,108,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, net and total PACE assessments, net as a % of
Deposits |
|
74.6 |
% |
|
|
|
|
74.9 |
% |
|
|
|
|
77.3 |
% |
|
|
Loans receivable, net and total PACE assessments, net as a % of
Deposits excluding Brokered CDs |
|
75.6 |
% |
|
|
|
|
76.4 |
% |
|
|
|
|
81.9 |
% |
|
|
Net Interest Income Analysis
|
Three Months Ended |
|
September 30, 2024 |
|
June 30, 2024 |
|
September 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 |
$ |
182,981 |
|
$ |
2,274 |
|
4.94 |
% |
|
$ |
213,725 |
|
$ |
2,690 |
|
5.06 |
% |
|
$ |
170,830 |
|
$ |
1,687 |
|
3.92 |
% |
Securities(1) |
|
3,388,580 |
|
|
44,678 |
|
5.25 |
% |
|
|
3,308,881 |
|
|
42,937 |
|
5.22 |
% |
|
|
3,208,334 |
|
|
39,971 |
|
4.94 |
% |
Resell agreements |
|
104,933 |
|
|
1,754 |
|
6.65 |
% |
|
|
122,618 |
|
|
2,041 |
|
6.69 |
% |
|
|
— |
|
|
— |
|
0.00 |
% |
Loans receivable, net (2) |
|
4,493,520 |
|
|
54,110 |
|
4.79 |
% |
|
|
4,406,843 |
|
|
51,293 |
|
4.68 |
% |
|
|
4,314,767 |
|
|
49,578 |
|
4.56 |
% |
Total interest-earning assets |
|
8,170,014 |
|
|
102,816 |
|
5.01 |
% |
|
|
8,052,067 |
|
|
98,961 |
|
4.94 |
% |
|
|
7,693,931 |
|
|
91,236 |
|
4.70 |
% |
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
6,144 |
|
|
|
|
|
|
6,371 |
|
|
|
|
|
|
6,129 |
|
|
|
|
Other assets |
|
217,332 |
|
|
|
|
|
|
217,578 |
|
|
|
|
|
|
204,506 |
|
|
|
|
Total assets |
$ |
8,393,490 |
|
|
|
|
|
$ |
8,276,016 |
|
|
|
|
|
$ |
7,904,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and money market deposits |
$ |
3,506,499 |
|
$ |
26,168 |
|
2.97 |
% |
|
$ |
3,729,858 |
|
$ |
24,992 |
|
2.69 |
% |
|
$ |
3,446,027 |
|
$ |
17,157 |
|
1.98 |
% |
Time deposits |
|
223,337 |
|
|
2,148 |
|
3.83 |
% |
|
|
210,565 |
|
|
1,898 |
|
3.63 |
% |
|
|
176,171 |
|
|
1,122 |
|
2.53 |
% |
Brokered CDs |
|
131,103 |
|
|
1,789 |
|
5.43 |
% |
|
|
156,086 |
|
|
1,992 |
|
5.13 |
% |
|
|
371,329 |
|
|
4,879 |
|
5.21 |
% |
Total interest-bearing deposits |
|
3,860,939 |
|
|
30,105 |
|
3.10 |
% |
|
|
4,096,509 |
|
|
28,882 |
|
2.84 |
% |
|
|
3,993,527 |
|
|
23,158 |
|
2.30 |
% |
Borrowings |
|
71,948 |
|
|
604 |
|
3.34 |
% |
|
|
104,560 |
|
|
887 |
|
3.41 |
% |
|
|
376,585 |
|
|
4,350 |
|
4.58 |
% |
Total interest-bearing liabilities |
|
3,932,887 |
|
|
30,709 |
|
3.11 |
% |
|
|
4,201,069 |
|
|
29,769 |
|
2.85 |
% |
|
|
4,370,112 |
|
|
27,508 |
|
2.50 |
% |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand and transaction deposits |
|
3,721,398 |
|
|
|
|
|
|
3,390,941 |
|
|
|
|
|
|
2,920,737 |
|
|
|
|
Other liabilities |
|
70,804 |
