Amalgamated Bank (NASDAQ: AMAL) reported Q4 EPS of $0.39, $0.01 better than the analyst estimate of $0.38.

Fourth Quarter 2019 Highlights

• Net income of $12.0 million, or $0.37 per diluted share, as compared to $16.0 million, or $0.49 per diluted share, for the fourth quarter of 2018
• Core net income (non-GAAP) of $12.6 million, or $0.39 per diluted share, as compared to $9.7 million, or $0.30 per diluted share, for the fourth quarter of 2018
• Deposit growth of $318.6 million, or 29.5% annualized, compared to a balance of $4.3 billion on September 30, 2019
• Growth in Property Assessed Clean Energy (“PACE”) assessments (in held-to-maturity securities) of $177.5 million, bringing our total PACE assessments to $263.8 million
• Cost of deposits was 0.36%, as compared to 0.37% for the third quarter of 2019 and 0.27% for the fourth quarter of 2018
• Net interest margin was 3.43%, compared to 3.50% for the third quarter of 2019 and 3.57% for the fourth quarter of 2018.
• Tier 1 Leverage, Common Equity Tier 1, and Total Risk-Based capital ratios were 8.90%, 13.01%, and 14.01%, respectively, at December 31, 2019
• Total nonperforming assets were $66.7 million, or 1.25% of total assets, as of December 31, 2019, compared to $71.6 million or 1.42% of total assets, at September 30, 2019 and $59.3 million, or 1.27% of total assets, at December 31, 2018

Keith Mestrich, President and Chief Executive Officer of Amalgamated Bank, commented, “We are pleased with our results highlighted by $318.6 million in deposit growth, or 29.5% annualized, and the addition of $177.5 million in PACE assessments for the fourth quarter which has contributed to our 13.6% growth in interest-earning assets for the full year of 2019. As we continued to focus on ‘sustainable’ investing, which we believe differentiates us in the market and aligns with our mission, we were able to deliver loan and securities growth above our expectations for the quarter and the year. This strong growth was also achieved despite our strategic decision to accelerate the reduction of our indirect C&I portfolio over the course of this year. Looking forward, we plan to continue to invest in our growth and we are excited with the opportunities that we see, including our planned market expansion as we execute on our de novo strategy with the goal of opening two offices in 2020 as well as exploring new product development. Lastly, we are very proud of the recognition that we received this past year as we build upon our reputation as America’s Socially Responsible Bank, including EuroMoney’s Award for Corporate Social Responsibility in North America award and Forbes Best Bank in California.”

For earnings history and earnings-related data on Amalgamated Bank (AMAL) click here.