Amalgamated Financial Q2 profit hits record as margin rises
AMAL•Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Core EPS | Beat | $1.10 | $1 (2 Analysts) |
| Q2 EPS | $1.15 | ||
| Q2 Core Net Income | $33.10 million | ||
| Q2 Net Income | $34.77 million | ||
| Q2 Net Interest Income | $86.06 million |
Outlook and growth drivers
Company says it has raised guidance following record profitability and margin improvement.
Amalgamated sees strong deposit and loan growth supporting future performance.
Result drivers:
- Net interest income - Higher net interest income driven by increased loan and securities yields, commercial loan origination, and PACE assessments
- Provision expense - Lower provision for credit losses after prior quarter's reserve build boosted profitability
- Deposit growth - On-balance sheet deposits rose , with political deposits up , supporting asset and loan growth
