Amalgamated Financial Corp. (the “Company” or “Amalgamated”)
(Nasdaq: AMAL), the holding company for Amalgamated Bank (the
“Bank”), today announced its complete financial results for the
second quarter ended June 30, 2023.
Second Quarter 2023 Highlights (on a linked
quarter basis)
- Net income of $21.6 million, or
$0.70 per diluted share, compared to $21.3 million, or $0.69 per
diluted share.
- Core net income1 of $22.0 million,
or $0.72 per diluted share, as compared to $23.0 million, or $0.74
per diluted share.
Deposits and Liquidity
- Total deposits decreased $146.7
million, or 2.1%, to $6.9 billion including a $126.4 million
decline in Brokered CD utilization.
- Excluding Brokered CDs, deposits
remained essentially unchanged at $6.4 billion, reflecting a strong
and stable deposit base.
- Political deposits increased $157.7
million, or 23.3%, to $835.8 million.
- Average cost of deposits, excluding
Brokered CDs, was 87 basis points for the quarter, where
non-interest bearing deposits remained steady and comprised a
noteworthy 46% of total deposits.
- Super-core deposits totaled
approximately $3.6 billion, had a weighted average life of 17
years, and comprised 55% of total deposits excluding Brokered
CDs.
- Total uninsured deposits were
$3.9 billion, improving to 57% of total deposits. Excluding
uninsured super-core deposits of approximately $2.5 billion,
remaining uninsured deposits were approximately 20-23% of total
deposits with immediate liquidity coverage of 183%.
- Cash and borrowing capacity totaled
$2.6 billion (immediately available) plus unpledged securities
(two-day availability) of $758.3 million for total liquidity
within two-days of $3.3 billion (85% of total uninsured
deposits).
Assets and Margin
- Loans receivable, net of deferred
loan origination costs, increased $53.5 million, or 1.3%, to $4.3
billion.
- Held-to-maturity and available for
sale PACE assessments grew $64.3 million to $1.1 billion.
- Net interest income was $63.0
million, at the high-end of the guidance range provided in the
first quarter. Net interest margin was 3.33%, in line with
expectations.
Share Repurchase
- Repurchased approximately 139,000
shares, or $2.2 million of common stock under the Company’s
$40 million share repurchase program announced in the first quarter
of 2022.
- The Company expects to continue
repurchasing shares through its common stock share repurchase
program, with $23.5 million of remaining capacity. The timing and
exact amount of stock repurchase activity will be informed by
economic and regulatory considerations as well as Amalgamated's
overall position, earnings outlook, and capital deployment
priorities.
Investments and Capital
- Tangible common equity ratio of
6.59%, represents another consecutive quarter of improvement.
- Available for sale securities,
which are 73% of the Company's traditional securities portfolio,
had unrealized losses of 7.6%, with an effective duration of 1.8
years.
- Traditional held-to-maturity
securities, which are 27% of the Company's traditional securities
portfolio, had unrecognized losses of 11.0%, with an effective
duration of 4.1 years.
- Regulatory capital remains above
bank “well capitalized” standards, with a Common Equity Tier 1
ratio of 12.51% at June 30, 2023, and continues to increase in line
with strategic plans.
- Our leverage ratio was 7.78%, an
increase of 28 basis points from the prior quarter.
Priscilla Sims Brown, President and Chief
Executive Officer, commented, “Amalgamated is a conservatively
managed bank with a simple model, prudent asset liability
management practices, efficient operations, experienced management,
strong asset quality and, importantly, a uniquely stable deposit
base which is beginning to benefit from strong political deposit
inflows as the presidential election cycle begins.”
1 Reconciliations of non-GAAP financial measures
to the most comparable GAAP measure are set forth on the last page
of the financial information accompanying this press release and
may also be found on our website, www.amalgamatedbank.com.
Second Quarter
Earnings
Net income for the second quarter of 2023 was
$21.6 million, or $0.70 per diluted share, compared to $21.3
million, or $0.69 per diluted share, for the first quarter of 2023.
The $0.3 million increase for the second quarter of 2023 compared
to the preceding quarter was primarily driven by a $2.7 million
increase in non-interest income, a $1.1 million decrease in
provision expense, and a $1.1 million decrease in non-interest
expense offset by a $4.3 million decrease in net interest income,
and a $0.2 million increase in income tax expense.