|
|
|
|
|
|
60,982 |
|
|
|
|
|
|
74,964 |
|
|
|
|
Total liabilities |
|
7,725,089 |
|
|
|
|
|
|
7,652,992 |
|
|
|
|
|
|
7,365,813 |
|
|
|
|
Stockholders' equity |
|
668,401 |
|
|
|
|
|
|
623,024 |
|
|
|
|
|
|
538,753 |
|
|
|
|
Total liabilities and stockholders' equity |
$ |
8,393,490 |
|
|
|
|
|
$ |
8,276,016 |
|
|
|
|
|
$ |
7,904,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / interest rate spread |
|
|
$ |
72,107 |
|
1.90 |
% |
|
|
|
$ |
69,192 |
|
2.09 |
% |
|
|
|
$ |
63,728 |
|
2.20 |
% |
Net interest-earning assets / net interest margin |
$ |
4,237,127 |
|
|
|
3.51 |
% |
|
$ |
3,850,998 |
|
|
|
3.46 |
% |
|
$ |
3,323,819 |
|
|
|
3.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits excluding Brokered CDs / total cost of deposits
excluding Brokered CDs |
$ |
7,451,234 |
|
|
|
1.51 |
% |
|
$ |
7,331,364 |
|
|
|
1.48 |
% |
|
$ |
6,542,935 |
|
|
|
1.11 |
% |
Total deposits / total cost of deposits |
$ |
7,582,337 |
|
|
|
1.58 |
% |
|
$ |
7,487,450 |
|
|
|
1.55 |
% |
|
$ |
6,914,264 |
|
|
|
1.33 |
% |
Total funding / total cost of funds |
$ |
7,654,285 |
|
|
|
1.60 |
% |
|
$ |
7,592,010 |
|
|
|
1.58 |
% |
|
$ |
7,290,849 |
|
|
|
1.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes FHLBNY stock in the average
balance, and dividend income on FHLBNY stock in interest income.(2)
No material impact of prepayment penalty interest income in 3Q2024,
2Q2024, or 3Q2023
Net Interest Income Analysis
|
Nine Months Ended |
|
September 30, 2024 |
|
September 30, 2023 |
(In thousands) |
AverageBalance |
Income /Expense |
Yield /Rate |
|
AverageBalance |
Income /Expense |
Yield /Rate |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits in banks |
$ |
200,627 |
|
$ |
7,556 |
|
5.03 |
% |
|
$ |
125,560 |
|
$ |
3,360 |
|
3.58 |
% |
Securities |
|
3,289,635 |
|
|
128,679 |
|
5.23 |
% |
|
|
3,276,065 |
|
|
118,557 |
|
4.84 |
% |
Resell agreements |
|
102,197 |
|
|
5,122 |
|
6.69 |
% |
|
|
8,003 |
|
|
432 |
|
7.22 |
% |
Total loans, net (1)(2) |
|
4,431,801 |
|
|
157,355 |
|
4.74 |
% |
|
|
4,216,391 |
|
|
139,744 |
|
4.43 |
% |
Total interest-earning assets |
|
8,024,260 |
|
|
298,712 |
|
4.97 |
% |
|
|
7,626,019 |
|
|
262,093 |
|
4.60 |
% |
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
5,862 |
|
|
|
|
|
|
5,067 |
|
|
|
|
Other assets |
|
219,096 |
|
|
|
|
|
|
210,112 |
|
|
|
|
Total assets |
$ |
8,249,218 |
|
|
|
|
|
$ |
7,841,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and money market deposits |
$ |
3,608,927 |
|
$ |
73,033 |
|
2.70 |
% |
|
$ |
3,248,278 |
|
$ |
40,010 |
|
1.65 |
% |
