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Amalgamated Bank (AMAL)
NASDAQ:AMAL
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Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.87Last Year’s EPS
$0.72Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 24, 2024
|% Change Since: -0.64%
|Next Earnings Date:Jan 23, 2025
Earnings Call Sentiment|Positive
The earnings call highlighted strong deposit and loan growth, particularly in the political and sustainable segments, and positive financial performance with increased net income and improved return metrics. However, there were notable challenges such as increased charge-offs in the consumer solar and legacy leveraged loan portfolios, and the anticipated outflow of political deposits. Despite these challenges, the overall sentiment leans towards optimism due to the growth achievements and strategic positioning for future opportunities.Company Guidance
During the third quarter of 2024, Amalgamated Financial (AMAL) provided updated guidance and reported strong financial performance across several metrics. The company achieved net income of $27.9 million, or $0.90 per diluted share, and a core net income of $28 million, or $0.91 per diluted share. The quarter featured a notable deposit growth with $311 million in new deposits, including $82 million in social and philanthropy deposits and $77 million in sustainable deposits, highlighting the bank's strategic focus on these segments. Political deposits ended the quarter at $2 billion, significantly higher than the previous peak, with projections indicating a trough between $850 million and $875 million by year-end. The bank also reported a 2.7% core loan growth rate, with expectations to maintain a 1% to 2% growth target in the fourth quarter. Additionally, the company's tangible book value per share increased by 8.2%, reaching $22.29, supported by improvements in accumulated other comprehensive income (AOCI) and strong earnings. Amalgamated continues to strategically reshape its balance sheet, focusing on higher-yielding loans and sustainable lending opportunities, aligned with its mission of socially responsible banking.Strong Deposit and Loan Growth
Amalgamated reported $311 million in new deposits, with political deposit balances growing 13% to $2 billion. Nonpolitical deposits also showed strong performance with social and philanthropy deposits rising $82 million and sustainable deposits increasing by $77 million.
Record Political Deposit Levels
Political deposits reached a new peak of $2 billion, surpassing the previous high of $1.3 billion during the 2022 midterm elections. This was attributed to unprecedented political engagement and fundraising.
Positive Financial Performance
Amalgamated achieved a net income of $27.9 million, or $0.90 per diluted share, and core net income of $28 million, or $0.91 per diluted share. The Tier 1 leverage ratio increased by 21 basis points to 8.63%, and core return on average assets improved by 6 basis points to 1.33%.
Sustainable Lending Momentum
The sustainable lending team was expanded, and Amalgamated is positioned to capitalize on the expected $3 trillion financing needed for net-zero emissions by 2050. The company is actively participating in the $27 billion Greenhouse Gas Reduction Fund.
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AMAL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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AMAL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 24, 2024 | $33.86 | $33.41 | -1.33% |
| Jul 25, 2024 | $31.63 | $31.05 | -1.83% |
| Apr 25, 2024 | $23.68 | $23.59 | -0.38% |
| Jan 25, 2024 | $26.21 | $25.16 | -4.01% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Amalgamated Bank (AMAL) report earnings?
Amalgamated Bank (AMAL) is schdueled to report earning on Jan 23, 2025, TBA Not Confirmed.
What is Amalgamated Bank (AMAL) earnings time?
Amalgamated Bank (AMAL) earnings time is at Jan 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is AMAL EPS forecast?
AMAL EPS forecast for the fiscal quarter 2024 (Q4) is $0.87.
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