Core net income excluding the impact of solar
tax equity investments (non-GAAP)1 for the second quarter of 2023
was $22.0 million, or $0.72 per diluted share, compared to $23.0
million, or $0.74 per diluted share, for the first quarter of 2023.
Excluded from core net income for the second quarter of 2023 were
$0.3 million of pre-tax losses on sales of securities and $0.3
million in severance costs. Excluded from the first quarter of 2023
were $3.1 million of pre-tax losses on the sale of securities and
$0.8 million of pre-tax gains on subordinated debt repurchases.
Net interest income was $63.0 million for the
second quarter of 2023, compared to $67.3 million for the first
quarter of 2023. Interest income on securities decreased $0.2
million driven by a 12 basis point increase in securities yield
offset by a decrease in the average balance of securities of $102.0
million. Loan interest income increased $0.6 million driven by a
$73.5 million increase in average loan balances offset by a 7 basis
point decrease in loan yields. The increase in interest income was
offset by higher interest expense on deposits of $5.0 million
driven by a 45 basis point increase in deposit costs and an
increase in the average balance of interest-bearing deposits of
$165.5 million. The changes in deposit costs were primarily related
to a $43.8 million increase in average Brokered CDs and a $112.5
million increase in average savings, NOW, and money market
deposits.
Net interest margin was 3.33% for the second
quarter of 2023, a decrease of 26 basis points from 3.59% in the
first quarter of 2023. The decrease is largely due to increased
rates and average balances of interest-bearing liabilities,
primarily costs for deposits. No prepayment penalties were earned
in loan income in the first or second quarter of 2023.
Provision for credit losses totaled $3.9 million
for the second quarter of 2023 compared to $5.0 million in the
first quarter of 2023. The decrease in the provision is largely due
to a $1.2 million impairment charge on a Silicon Valley Bank
(“SIVB”) senior note in the first quarter of 2023, which was
subsequently sold during the second quarter.
Core non-interest income excluding the impact of
solar tax equity investments (non-GAAP)1 was $8.2 million for the
second quarter of 2023, compared to $7.5 million in the first
quarter of 2023. The increase of $0.7 million was primarily related
to increased income from equity investments, higher Trust
Department fees, and fees on treasury investments for certain
clients seeking alternative yields to deposit pricing.
Core non-interest expense (non-GAAP)1 for the
second quarter of 2023 was $37.2 million, a decrease of $1.4
million from the first quarter of 2023. This was primarily driven
by a $0.8 million decrease in compensation and employee benefits
comprised mainly of increased payroll taxes given timing of
corporate incentive payments, temporary personnel costs, and
benefit insurance costs incurred during the first quarter of 2023.
Additionally, advertising expense and data processing expense
decreased during the quarter, offset by increased reserves for FDIC
depository insurance and increased professional
fees.
Our provision for income tax expense was $7.8
million for the second quarter of 2023, compared to $7.6 million
for the first quarter of 2023. The increase reflects the higher
pre-tax income in the second quarter. Our effective tax rate for
the second quarter of 2023 was 26.5%, compared to 26.2% for the
first quarter of 2023.
Balance Sheet Quarterly
Summary
Total assets were $7.8 billion at June 30,
2023, compared to $7.8 billion at March 31, 2023, in keeping with
our strategy to keep our balance sheet flat. Notable changes within
individual balance sheet line items include a $53.5 million
increase in loans receivable, net of deferred loan origination
costs, funded mainly by a $58.9 million decrease in
available-for-sale investment securities, and a $15.4 million
decrease in resell agreements. Additionally, Brokered CDs declined
by $126.4 million, offset by a $90.0 million increase in short-term
borrowings.
Total loans receivable, net of deferred loan
origination costs at June 30, 2023 were $4.3 billion, an
increase of $53.5 million, or 1.3%, compared to March 31, 2023. The
increase in loans is primarily driven by a $32.9 million increase
in multifamily loans, a $25.6 million increase in commercial and
industrial loans, a $5.9 million increase in the commercial real
estate portfolio, offset by a $1.6 million decrease in residential
loans, and a $9.2 million decrease in construction loans. During
the quarter we had $5.2 million of payoffs and upgrades of
criticized or classified loans, including a payoff of a $3.8
million office related loan, as we continue to focus on the
improving the credit quality of the commercial portfolio.
