The following is a summary of the Amalgamated Financial Corp. (AMAL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Amalgamated Financial Corp reported Q1 2024 net income of $27.2 million, equivalent to $0.89 per diluted share.

• Core net income amounted to $25.6 million or $0.83 per diluted share, a 16% increase from the previous quarter.

• The company's net interest income increased to $68 million and the net interest margin expanded by 5 basis points.

• Tier 1 leverage ratio improved by 22 basis points to 8.29%.

• Ended Q1 2024 with total deposits of $7.3 billion, an increase of $293.8 million from the linked quarter.

Business Progress:

• The bank recorded solid deposit growth with an increase of $373.8 million or 5.5% to $7.1 billion during Q1, facilitated by its unique deposit collection franchise.

• Continues to make progress in the socially responsible banking business with anticipated benefits from the Inflation Reduction Act.

• Plans to drive organic deposit growth across its core customer segments and cautiously expand its loan portfolio in the rest of the year.

• Joined a coalition of Green banks and plans to increase investment in cloud infrastructure, supporting Microsoft Cloud's growth and AI demand.

• Shifted focus in multifamily loans to 'mission aligned portion' properties and planned to navigate future political deposit outflows with increased nonpolitical and union deposits.

• Initiatives in securities markets were launched to augment loan production with $128 million of purchases and $75 million in sales.

• Expects growth opportunities as a result of the Inflation Reduction Act which is anticipated to improve the sustainable lending franchise and lead to enhanced profitability.

More details: Amalgamated Bank IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.