Time deposits |
|
207,374 |
|
|
5,622 |
|
3.62 |
% |
|
|
161,756 |
|
|
2,030 |
|
1.68 |
% |
Brokered CDs |
|
159,041 |
|
|
6,224 |
|
5.23 |
% |
|
|
383,521 |
|
|
13,769 |
|
4.80 |
% |
Total interest-bearing deposits |
|
3,975,342 |
|
|
84,879 |
|
2.85 |
% |
|
|
3,793,555 |
|
|
55,809 |
|
1.97 |
% |
Borrowings |
|
154,564 |
|
|
4,497 |
|
3.89 |
% |
|
|
365,262 |
|
|
12,292 |
|
4.50 |
% |
Total interest-bearing liabilities |
|
4,129,906 |
|
|
89,376 |
|
2.89 |
% |
|
|
4,158,817 |
|
|
68,101 |
|
2.19 |
% |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Demand and transaction deposits |
|
3,417,970 |
|
|
|
|
|
|
3,086,482 |
|
|
|
|
Other liabilities |
|
70,476 |
|
|
|
|
|
|
72,821 |
|
|
|
|
Total liabilities |
|
7,618,352 |
|
|
|
|
|
|
7,318,120 |
|
|
|
|
Stockholders' equity |
|
630,866 |
|
|
|
|
|
|
523,078 |
|
|
|
|
Total liabilities and stockholders' equity |
$ |
8,249,218 |
|
|
|
|
|
$ |
7,841,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / interest rate spread |
|
|
$ |
209,336 |
|
2.08 |
% |
|
|
|
$ |
193,992 |
|
2.41 |
% |
Net interest-earning assets / net interest margin |
$ |
3,894,354 |
|
|
|
3.48 |
% |
|
$ |
3,467,202 |
|
|
|
3.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits excluding Brokered CDs / total cost of deposits
excluding Brokered CDs |
$ |
7,234,271 |
|
|
|
1.45 |
% |
|
$ |
6,496,516 |
|
|
|
0.87 |
% |
Total deposits / total cost of deposits |
$ |
7,393,312 |
|
|
|
1.53 |
% |
|
$ |
6,880,037 |
|
|
|
1.08 |
% |
Total funding / total cost of funds |
$ |
7,547,876 |
|
|
|
1.58 |
% |
|
$ |
7,245,299 |
|
|
|
1.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 September
YTD 2024 and September YTD 2023 of $18 thousand and $0,
respectively.
Deposit Portfolio Composition
|
Three Months Ended |
(In thousands) |
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|
EndingBalance |
|
AverageBalance |
|
EndingBalance |
|
AverageBalance |
|
EndingBalance |
|
AverageBalance |
Non-interest-bearing demand deposit accounts |
$ |
3,801,834 |
|
$ |
3,721,398 |
|
$ |
3,445,068 |
|
$ |
3,390,941 |
|
$ |
2,808,300 |
|
$ |
2,920,737 |
NOW accounts |
|
186,557 |
|
|
188,250 |
|
|
192,452 |
|
|
191,253 |
|
|
192,654 |
|
|
192,883 |
Money market deposit accounts |
|
2,959,264 |
|
|
2,986,434 |
|
|
3,093,644 |
|
|
3,202,365 |
|
|
3,059,982 |
|
|
2,893,930 |
Savings accounts |
|
327,935 |
|
|
331,816 |
|
|
336,943 |
|
|
336,240 |
|
|
357,470 |
|
|
359,214 |
Time deposits |
|
216,901 |
|
|
223,337 |
|
|
227,437 |
|
|
210,565 |
|
|
180,529 |
|
|
176,171 |
Brokered certificates of deposit ("CDs") |