Deposits at June 30, 2023 were $6.9
billion, a decrease of $146.7 million, or 2.1%, as compared to $7.0
billion as of March 31, 2023. Deposits excluding Brokered CDs
decreased by $20.3 million to $6.4 billion, a 0.3% decrease
compared to March 31, 2023. Deposits held by politically active
customers, such as campaigns, PACs, advocacy-based organizations,
and state and national party committees were $835.8 million as of
June 30, 2023, an increase of $157.7 million compared to
$678.1 million as of March 31, 2023. Non-interest-bearing deposits
represented 45% of average total deposits and 43% of ending total
deposits for the quarter ended June 30, 2023, contributing to
an average cost of total deposits of 110 basis points.
Nonperforming assets totaled $35.3 million, or
0.45% of period-end total assets at June 30, 2023, a decrease
of $3.4 million, compared with $38.7 million, or 0.49% on a linked
quarter basis. The decrease in non-performing assets was primarily
driven by the $1.8 million SIVB senior note placed on nonaccrual
status in the first quarter of 2023, which was subsequently sold in
the second quarter, and a $1.3 million commercial real estate loan
that was 90 days past due and accruing at March 31, 2023 was
brought current in the second quarter. Additionally, a $1.7 million
commercial loan was charged off in the quarter which was
substantially reserved for as of the first quarter, offset by an
additional $1.4 million in retail loans that were placed on
nonaccrual status.
During the quarter, the allowance for credit
losses on loans increased $0.1 million to $67.4 million at
June 30, 2023 from $67.3 million at March 31, 2023. The ratio
of allowance to total loans was 1.59%, a decrease of 2 basis points
from 1.61% in the first quarter of 2023.
Capital Quarterly Summary
As of June 30, 2023, our Common Equity Tier
1 Capital Ratio was 12.51%, Total Risk-Based Capital Ratio was
15.26%, and Tier-1 Leverage Capital Ratio was 7.78%, compared to
12.23%, 15.00%, and 7.50%, respectively, as of March 31, 2023.
Stockholders’ equity at June 30, 2023 was $528.6 million,
compared to $519.2 million at March 31, 2023. The increase in
stockholders’ equity was primarily driven by $21.6 million of net
income for the quarter offset by a $7.9 million increase in
accumulated other comprehensive loss due to the tax effected
mark-to-market on our available for sale securities portfolio.
Our tangible book value per share was $16.78 as
of June 30, 2023 compared to $16.42 as of March 31, 2023.
Tangible common equity was 6.59% of tangible assets, compared to
6.43% as of March 31, 2023.
Conference Call
As previously announced, Amalgamated Financial
Corp. will host a conference call to discuss its second quarter
2023 results today, July 27, 2023 at 11:00am (Eastern Time).
The conference call can be accessed by dialing 1-877-407-9716
(domestic) or 1-201-493-6779 (international) and asking for the
Amalgamated Financial Corp. Second Quarter 2023 Earnings Call. A
telephonic replay will be available approximately two hours after
the call and can be accessed by dialing 1-844-512-2921, or for
international callers 1-412-317-6671 and providing the access code
13739618. The telephonic replay will be available until
August 3, 2023.
Interested investors and other parties may also
listen to a simultaneous webcast of the conference call by logging
onto the investor relations section of our website at
https://ir.amalgamatedbank.com/. The online replay will remain
available for a limited time beginning immediately following the
call.
The presentation materials for the call can be
accessed on the investor relations section of our website at
https://ir.amalgamatedbank.com/.
About Amalgamated Financial
Corp.
Amalgamated Financial Corp. is a Delaware public
benefit corporation and a bank holding company engaged in
commercial banking and financial services through its wholly-owned
subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based
full-service commercial bank and a chartered trust company with a
combined network of five branches across New York City, Washington
D.C., and San Francisco, and a commercial office in Boston.
Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York
by the Amalgamated Clothing Workers of America, one of the
country's oldest labor unions. Amalgamated Bank provides commercial
banking and trust services nationally and offers a full range of
products and services to both commercial and retail customers.
Amalgamated Bank is a proud member of the Global Alliance for
Banking on Values and is a certified B Corporation®. As of
June 30, 2023, our total assets were $7.8 billion, total net
loans were $4.2 billion, and total deposits were $6.9 billion.
Additionally, as of June 30, 2023, our trust business held
$40.3 billion in assets under custody and $14.5 billion in assets
under management.
