Amalgamated Financial reports Q4 core EPS 87c, consensus 74c

Q4 net interest income was level at $67.3M vs. $67.6M in Q3, while net interest margin grew by 6 basis points to 3.56%, vs. 3.50% at Q3. Tangible book value per share was $16.05 at quarter end from $15.37 at the end of previous quarter. CEO Priscilla Sims Brown commented, "Our record Q4 and full year 2022 results reflect the successful execution of the strategy that we outlined eighteen months ago. A strategy that was designed to accelerate loan growth, improve our profitability, and drive earnings as we strived to be the most improved bank in the country for financial metrics. I am proud to say that our full year 2022 results have exceeded our expectations as we grew our loan portfolio 23.9%, improved our return on average assets 24 bps to 1.05% and increased diluted earnings per share 56% to $2.61."