|
102,073 |
|
|
131,103 |
|
|
153,444 |
|
|
156,086 |
|
|
391,919 |
|
|
371,329 |
Total deposits |
$ |
7,594,564 |
|
$ |
7,582,338 |
|
$ |
7,448,988 |
|
$ |
7,487,450 |
|
$ |
6,990,854 |
|
$ |
6,914,264 |
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits excluding Brokered CDs |
$ |
7,492,491 |
|
$ |
7,451,235 |
|
$ |
7,295,544 |
|
$ |
7,331,364 |
|
$ |
6,598,935 |
|
$ |
6,542,935 |
|
Three Months Ended |
|
September 30, 2024 |
|
June 30, 2024 |
|
September 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 |
0.90 |
% |
|
1.09 |
% |
|
1.07 |
% |
|
1.07 |
% |
|
0.95 |
% |
|
1.01 |
% |
Money market deposit accounts |
3.00 |
% |
|
3.24 |
% |
|
3.08 |
% |
|
2.93 |
% |
|
2.31 |
% |
|
2.14 |
% |
Savings accounts |
1.42 |
% |
|
1.64 |
% |
|
1.67 |
% |
|
1.37 |
% |
|
1.16 |
% |
|
1.14 |
% |
Time deposits |
3.83 |
% |
|
3.83 |
% |
|
3.50 |
% |
|
3.63 |
% |
|
2.88 |
% |
|
2.53 |
% |
Brokered CDs |
4.89 |
% |
|
5.43 |
% |
|
4.98 |
% |
|
5.13 |
% |
|
5.14 |
% |
|
5.21 |
% |
Total deposits |
1.43 |
% |
|
1.58 |
% |
|
1.59 |
% |
|
1.55 |
% |
|
1.46 |
% |
|
1.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits excluding Brokered CDs |
2.80 |
% |
|
3.02 |
% |
|
2.88 |
% |
|
2.74 |
% |
|
2.16 |
% |
|
2.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
September 30,2024 |
|
June 30,2024 |
|
September 30,2023 |
Loans 90 days past due and accruing |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Nonaccrual loans held for sale |
|
989 |
|
|
|
989 |
|
|
|
2,189 |
|
Nonaccrual loans - Commercial |
|
17,108 |
|
|
|
23,778 |
|
|
|
28,041 |
|
Nonaccrual loans - Retail |
|
10,542 |
|
|
|
10,924 |
|
|
|
6,283 |
|
Nonaccrual securities |
|
8 |
|
|
|
29 |
|
|
|
31 |
|
Total nonperforming assets |
$ |
28,647 |
|
|
$ |
35,720 |
|
|
$ |
36,544 |
|
|
|
|
|
|
|
Nonaccrual loans: |
|
|
|
|
|
Commercial and industrial |
$ |
1,849 |
|
|
$ |
8,428 |
|
|
$ |
7,575 |
|
Multifamily |
|
— |
|
|
|
— |
|
|
|
— |
|
Commercial real estate |
|
4,146 |
|
|
|
4,231 |
|
|
|
4,575 |
|
Construction and land development |
|
11,113 |
|
|
|
11,119 |
|
|
|
15,891 |
|
Total commercial portfolio |
|
17,108 |
|
|
|
23,778 |
|
|
|
28,041 |
|
|
|
|
|
|
|
Residential real estate lending |
|
7,578 |
|
|
|
7,756 |
|
|
|
3,009 |
|
Consumer solar |
|
2,848 |
|
|
|
2,794 |
|
|
|
2,817 |
|
Consumer and other |
|
116 |
|
|
|
374 |
|
|
|
457 |
|
Total retail portfolio |
|
10,542 |
|
|
|
10,924 |
|
|
|
6,283 |
|
Total nonaccrual loans |
$ |
27,650 |
|
|
$ |
34,702 |
|
|
$ |
34,324 |
|
Credit Quality
|
September 30,2024 |
|
June 30,2024 |
|
September 30,2023 |