Non-GAAP Financial Measures
This release (and the accompanying financial
information and tables) refer to certain non-GAAP financial
measures including, without limitation, “Core operating revenue,”
“Core non-interest expense,” “Core non-interest income,” “Core net
income,” “Tangible common equity,” “Average tangible common
equity,” “Core return on average assets,” “Core return on average
tangible common equity,” and “Core efficiency ratio.”
Our management utilizes this information to
compare our operating performance for June 30, 2023 versus
certain periods in 2023 and 2022 and to prepare internal
projections. We believe these non-GAAP financial measures
facilitate making period-to-period comparisons and are meaningful
indications of our operating performance. In addition, because
intangible assets such as goodwill and other discrete items
unrelated to our core business, which are excluded, vary
extensively from company to company, we believe that the
presentation of this information allows investors to more easily
compare our results to those of other companies.
The presentation of non-GAAP financial
information, however, is not intended to be considered in isolation
or as a substitute for GAAP financial measures. We strongly
encourage readers to review the GAAP financial measures included in
this release and not to place undue reliance upon any single
financial measure. In addition, because non-GAAP financial measures
are not standardized, it may not be possible to compare the
non-GAAP financial measures presented in this release with other
companies’ non-GAAP financial measures having the same or similar
names. Reconciliations of non-GAAP financial disclosures to
comparable GAAP measures found in this release are set forth in the
final pages of this release and also may be viewed on our website,
amalgamatedbank.com.
Terminology
Certain terms used in this release are defined as
follows:
“Core efficiency ratio” is defined as “Core
non-interest expense” divided by “Core operating revenue.” We
believe the most directly comparable performance ratio derived from
GAAP financial measures is an efficiency ratio calculated by
dividing total non-interest expense by the sum of net interest
income and total non-interest income.
“Core efficiency ratio excluding solar tax impact”
is defined as “Core non-interest expense” divided by “Core
operating revenue excluding solar tax impact.” We believe the most
directly comparable performance ratio derived from GAAP financial
measures is an efficiency ratio calculated by dividing total
non-interest expense by the sum of net interest income and total
non-interest income.
“Core net income” is defined as net income after
tax excluding gains and losses on sales of securities, gains on the
sale of owned property, costs related to branch closures,
restructuring/severance costs, acquisition costs, and taxes on
notable pre-tax items. We believe the most directly comparable GAAP
financial measure is net income.
“Core net income excluding solar tax impact” is
defined as net income after tax excluding gains and losses on sales
of securities, gains on the sale of owned property, costs related
to branch closures, restructuring/severance costs, acquisition
costs, tax credits and accelerated depreciation on solar equity
investments, and taxes on notable pre-tax items. We believe the
most directly comparable GAAP financial measure is net income.
“Core non-interest expense” is defined as total
non-interest expense excluding costs related to branch closures,
restructuring/severance, and acquisitions. We believe the most
directly comparable GAAP financial measure is total non-interest
expense.
“Core non-interest income excluding the impact of
solar tax equity investments” is defined as total non-interest
income excluding gains and losses on sales of securities, gains on
the sale of owned property, and tax credits and depreciation on
solar equity investments. We believe the most directly comparable
GAAP financial measure is non-interest income.
“Core operating revenue” is defined as total net
interest income plus “core non-interest income”, defined as
non-interest income excluding gains and losses on sales of
securities and gains on the sale of owned property. We believe the
most directly comparable GAAP financial measure is the total of net
interest income and non-interest income.
“Core operating revenue excluding solar tax impact”
is defined as total net interest income plus non-interest income
excluding gains and losses on sales of securities, gains on the
sale of owned property, and tax credits and depreciation on solar
equity investments. We believe the most directly comparable GAAP
financial measure is the total of net interest income and
non-interest income.
“Core return on average assets” is defined as “Core
net income” divided by average total assets. We believe the most
directly comparable performance ratio derived from GAAP financial
measures is return on average assets calculated by dividing net
income by average total assets.
“Core return on average assets excluding solar tax
impact” is defined as “Core net income excluding solar tax impact”
divided by average total assets. We believe the most directly
comparable performance ratio derived from GAAP financial measures
is return on average assets calculated by dividing net income by
average total assets.
“Core return on average tangible common equity” is
defined as “Core net income” divided by “Average tangible common
equity.” We believe the most directly comparable performance ratio
derived from GAAP financial measures is return on average equity
calculated by dividing net income by average total stockholders’
equity.
