Amalgamated Financial (AMAL) Globenewswire·2025-04-24 10:25Core Insights - Amalgamated Financial Corp. reported a net income of $25.0 million, or $0.81 per diluted share, for Q1 2025, an increase from $24.5 million, or $0.79 per diluted share, in the previous quarter [6][7] - The company achieved a Common Equity Tier 1 Capital ratio of 14.27% and a Tangible Common Equity ratio of 8.73%, indicating strong capital positions [20][21] - Total assets remained stable at $8.3 billion, with total deposits increasing by $445.9 million, or 6.2%, to $7.6 billion [15][17] Financial Performance - Core net income for the quarter was $27.1 million, or $0.88 per diluted share, down from $28.0 million, or $0.90 per diluted share, in the prior quarter [8] - Net interest income decreased by $2.5 million, or 3.4%, to $70.6 million, primarily due to a higher average balance of interest-bearing deposits [9][10] - Non-interest income rose to $6.4 million from $4.8 million in the previous quarter, with core non-interest income at $9.1 million [12] Balance Sheet Highlights - Total on-balance sheet deposits increased by $231.5 million, or 3.2%, to $7.4 billion, with non-interest-bearing deposits comprising 39% of total deposits [17] - Total net loans receivable increased by $7.0 million, or 0.2%, to $4.6 billion, driven by growth in multifamily and commercial loans [16] - Nonperforming assets rose to $33.9 million, or 0.41% of total assets, primarily due to an increase in commercial and industrial non-accrual loans [18] Capital and Returns - The Tier 1 leverage ratio improved to 9.22%, up by 22 basis points from the previous quarter [20] - Tangible book value per share increased by $0.91, or 4.0%, to $23.51, marking a 35.7% increase since September 2021 [21] - Core return on average tangible common equity was 15.54%, while core return on average assets stood at 1.33% [21][44] Shareholder Actions - The company repurchased approximately 105,000 shares, totaling $3.5 million, and approved a new $40 million share repurchase program [5][6] - Dividends paid during the quarter amounted to $4.3 million at $0.14 per share [20]