($ in thousands) |
|
|
|
|
|
Criticized and classified loans |
|
|
|
|
|
Commercial and industrial |
$ |
45,329 |
|
|
$ |
53,940 |
|
|
$ |
45,959 |
|
Multifamily |
|
13,386 |
|
|
|
10,242 |
|
|
|
10,999 |
|
Commercial real estate |
|
8,186 |
|
|
|
8,311 |
|
|
|
8,762 |
|
Construction and land development |
|
11,113 |
|
|
|
11,119 |
|
|
|
15,891 |
|
Residential real estate lending |
|
7,578 |
|
|
|
7,756 |
|
|
|
3,009 |
|
Consumer solar |
|
2,848 |
|
|
|
2,794 |
|
|
|
2,817 |
|
Consumer and other |
|
116 |
|
|
|
374 |
|
|
|
457 |
|
Total loans |
$ |
88,556 |
|
|
$ |
94,536 |
|
|
$ |
87,894 |
|
Criticized and classified loans to total
loans |
|
|
|
|
|
Commercial and industrial |
1.00 |
% |
|
1.21 |
% |
|
1.05 |
% |
Multifamily |
0.29 |
% |
|
0.23 |
% |
|
0.25 |
% |
Commercial real estate |
0.18 |
% |
|
0.19 |
% |
|
0.20 |
% |
Construction and land development |
0.24 |
% |
|
0.25 |
% |
|
0.36 |
% |
Residential real estate lending |
0.17 |
% |
|
0.17 |
% |
|
0.07 |
% |
Consumer solar |
0.06 |
% |
|
0.06 |
% |
|
0.06 |
% |
Consumer and other |
— |
% |
|
0.01 |
% |
|
0.01 |
% |
Total loans |
1.94 |
% |
|
2.12 |
% |
|
2.00 |
% |
|
September 30, 2024 |
|
June 30, 2024 |
|
September 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 |
2.14 |
% |
|
1.01 |
% |
|
0.32 |
% |
|
1.44 |
% |
|
— |
% |
|
1.71 |
% |
Multifamily |
— |
% |
|
0.37 |
% |
|
— |
% |
|
0.38 |
% |
|
0.45 |
% |
|
0.46 |
% |
Commercial real estate |
— |
% |
|
0.40 |
% |
|
— |
% |
|
0.40 |
% |
|
— |
% |
|
0.64 |
% |
Construction and land development |
— |
% |
|
3.73 |
% |
|
— |
% |
|
3.60 |
% |
|
— |
% |
|
3.68 |
% |
Residential real estate lending |
(0.03 |
)% |
|
0.91 |
% |
|
(0.18 |
)% |
|
0.88 |
% |
|
(0.07 |
)% |
|
1.13 |
% |
Consumer solar |
1.58 |
% |
|
7.68 |
% |
|
2.57 |
% |
|
7.00 |
% |
|
1.88 |
% |
|
6.72 |
% |
Consumer and other |
1.05 |
% |
|
6.44 |
% |
|
0.01 |
% |
|
6.49 |
% |
|
0.04 |
% |
|
6.00 |
% |
Total loans |
0.61 |
% |
|
1.35 |
% |
|
0.25 |
% |
|
1.42 |
% |
|
0.27 |
% |
|
1.60 |
% |
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 |
|
Nine Months Ended |
(in thousands) |
September 30,2024 |
|
June 30,2024 |
|
September 30,2023 |
|
September 30,2024 |
|
September 30,2023 |
Core operating revenue |
|
|
|
|
|
|
|
|
|
Net Interest Income (GAAP) |
$ |
72,107 |
|
|
$ |
69,192 |
|
|
$ |
63,728 |
|
|
$ |
209,336 |
|
|
$ |
193,992 |
|
Non-interest income (GAAP) |
|
8,939 |
|
|
|
9,258 |
|
|
|
6,780 |
|
|
|
28,426 |
|
|
|
19,930 |
|
Add: Securities loss |
|
3,230 |
|
|
|
2,691 |
|
|
|
1,699 |
|
|
|
8,695 |
|
|
|
5,052 |
|