“Core return on average tangible common equity
excluding solar tax impact” is defined as “Core net income
excluding solar tax impact” divided by “Average tangible common
equity.” We believe the most directly comparable performance ratio
derived from GAAP financial measures is return on average equity
calculated by dividing net income by average total stockholders’
equity.
“Super-core deposits” are defined as total deposits
from commercial and consumer customers, with a relationship length
of greater than 5 years. We believe the most directly comparable
GAAP financial measure is total deposits.
“Tangible assets” are defined as total assets
excluding, as applicable, goodwill and core deposit intangibles. We
believe the most directly comparable GAAP financial measure is
total assets.
“Tangible common equity”, and “Tangible book value”
are defined as stockholders’ equity excluding, as applicable,
minority interests, preferred stock, goodwill and core deposit
intangibles. We believe that the most directly comparable GAAP
financial measure is total stockholders’ equity.
"Traditional securities portfolio" is defined as
total investment securities excluding PACE assessments. We believe
the most directly comparable GAAP financial measure is total
investment securities.
Forward-Looking Statements
Statements included in this release that are not
historical in nature are intended to be, and are hereby identified
as, forward-looking statements within the meaning of the Private
Securities Litigation Reform Act, Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements
generally can be identified through the use of forward-looking
terminology such as “may,” “will,” “anticipate,” “aspire,”
“should,” “would,” “believe,” “contemplate,” “expect,” “estimate,”
“continue,” “in the future,” “may” and “intend,” as well as other
similar words and expressions of the future. Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors, any or all of which could cause actual results
to differ materially from the results expressed or implied by such
forward-looking statements. These risks and uncertainties include,
but are not limited to: (i) uncertain conditions in the banking
industry and in national, regional and local economies in our core
markets, which may have an adverse impact on our business,
operations and financial performance; (ii) deterioration in the
financial condition of borrowers resulting in significant increases
in loan losses and provisions for those losses; (iii) deposit
outflows and subsequent declines in liquidity caused by factors
that could include lack of confidence in the banking system, a
deterioration in market conditions or the financial condition of
depositors; (iv) changes in our deposits, including an increase in
uninsured deposits; (v) unfavorable conditions in the capital
markets, which may cause declines in our stock price and the value
of our investments; (vi) continued fluctuation of the interest rate
environment, including changes in net interest margin or changes
that affect the yield curve on investments; (vii) potential
deterioration in real estate collateral values; (viii) changes in
legislation, regulation, public policies, or administrative
practices impacting the banking industry, including increased
regulation and FDIC assessments in the aftermath of recent bank
failures; (ix) the outcome of legal or regulatory proceedings that
may be instituted against us; (x) our inability to maintain the
historical growth rate of the loan portfolio; (xi) changes in loan
underwriting, credit review or loss reserve policies associated
with economic conditions, examination conclusions, or regulatory
developments; (xii) the impact of competition with other financial
institutions, including pricing pressures and the resulting impact
on our results, including as a result of compression to net
interest margin; (xiii) any matter that would cause us to conclude
that there was impairment of any asset, including intangible
assets; (xiv) the risk that the preliminary financial information
reported herein and our current preliminary analysis will be
different when our review is finalized; (xv) increased competition
for experienced members of the workforce including executives in
the banking industry; (xvi) a failure in or breach of our
operational or security systems or infrastructure, or those of
third party vendors or other service providers, including as a
result of unauthorized access, computer viruses, phishing schemes,
spam attacks, human error, natural disasters, power loss and other
security breaches; (xvii) a downgrade in our credit rating; (xviii)
increased political opposition to Environmental, Social and
Governance (“ESG”) practices; (xix) recessionary conditions; (xx)
the ongoing economic effects of the COVID-19 pandemic; (xxi)
physical and transitional risks related to climate change as they
impact our business and the businesses that we finance, and (xxii)
future repurchase of our shares through our common stock repurchase
program. Additional factors which could affect the forward-looking
statements can be found in our Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K
filed with the SEC and available on the SEC's website at
https://www.sec.gov/. We disclaim any obligation to update or
revise any forward-looking statements contained in this release,
which speak only as of the date hereof, whether as a result of new
information, future events or otherwise, except as required by
law.
