Amalgamated Bank (NASDAQ: AMAL) reported Q3 EPS of $0.41, $0.04 better than the analyst estimate of $0.37.

Third Quarter 2019 Highlights

• Net income for the quarter of $13.2 million, or $0.41 per diluted share, compared to $9.4 million, or $0.29 per diluted share, for the third quarter of 2018
• Core net income (non-GAAP) for the quarter of $13.3 million, or $0.41 per diluted share, compared to $12.1 million, or $0.38 per diluted share, for the third quarter of 2018
• Deposit growth of $185.9 million, or 17.8% annualized, from $4.1 billion at June 30, 2019
• Average deposit growth of $117.4 million, or 11.3% annualized, as compared to the second quarter of 2019
• Loan growth of $176.3 million, or 21.4% annualized, as compared to June 30, 2019
• Cost of deposits of 0.37%, as compared to 0.34% for the second quarter of 2019 and 0.25% for the third quarter of 2018
• Net interest margin of 3.50%, compared to 3.66% for the second quarter of 2019 and 3.65% for the third quarter of 2018
• Tier 1 Leverage, Common Equity Tier 1, and Total Risk-Based capital ratios were 9.03%, 13.49%, and 14.55%, respectively, at September 30, 2019
• First U.S. bank to endorse United Nations’ Principles for Responsible Banking (UNPRB); Joined UNPRB Collective Commitment to Climate Action and Global Partnership for Carbon Accounting Financials Received the Small Cap Board Diversity Award by the National Association of Corporate Directors

Keith Mestrich, President and Chief Executive Officer of Amalgamated Bank, commented, “Our third quarter results demonstrate the continued growth of our franchise as we surpassed $5.0 billion in assets, a significant milestone for Amalgamated. This growth was driven by continued strength in our average deposits which increased at an 11.3% annualized rate in the quarter, including $91.5 million growth in political deposits at period end as we continue to bank a majority of the candidates running for President. We also delivered 21.4% annualized loan growth as our expansion into ‘sustainable’ lending continues to gain traction and the headwind from our decision to run off our indirect C&I portfolio abates. Looking to the balance of the year, we are well positioned as our pipelines in alternative energy, C&I, CRE, and Multifamily are healthy. Lastly, we have remained disciplined on costs, having reduced our forward looking expense base by approximately $2.4 million annually through the renegotiation of a major vendor contract and the closure of our Chelsea bank branch. Expense control remains a priority of our management team as we strive to improve the Bank’s profitability.”

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