Amalgamated Financial's Q3 core EPS beats on higher interest income
AMAL•Amalgamated Financial reported Q3 core EPS of $1.14, above the $1.08 analyst consensus, and net income of $36.43 million. Higher net interest and non-interest income contributed to the results, while expenses also rose.
1. Earnings and income
Amalgamated Financial's Q3 core net income was $34.60 million, while reported net income reached $36.43 million. Net interest income was $87.94 million, up $1.9 million, reflecting higher average loan balances and commercial loan originations.
2. Other results and buybacks
Non-interest income increased $1.5 million, supported by higher retail banking fees and consumer wealth management and investment services. The provision for credit losses fell $0.8 million, mainly due to lower charge-offs and fewer reserve increases. The company repurchased about 137,000 shares, with $33.5 million of buyback capacity remaining; it provided no specific future-quarter or full-year financial guidance.