Investor Contact:Jamie
LillisSolebury Strategic
Communicationsshareholderrelations@amalgamatedbank.com
800-895-4172
Consolidated Statements of Income
(unaudited)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
($ in thousands) |
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
INTEREST AND DIVIDEND INCOME |
|
|
|
|
|
|
|
|
|
Loans |
$ |
45,360 |
|
|
$ |
44,806 |
|
|
$ |
33,766 |
|
|
$ |
90,166 |
|
|
$ |
64,893 |
|
Securities |
|
39,506 |
|
|
|
39,512 |
|
|
|
24,352 |
|
|
|
79,018 |
|
|
|
43,507 |
|
Interest-bearing deposits in banks |
|
1,056 |
|
|
|
618 |
|
|
|
551 |
|
|
|
1,673 |
|
|
|
730 |
|
Total interest and dividend income |
|
85,922 |
|
|
|
84,936 |
|
|
|
58,669 |
|
|
|
170,857 |
|
|
|
109,130 |
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
Deposits |
|
18,816 |
|
|
|
13,835 |
|
|
|
1,481 |
|
|
|
32,651 |
|
|
|
2,883 |
|
Borrowed funds |
|
4,121 |
|
|
|
3,821 |
|
|
|
690 |
|
|
|
7,942 |
|
|
|
1,381 |
|
Total interest expense |
|
22,937 |
|
|
|
17,656 |
|
|
|
2,171 |
|
|
|
40,593 |
|
|
|
4,264 |
|
NET INTEREST INCOME |
|
62,985 |
|
|
|
67,280 |
|
|
|
56,498 |
|
|
|
130,264 |
|
|
|
104,866 |
|
Provision for credit losses(1) |
|
3,940 |
|
|
|
4,958 |
|
|
|
2,912 |
|
|
|
8,899 |
|
|
|
5,205 |
|
Net interest income after provision for credit losses |
|
59,045 |
|
|
|
62,322 |
|
|
|
53,586 |
|
|
|
121,365 |
|
|
|
99,661 |
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
Trust Department fees |
|
4,006 |
|
|
|
3,929 |
|
|
|
3,479 |
|
|
|
7,935 |
|
|
|
6,970 |
|
Service charges on deposit accounts |
|
2,712 |
|
|
|
2,455 |
|
|
|
2,826 |
|
|
|
5,166 |
|
|
|
5,273 |
|
Bank-owned life insurance income |
|
546 |
|
|
|
781 |
|
|
|
1,283 |
|
|
|
1,327 |
|
|
|
2,097 |
|
Losses on sale of securities |
|
(267 |
) |
|
|
(3,086 |
) |
|
|
(582 |
) |
|
|
(3,353 |
) |
|
|
(420 |
) |
Gains on sale of loans, net |
|
2 |
|
|
|
3 |
|
|
|
492 |
|
|
|
4 |
|
|
|
335 |
|
Loss on other real estate owned, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Equity method investments income |
|
556 |
|
|
|
153 |
|
|
|
(638 |
) |
|
|
711 |
|
|
|
(206 |
) |
Other income |
|
389 |
|
|
|
973 |
|
|
|
386 |
|
|
|
1,360 |
|
|
|
619 |
|
Total non-interest income |
|
7,944 |
|
|
|
5,208 |
|
|
|
7,246 |
|
|
|
13,150 |
|
|
|
14,668 |
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
|
21,165 |
|
|
|
22,014 |
|
|
|
18,046 |
|
|
|
43,180 |
|
|
|
35,715 |
|
Occupancy and depreciation |
|
3,436 |
|
|
|
3,399 |
|
|
|
3,457 |
|
|
|
6,835 |
|
|
|
6,897 |
|
Professional fees |
|
2,759 |
|
|
|
2,230 |
|
|
|
2,745 |
|
|
|
4,989 |
|
|
|
5,560 |
|
Data processing |
|
4,082 |
|
|
|
4,549 |
|
|
|
4,327 |
|
|
|
8,631 |
|
|
|
9,511 |
|
Office maintenance and depreciation |
|
718 |
|
|
|
728 |
|
|
|
784 |
|
|
|
1,445 |
|
|
|
1,509 |
|
Amortization of intangible assets |
|
222 |
|
|
|
222 |
|
|
|
261 |
|
|
|
444 |
|
|
|
523 |
|
Advertising and promotion |
|
1,028 |
|
|
|
1,587 |
|
|
|
761 |
|
|
|
2,615 |
|
|
|
1,615 |
|
Federal deposit insurance premiums |
|
1,100 |
|
|
|
718 |
|
|
|
761 |
|
|
|
1,818 |
|
|
|
1,427 |
|
Other expense |
|
3,019 |
|
|