Less: ICS One-Way Sell Fee Income(1) |
|
(8,085 |
) |
|
|
(4,859 |
) |
|
|
— |
|
|
|
(15,847 |
) |
|
|
— |
|
Less: Changes in fair value of loans held-for-sale |
|
4,265 |
|
|
|
— |
|
|
|
— |
|
|
|
4,265 |
|
|
|
— |
|
Less: Subdebt repurchase gain(2) |
|
(669 |
) |
|
|
(406 |
) |
|
|
(637 |
) |
|
|
(1,076 |
) |
|
|
(1,417 |
) |
Add: Tax (credits) depreciation on solar investments(3) |
|
1,089 |
|
|
|
1,815 |
|
|
|
— |
|
|
|
1,095 |
|
|
|
— |
|
Core operating revenue (non-GAAP) |
|
80,876 |
|
|
|
77,691 |
|
|
|
71,570 |
|
|
|
234,894 |
|
|
|
217,557 |
|
|
|
|
|
|
|
|
|
|
|
Core non-interest expense |
|
|
|
|
|
|
|
|
|
Non-interest expense (GAAP) |
$ |
40,964 |
|
|
$ |
39,512 |
|
|
$ |
37,339 |
|
|
$ |
118,629 |
|
|
$ |
113,495 |
|
Add: Gain on settlement of lease termination(4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
499 |
|
|
|
— |
|
Less: Severance costs(5) |
|
(241 |
) |
|
|
(44 |
) |
|
|
(332 |
) |
|
|
(471 |
) |
|
|
(617 |
) |
Core non-interest expense (non-GAAP) |
|
40,723 |
|
|
|
39,468 |
|
|
|
37,007 |
|
|
|
118,657 |
|
|
|
112,878 |
|
|
|
|
|
|
|
|
|
|
|
Core net income |
|
|
|
|
|
|
|
|
|
Net Income (GAAP) |
$ |
27,942 |
|
|
$ |
26,753 |
|
|
$ |
22,308 |
|
|
$ |
81,944 |
|
|
$ |
65,284 |
|
Add: Securities loss |
|
3,230 |
|
|
|
2,691 |
|
|
|
1,699 |
|
|
|
8,695 |
|
|
|
5,052 |
|
Less: ICS One-Way Sell Fee Income(1) |
|
(8,085 |
) |
|
|
(4,859 |
) |
|
|
— |
|
|
|
(15,847 |
) |
|
|
— |
|
Less: Changes in fair value of loans held-for-sale |
|
4,265 |
|
|
|
— |
|
|
|
— |
|
|
|
4,265 |
|
|
|
— |
|
Less: Gain on settlement of lease termination(4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(499 |
) |
|
|
— |
|
Less: Subdebt repurchase gain(2) |
|
(669 |
) |
|
|
(406 |
) |
|
|
(637 |
) |
|
|
(1,076 |
) |
|
|
(1,417 |
) |
Add: Severance costs(5) |
|
241 |
|
|
|
44 |
|
|
|
332 |
|
|
|
471 |
|
|
|
617 |
|
Add: Tax (credits) depreciation on solar investments(3) |
|
1,089 |
|
|
|
1,815 |
|
|
|
— |
|
|
|
1,095 |
|
|
|
— |
|
Less: Tax on notable items |
|
(19 |
) |
|
|
180 |
|
|
|
(396 |
) |
|
|
764 |
|
|
|
(1,151 |
) |
Core net income (non-GAAP) |
|
27,994 |
|
|
|
26,218 |
|
|
|
23,306 |
|
|
|
79,812 |
|
|
|
68,385 |
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity |
|
|
|
|
|
|
|
|
|
Stockholders' equity (GAAP) |
$ |
698,332 |
|
|
$ |
646,112 |
|
|
$ |
546,291 |
|
|
$ |
698,332 |
|
|
$ |
546,291 |
|
Less: Minority interest |
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
Less: Goodwill |
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
Less: Core deposit intangible |
|
(1,669 |
