- Amalgamated Financial Corp. (AMAL, Financial) reported a net income of $25 million, or $0.81 per diluted share, for Q1 2025.
- Total deposits grew by $445.9 million (6.2%) to $7.6 billion, with political deposits seeing an 11% increase to $1.1 billion.
- AMAL approved a new $40 million share repurchase program, initiated in March 2025.
Amalgamated Financial Corp. (AMAL) has announced its financial results for the first quarter of 2025, reflecting a mixed performance. The company achieved a net income of $25 million, translating to earnings of $0.81 per diluted share, a slight rise from the previous quarter's $24.5 million or $0.79 per share. Meanwhile, the core net income slightly declined to $27.1 million, or $0.88 per share, from $28.0 million.
The company's total deposits increased by $445.9 million, or 6.2%, to reach $7.6 billion, with a significant contribution from political deposits, which rose by 11% to $1.1 billion. Notably, these deposits include both on-balance sheet and off-balance sheet deposits. The net interest margin saw a decrease of 4 basis points to 3.55%, while net interest income fell by 3.4% to $70.6 million.
Amalgamated Financial's liquidity remains robust, with $3.6 billion available within two days, sufficient to cover 94% of uninsured deposits. This reflects strong risk management amidst current banking challenges. Meanwhile, the Common Equity Tier 1 Capital ratio improved to 14.27%, indicating a solid capital position. The tangible book value per share also increased by 4.0% to $23.51.
Moreover, AMAL has shown confidence in its prospects by repurchasing approximately 105,000 shares worth $3.5 million during the first quarter under its share repurchase program. Furthermore, a new $40 million share repurchase program was approved in March 2025, continuing its commitment to shareholder returns.