|
3,180 |
|
|
|
3,204 |
|
|
|
6,199 |
|
|
|
5,986 |
|
Total non-interest expense |
|
37,529 |
|
|
|
38,627 |
|
|
|
34,346 |
|
|
|
76,156 |
|
|
|
68,743 |
|
Income before income taxes |
|
29,460 |
|
|
|
28,903 |
|
|
|
26,486 |
|
|
|
58,359 |
|
|
|
45,586 |
|
Income tax expense |
|
7,818 |
|
|
|
7,565 |
|
|
|
6,873 |
|
|
|
15,383 |
|
|
|
11,808 |
|
Net income |
$ |
21,642 |
|
|
$ |
21,338 |
|
|
$ |
19,613 |
|
|
$ |
42,976 |
|
|
$ |
33,778 |
|
Earnings per common share - basic |
$ |
0.71 |
|
|
$ |
0.69 |
|
|
$ |
0.64 |
|
|
$ |
1.40 |
|
|
$ |
1.09 |
|
Earnings per common share - diluted |
$ |
0.70 |
|
|
$ |
0.69 |
|
|
$ |
0.63 |
|
|
$ |
1.39 |
|
|
$ |
1.08 |
|
(1) In accordance with the adoption of the
Current Expected Credit Losses (“CECL”) standard on January 1,
2023, the provision for credit losses as of June 30, 2023 and
March 31, 2023 is calculated under the current expected credit
losses model. For June 30, 2022, the provision presented is
the provision for loan losses calculated using the incurred loss
model.
Consolidated Statements of Financial
Condition
($ in thousands) |
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
Assets |
(unaudited) |
|
(unaudited) |
|
|
Cash and due from banks |
$ |
4,419 |
|
|
$ |
5,192 |
|
|
$ |
5,110 |
|
Interest-bearing deposits in banks |
|
61,296 |
|
|
|
125,705 |
|
|
|
58,430 |
|
Total cash and cash equivalents |
|
65,715 |
|
|
|
130,897 |
|
|
|
63,540 |
|
Securities: |
|
|
|
|
|
Available for sale, at fair value |
|
1,580,248 |
|
|
|
1,639,105 |
|
|
|
1,812,476 |
|
Held-to-maturity, at amortized cost: |
|
|
|
|
|
Traditional securities, net of allowance for credit losses of $57
and $58 at June 30, 2023 and March 31, 2023, respectively |
|
617,380 |
|
|
|
622,741 |
|
|
|
629,424 |
|
PACE assessments, net of allowance for credit losses of $650 and
$629 at June 30, 2023 and March 31, 2023, respectively |
|
1,037,151 |
|
|
|
995,766 |
|
|
|
911,877 |
|
|
|
1,654,531 |
|
|
|
1,618,507 |
|
|
|
1,541,301 |
|
|
|
|
|
|
|
Loans held for sale |
|
2,458 |
|
|
|
5,653 |
|
|
|
7,943 |
|
Loans receivable, net of deferred loan origination costs |
|
4,251,738 |
|
|
|
4,198,170 |
|
|
|
4,106,002 |
|
Allowance for credit losses(1) |
|
(67,431 |
) |
|
|
(67,323 |
) |
|
|
(45,031 |
) |
Loans receivable, net |
|
4,184,307 |
|
|
|
4,130,847 |
|
|
|
4,060,971 |
|
|
|
|
|
|
|
Resell agreements |
|
— |
|
|
|
15,431 |
|
|
|
25,754 |
|
Federal Home Loan Bank of New York ("FHLBNY") stock, at cost |
|
4,192 |
|
|
|
3,507 |
|
|
|
29,607 |
|
Accrued interest and dividends receivable |
|
44,104 |
|
|
|
40,844 |
|
|
|
41,441 |
|
Premises and equipment, net |
|
8,933 |
|
|
|
9,250 |
|
|
|
9,856 |
|
Bank-owned life insurance |
|
105,951 |
|
|
|
105,405 |
|
|
|
105,624 |
|
Right-of-use lease asset |
|
24,721 |
|
|
|
26,516 |
|
|
|
28,236 |
|
Deferred tax asset, net |
|
63,477 |
|
|
|
62,504 |
|
|
|
62,507 |
|
Goodwill |
|
12,936 |
|
|
|
12,936 |
|
|
|
12,936 |
|
Intangible assets, net |
|
2,661 |
|
|
|
2,883 |
|
|
|
3,105 |
|
Equity method investments |
|
11,657 |
|
|
|
8,170 |
|
|
|
8,305 |
|
Other assets |
|
26,921 |
