Q4 2024 Amalgamated Bank Earnings Call Transcript
Key Points
- Amalgamated Financial Corp (AMAL) reported near-record quarterly core earnings per share of $0.90, showcasing strong profitability.
- The company achieved record full-year earnings of $106.4 million, driven by robust loan growth and expanding margins.
- Deposits outperformed previous election cycles, with political deposits ending 50.6% higher than the prior cycle.
- Net interest margin increased to 3.59% despite a remix of nearly $400 million from DDA to interest-bearing deposit accounts.
- Amalgamated Financial Corp (AMAL) plans to invest in sustainable lending and technology infrastructure to drive future growth.
- The quarter showed a large decline in political deposit balances, which peaked at $2 billion during October.
- GAAP EPS was lower due to restructuring the lowest-yielding part of the loan portfolio, resulting in a $4 million pre-tax loss.
- Total deposits decreased by $414 million from the linked quarter, reflecting political deposit outflows.
- Criticized assets increased modestly by $7.3 million, with downgrades to several commercial and industrial loans.
- The company anticipates a potential 2-3 basis points compression in net interest margin in the first quarter of 2025.
Good morning, ladies and gentlemen, and welcome to the Amalgamated Financial fourth quarter and full-year 2024 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions with instructions to follow at that time. As a reminder, this conference call is being recorded.
I would now like to turn the call over to Mr. Jason Darby, Chief Financial Officer. Please go ahead, sir.
Thank you, operator, and good morning, everyone. We appreciate your participation in our earnings call.
With me today is Priscilla Sims Brown, our President and Chief Executive Officer. Additionally, Sam Brown, our Chief Banking Officer, is also here for the Q&A portion of today's call. As a reminder, a telephonic replay of this call will be available on the Investors section of our website for an extended period of time. Additionally, a slide deck to complement today's
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