{"id":6622,"date":"2023-10-29T05:59:53","date_gmt":"2023-10-29T05:59:53","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/earnings-call-amalgamated-financial-corporation-q3-2023-results-highlight-growth-sustainability-commitment\/"},"modified":"2023-10-29T05:59:54","modified_gmt":"2023-10-29T05:59:54","slug":"earnings-call-amalgamated-financial-corporation-q3-2023-results-highlight-growth-sustainability-commitment","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6622","title":{"rendered":"Earnings call: Amalgamated Financial Corporation Q3 2023 results highlight growth, sustainability commitment"},"content":{"rendered":"<div>\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<p><span class=\"text\">\u00a9 Reuters. <\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p>Amalgamated Financial Corporation (NASDAQ:AMAL) discussed its Q3 2023 earnings in a recent conference call, outlining its strategy for growth, improvements in key ratios, and a commitment to sustainability. The company emphasized its involvement in combating climate change and participation in the UN Zero Target Banking Alliance. AFC also highlighted profitability and a mission-aligned business model, with a focus on increasing capital position and improving profitability in the coming year.<\/p>\n<p>Key takeaways from the call include:<\/p>\n<ul>\n<li>AFC is preparing its balance sheet for growth by the second half of next year, with a strategy focusing on an improved leverage ratio and tangible common equity ratio. This aligns with InvestingPro&#8217;s data which indicates that AFC has a strong return on assets at 1.15% LTM2023.Q2.<\/li>\n<li>The company reported growth in its loan portfolio, especially in the commercial and industrial asset class, with total loans receivable net of deferred fees and costs at $4.4 billion. This is complemented by a solid revenue growth of 20.83% LTM2023.Q2 as reported by InvestingPro.<\/li>\n<li>Deposits increased, including new deposit inflows from various customer segments. The high-quality super-core deposit base was $3.4 billion, with total uninsured deposits at $3.8 billion or 54% of total deposits.<\/li>\n<li>The bank reported a net interest margin of 3.29%, with loan yields increasing. The core return on average equity and core return on average tangible common equity were 17.2% and 17.7% respectively. This is in line with InvestingPro Tips suggesting that AFC yields high return on invested capital.<\/li>\n<li>AFC is focusing on sustainability, participating in the UN Zero Target Banking Alliance, and setting zero-based emission targets.<\/li>\n<li>The bank filed for a merchant code for gun retailers to support law enforcement efforts in detecting illicit firearm purchases.<\/li>\n<li>The company expects stability in Q4 expenses, with a baseline of around $37 million, and anticipates reducing the balance sheet size by $150 million through maturing brokered CDs.<\/li>\n<li>AFC CEO Priscilla Sims Brown expressed concern over recent mass shootings and emphasized the need for collective efforts to end gun violence.<\/li>\n<\/ul>\n<p><span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> Amalgamated Bank <\/span><\/span> (NASDAQ:)&#8217;s credit rating remained stable, and it maintained significant liquidity with cash and immediate borrowing capacity of $2.6 billion and $576 million of two-day capacity from unpledged securities. The bank expects to continue repurchasing shares while meeting its capital targets and estimates a tax rate of around 27.5% for next year. This aligns with the InvestingPro Tip that AFC&#8217;s strong earnings should allow management to continue dividend payments, with the bank showing a healthy dividend yield of 2.48% Y2023.D300.<\/p>\n<p>The bank&#8217;s CEO, Priscilla Sims Brown, also addressed the growth in political deposits and the bank&#8217;s focus on improving the quality of trust relationships. She mentioned a potential charge-off of $1.2 million in the multifamily sector and stated that new loans are yielding around 7.25% on average. Jason Darby, another representative from the company, mentioned that the full-year projections would be released during the Q4 earnings release and that they expect the balance sheet to grow. He also mentioned that a significant portion of the loan portfolio is set to mature, offering an opportunity to replace assets and maintain the balance sheet.<\/p>\n<p>The call concluded with the management expressing their willingness to answer further questions and bidding farewell to participants. The company is looking forward to Q4, expecting loan growth of 2-3% per quarter, and is prepared for another potential credit issue, despite overall improvements in credit quality.<\/p>\n<p>For more insights and tips like these, consider checking out InvestingPro which offers 9 additional tips for AFC and many other companies.<\/p>\n<p><em>This article was generated with the support of AI and reviewed by an editor. For more information see our T&amp;C.<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/earnings-call-amalgamated-financial-corporation-q3-2023-results-highlight-growth-sustainability-commitment-93CH-3211754\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters. Amalgamated Financial Corporation (NASDAQ:AMAL) discussed its Q3 2023 earnings in a recent conference call, outlining its strategy for growth, improvements&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2199,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-6622","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Earnings call: Amalgamated Financial Corporation Q3 2023 results highlight growth, sustainability commitment | inFundPros<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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