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Amalgamated Financial Corp. (AMAL-0.34%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing reports a net income of $106.4 million for the year, compared to $88.0 million in the previous year. Earnings per diluted share increased to $3.44 from $2.86.
Net interest income rose by 8.1% to $282.4 million, driven by higher yields on loans and securities. The net interest margin increased to 3.51%, up from 3.41% in the previous year.
The provision for credit losses decreased to $10.3 million from $14.7 million. This decrease was primarily due to improvements in macroeconomic forecasts and lower unfunded exposures.
Non-interest income increased by $3.9 million to $33.2 million, largely due to a rise in service charges on deposit accounts.
Non-interest expense rose by $8.6 million to $159.8 million, mainly due to higher compensation expenses and data processing costs.
Total assets increased to $8.26 billion from $7.97 billion, with notable increases in loans and investment securities.
Total deposits grew by $168.6 million to $7.18 billion, while borrowings increased by $246.3 million.
The company reported a total stockholders' equity of $707.7 million, up from $585.4 million, primarily due to retained earnings and accumulated other comprehensive income.
Amalgamated Financial Corp. remains well-capitalized, with a total capital to risk-weighted assets ratio of 16.26% at the consolidated level.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Amalgamated Financial Corp. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.