) |
|
|
(1,852 |
) |
|
|
(2,439 |
) |
|
|
(1,669 |
) |
|
|
(2,439 |
) |
Tangible common equity (non-GAAP) |
|
683,594 |
|
|
|
631,191 |
|
|
|
530,783 |
|
|
|
683,594 |
|
|
|
530,783 |
|
|
|
|
|
|
|
|
|
|
|
Average tangible common equity |
|
|
|
|
|
|
|
|
|
Average stockholders' equity (GAAP) |
$ |
668,401 |
|
|
$ |
623,024 |
|
|
$ |
538,753 |
|
|
$ |
630,866 |
|
|
$ |
523,078 |
|
Less: Minority interest |
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
Less: Goodwill |
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
Less: Core deposit intangible |
|
(1,759 |
) |
|
|
(1,941 |
) |
|
|
(2,547 |
) |
|
|
(1,940 |
) |
|
|
(2,768 |
) |
Average tangible common equity (non-GAAP) |
|
653,573 |
|
|
|
608,014 |
|
|
|
523,137 |
|
|
|
615,857 |
|
|
|
507,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
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 |
|
Nine Months Ended |
(in thousands) |
September 30,2024 |
|
June 30,2024 |
|
September 30,2023 |
|
September 30,2024 |
|
September 30,2023 |
|
|
|
|
|
|
|
|
|
|
Core return on average assets |
|
|
|
|
|
|
|
|
|
Numerator: Core net income (non-GAAP) |
$ |
27,994 |
|
|
$ |
26,218 |
|
|
$ |
23,306 |
|
|
$ |
79,812 |
|
|
$ |
68,385 |
|
Denominator: Total average assets (GAAP) |
$ |
8,393,490 |
|
|
$ |
8,276,016 |
|
|
$ |
7,904,566 |
|
|
|
8,249,218 |
|
|
|
7,841,198 |
|
Core return on average assets (non-GAAP) |
|
1.33 |
% |
|
|
1.27 |
% |
|
|
1.17 |
% |
|
|
1.29 |
% |
|
|
1.17 |
% |
|
|
|
|
|
|
|
|
|
|
Core return on average tangible common equity |
|
|
|
|
|
|
|
|
|
Numerator: Core net income (non-GAAP) |
$ |
27,994 |
|
|
$ |
26,218 |
|
|
$ |
23,306 |
|
|
$ |
79,812 |
|
|
$ |
68,385 |
|
Denominator: Average tangible common equity (non-GAAP) |
$ |
653,573 |
|
|
$ |
608,014 |
|
|
$ |
523,137 |
|
|
|
615,857 |
|
|
|
507,241 |
|
Core return on average tangible common equity (non-GAAP) |
|
17.04 |
% |
|
|
17.34 |
% |
|
|
17.67 |
% |
|
|
17.31 |
% |
|
|
18.02 |
% |
|
|
|
|
|
|
|
|
|
|
Core efficiency ratio |
|
|
|
|
|
|
|
|
|
Numerator: Core non-interest expense (non-GAAP) |
$ |
40,723 |
|
|
$ |
39,468 |
|
|
$ |
37,007 |
|
|
$ |
118,657 |
|
|
$ |
112,878 |
|
Denominator: Core operating revenue (non-GAAP) |
|
80,876 |
|
|
|
77,691 |
|
|
|
71,570 |
|
|
|
234,894 |
|
|
|
217,557 |
|
Core efficiency ratio (non-GAAP) |
|
50.35 |
% |
|
|
50.80 |
% |
|
|
51.71 |
% |
|
|
50.52 |
% |
|
|
51.88 |
% |
Grafico Azioni Amalgamated Financial (NASDAQ:AMAL)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Amalgamated Financial (NASDAQ:AMAL)
Storico
Da Gen 2024 a Gen 2025