Amalgamated Financial (US:AMAL)2021-04-22 19:56Financial Performance - GAAP net income was $039 per diluted share, while core net income reached $041 per diluted share[7] - Pre-tax, pre-provision income stood at $131 million, compared to $230 million in the previous quarter[7] - The efficiency ratio was 7153%, with a core efficiency ratio of 6918%, compared to 5866% in 4Q20[7] Balance Sheet - Total deposits increased by $3814 million compared to 4Q20, driven by post-election rebound in political deposits and new relationships in core markets[7, 15] - Total loans decreased by $2245 million, primarily due to customer refinancing and a large loan payoff in C&I[7, 24] - Held-to-maturity securities increased by $368 million, reaching $5313 million[24] - Investment securities totaled $22 billion in book value, with a $1910 million increase in 1Q21 compared to 4Q20[26] Asset Quality - Loan deferrals decreased to $85 million, representing 03% of loans, compared to $413 million or 12% on 12/31/20[7] - Allowance for loan losses totaled $367 million in 1Q21, a decrease of $49 million compared to 4Q20[45] - Net interest income was $418 million, compared to $457 million in 4Q20[30]