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01/10 05:51
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents mixed signals: strong earnings per share and a steady dividend suggest stability, but concerns about nonperforming assets and market uncertainties pose risks. While the share repurchase program is positive, the lack of clear guidance on political risks and operational cost increases tempers optimism. The Q&A reflects management's inability to fully address concerns, leading to a balanced outlook. Given the absence of a market cap, the reaction is likely neutral, with stock price movement expected within the -2% to 2% range.
Earnings Per Share (EPS) $0.88 EPS, unchanged year-over-year.
Net Interest Income $70.6 million, a decrease from the previous quarter due to rate cuts being fully recognized.
Net Interest Margin (NIM) 3.55%, a four basis point contraction from the previous quarter.
Total Deposits $7.6 billion, an increase of $446 million from the linked quarter.
Political Deposits Increased by $103 million or 11% to $1.1 billion.
Tangible Book Value per Share $23.51, an increase of $0.91 or 4%.
Core Revenue per Diluted Share $2.57, a decrease of $0.10 from the prior quarter.
Core Net Income $27.1 million or $0.88 per diluted share, reflecting the power and sustainability of earnings.
Core Return on Average Equity 15.23%, a modest decline expected due to organic capital build.
Core Return on Average Assets 1.33%, steady performance.
CET1 Ratio 14.32%, improved by 43 basis points.
Tier One Leverage Ratio 9.22%, improved by 22 basis points.
Nonperforming Assets $33.9 million or 0.41% of total assets, an increase of $8 million.
Allowance for Credit Losses $57.7 million, a decrease of $2.4 million.
Core Non-Interest Income $9.1 million, a decrease from $9.5 million in the linked quarter.
Core Non-Interest Expense $41.5 million, an increase of $0.4 million from the linked quarter.
Net Loans Receivable $4.6 billion, an increase of $7 million or 0.2%.
Political Deposits Growth: Political deposits increased $103 million or 11% to $1.1 billion in the quarter, following nicely our historical pattern of rebuilding deposits after an election cycle.
Not-for-Profit Segment Growth: Our not-for-profit segment represents 18.5% of on-balance sheet deposits at quarter-end, with deposits increasing from $285 million at year-end 2020 to $1.4 billion at the end of Q1 2025, a growth of approximately 29% in the last twelve months.
Deposit Growth: Total deposit growth was $446 million through the first quarter, broad-based across customer segments.
Capital Return: Paid a dividend of $0.14 per share and repurchased around $3.5 million worth of stock, bringing the combined payout ratio to over 30% of earnings.
Loan Growth: Net loans receivable increased by $7 million or 0.2% compared to the linked quarter, primarily driven by increases in multifamily and commercial industrial loans.
New Headquarters: Amalgamated plans to move to a new New York City headquarters location in mid-2026, aimed at attracting and retaining top-tier talent.
C-PACE Growth Strategy: Expect C-PACE originations to ramp up to an average of $15 to $20 million of new originations per quarter in the back half of the year.
Market Uncertainty: Increased turbulence and uncertainty in the markets, which can affect investor comfort and overall industry stability.
Regulatory Challenges: Potential impacts on clients due to federal government funding reductions and headcount cuts at federal agencies.
Credit Risk: Concerns regarding the quality of earning streams and the potential impact on clients from political and economic changes.
Loan Growth: Expectations of muted growth in commercial and industrial loans in the second quarter, with a reacceleration more likely in the latter half of the year.
Nonperforming Assets: Increase in nonperforming assets, particularly in commercial industrial nonaccrual loans, indicating potential credit quality issues.
Interest Rate Sensitivity: Anticipated decrease in annual net interest income due to potential interest rate cuts, which could impact overall earnings.
Operational Costs: Increase in professional fees related to digital transformation and partnership evaluations, which may affect overall expense management.
C-PACE Originations: Expect C-PACE originations to ramp up to an average of $15 to $20 million of new originations per quarter in the back half of the year.
New Headquarters: Planned move to a new New York City headquarters location in mid-2026 to attract and retain top-tier talent.
Core Pretax Pre-Provision Earnings Guidance: Maintaining full-year 2025 guidance of core pretax pre-provision earnings of $159 million to $163 million.
Net Interest Income Guidance: Maintaining net interest income guidance of $293 million to $297 million for 2025.
Second Quarter Net Interest Income: Expect net interest income to range between $72 and $74 million in the second quarter.
Net Interest Margin: Expect net interest margin to expand by 2 to 4 basis points in the second quarter.
Dividend per share: $0.14 per share to be paid in May.
Share repurchase program: Authorized a new $40 million share repurchase program in March.
Total stock repurchased: Approximately $3.5 million worth of stock repurchased this quarter.
Combined payout ratio: Over 30% of earnings.
The earnings call shows strong financial performance, with NII and net interest margin exceeding guidance, and an increase in tangible book value per share. The Q&A section highlights management's confidence in handling potential risks, such as rent freezes and federal funding for green projects. Despite higher expenses, the outlook remains stable. The positive financial metrics and optimistic management responses suggest a positive stock price reaction.
The earnings call reveals strong financial performance with EPS and NII growth, share repurchases, and solid deposit growth. The Q&A provides confidence in organic expansion and stable provisioning, despite vague answers on syndicated credit resolution. The balance of buybacks and dividends is positive, and the NIM outlook is stable. Overall, the financial health and strategic growth plans indicate a positive sentiment.
The earnings call presents mixed signals: strong earnings per share and a steady dividend suggest stability, but concerns about nonperforming assets and market uncertainties pose risks. While the share repurchase program is positive, the lack of clear guidance on political risks and operational cost increases tempers optimism. The Q&A reflects management's inability to fully address concerns, leading to a balanced outlook. Given the absence of a market cap, the reaction is likely neutral, with stock price movement expected within the -2% to 2% range.
The earnings call indicates a mix of positive and negative factors. The financial performance shows some declines in key metrics like EPS and net interest income, yet the guidance remains optimistic with growth targets. The Q&A reveals some concerns about non-accrual loans, but management is confident in resolution. The shareholder return plan is positive, with a new repurchase program and dividend. Overall, the balance of these factors suggests a neutral sentiment, with no strong catalysts for significant stock price movement, especially given the absence of market cap information.
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