Amalgamated Financial Corp. Reports Fourth Quarter 2024 Financial Results: Solid Loan Growth; Net Interest Margin Rises to 3.59%

Financial Performance - Net income for Q4 2024 was $24.5 million, or$ 0.79 per diluted share, compared to $27.9 million, or$ 0.90 per diluted share in the previous quarter [6][9] - Core net income for Q4 2024 was $28.0 million, or$ 0.90 per diluted share, flat compared to the previous quarter [6][10] - Full year 2024 net income was $106.4 million, or$ 3.44 per diluted share, a 20.9% increase from 2023 [7] - Core net income for full year 2024 was $107.8 million, or$ 3.48 per diluted share, a 19.1% increase from 2023 [7] Deposits and Liquidity - Total deposits decreased by $414.0 million (5.5%) to$ 7.2 billion in Q4 2024, driven by political deposit outflows [6] - Political deposits decreased by $992.3 million to$ 969.6 million in Q4 2024 [6] - Off-balance sheet deposits peaked at $1.3 billion during Q4 2024 but ended the quarter at zero [6] - Cash and borrowing capacity totaled$ 3.2 billion, covering 86% of total uninsured deposits [6] Loans and Credit Quality - Net loans receivable increased by $126.4 million (2.8%) to$ 4.6 billion in Q4 2024 [6] - Total multifamily and commercial real estate loan portfolio was $1.8 billion, representing 201% of total risk-based capital [6] - Nonperforming assets decreased by$ 2.7 million to $25.9 million (0.31% of total assets) in Q4 2024 [21] - Allowance for credit losses on loans decreased by$ 1.4 million to $60.1 million (1.29% of total loans) in Q4 2024 [22] Capital and Returns - Common Equity Tier 1 Capital Ratio improved to 13.90% in Q4 2024, up from 13.82% in Q3 2024 [24] - Tangible common equity ratio improved to 8.41% in Q4 2024, marking the ninth consecutive quarter of improvement [6] - Tangible book value per share increased by$ 0.31 (1.4%) to $22.60 in Q4 2024 [6] - Core return on average tangible common equity was 16.13% in Q4 2024 [6] Net Interest Margin and Income - Net interest margin expanded by 8 basis points to 3.59% in Q4 2024 [6] - Net interest income grew by$ 1.0 million (1.4%) to $73.1 million in Q4 2024 [6] - Loan interest income increased by$ 3.9 million in Q4 2024, driven by a $126.2 million increase in average loan balances [11] - Interest expense on total interest-bearing deposits decreased by$ 1.5 million in Q4 2024, primarily due to a 39 basis point decrease in cost [11] Share Repurchase and Dividends - Repurchased approximately 25,000 shares, or $0.8 million of common stock in Q4 2024 under the$ 40 million share repurchase program [4] - $18.7 million of remaining capacity under the share repurchase program as of Q4 2024 [4] - Paid$ 3.7 million in dividends at $0.12 per outstanding share in Q4 2024 [24]