Amalgamated Financial's Q4 net interest margin rises on lower deposit costs

Overview

• U.S. bank's Q4 core EPS rose

• Net interest margin increased to 3.66% from previous quarter

• Company repurchased approximately 309,000 shares during the quarter

Result Drivers

• DEPOSIT GROWTH - Record deposit growth of nearly $1 bln, driven by political deposits, increased liquidity

• NET INTEREST MARGIN - Net interest margin rose to 3.66%, aided by a decrease in deposit costs and higher non-interest bearing deposits

• LOAN GROWTH - Net loans receivable increased by $167.4 mln, driven by growth in commercial and industrial loans and multifamily loans

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Amalgamated Financial Corp is $34.50, about 4.2% below its January 21 closing price of $36.03

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 7 three months ago

Press Release: ID:nBw5Sw07ka

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