|
|
|
24,001 |
|
|
|
29,522 |
|
Total assets |
$ |
7,792,812 |
|
|
$ |
7,836,456 |
|
|
$ |
7,843,124 |
|
Liabilities |
|
|
|
|
|
Deposits |
$ |
6,894,651 |
|
|
$ |
7,041,361 |
|
|
$ |
6,595,037 |
|
Subordinated debt, net |
|
73,766 |
|
|
|
73,737 |
|
|
|
77,708 |
|
FHLBNY advances |
|
— |
|
|
|
— |
|
|
|
580,000 |
|
Other borrowings |
|
230,000 |
|
|
|
140,000 |
|
|
|
— |
|
Operating leases |
|
35,801 |
|
|
|
38,333 |
|
|
|
40,779 |
|
Other liabilities |
|
29,980 |
|
|
|
23,867 |
|
|
|
40,645 |
|
Total liabilities |
|
7,264,198 |
|
|
|
7,317,298 |
|
|
|
7,334,169 |
|
Stockholders’ equity |
|
|
|
|
|
Common stock, par value $.01 per share |
|
307 |
|
|
|
307 |
|
|
|
307 |
|
Additional paid-in capital |
|
286,877 |
|
|
|
287,514 |
|
|
|
286,947 |
|
Retained earnings |
|
349,204 |
|
|
|
330,673 |
|
|
|
330,275 |
|
Accumulated other comprehensive loss, net of income taxes |
|
(105,214 |
) |
|
|
(97,317 |
) |
|
|
(108,707 |
) |
Treasury stock, at cost |
|
(2,693 |
) |
|
|
(2,152 |
) |
|
|
— |
|
Total Amalgamated Financial Corp. stockholders' equity |
|
528,481 |
|
|
|
519,025 |
|
|
|
508,822 |
|
Noncontrolling interests |
|
133 |
|
|
|
133 |
|
|
|
133 |
|
Total stockholders' equity |
|
528,614 |
|
|
|
519,158 |
|
|
|
508,955 |
|
Total liabilities and stockholders’ equity |
$ |
7,792,812 |
|
|
$ |
7,836,456 |
|
|
$ |
7,843,124 |
|
(1) In accordance with the adoption of the CECL
standard on January 1, 2023, the allowance for credit losses on
both loans and securities as of June 30, 2023 and March 31,
2023 is calculated under the current expected credit losses model.
For December 31, 2022, no allowance was calculated on securities,
and the allowance on loans presented is the allowance for loan
losses calculated using the incurred loss model.
Select Financial Data
|
As of and for the |
|
As of and for the |
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
(Shares in thousands) |
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Selected Financial Ratios and Other Data: |
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.71 |
|
$ |
0.69 |
|
$ |
0.64 |
|
$ |
1.40 |
|
$ |
1.09 |
Diluted |
|
0.70 |
|
|
0.69 |
|
|
0.63 |
|
|
1.39 |
|
|
1.08 |
Core net income (non-GAAP) |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.72 |
|
$ |
0.75 |
|
$ |
0.66 |
|
$ |
1.47 |
|
$ |
1.12 |
Diluted |
|
0.72 |
|
|
0.74 |
|
|
0.65 |
|
|
1.46 |
|
|
1.11 |
Core net income excluding solar tax impact (non-GAAP) |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.72 |
|
$ |
0.75 |
|
$ |
0.68 |
|
$ |
1.47 |
|
$ |
1.14 |
Diluted |
|
0.72 |
|
|
0.74 |
|
|
0.67 |
|
|
1.46 |
|
|
1.12 |
Book value per common share (excluding minority interest) |
$ |
17.29 |
|
$ |
16.94 |
|
$ |
16.23 |
|
$ |
17.29 |
|
$ |
16.23 |
Tangible book value per share (non-GAAP) |
$ |
16.78 |
|
$ |
16.42 |
|
$ |
15.69 |
|
$ |
16.78 |
|
$ |
15.69 |
Common shares outstanding, par value $.01 per share(1) |
|
30,573 |
|
|
30,642 |
|
|
30,684 |
|
|
30,573 |
|
|
30,684 |
Weighted average common shares outstanding, basic |
|
30,619 |
|
|
30,706 |
|
|
30,818 |
|
|
30,662 |
|
|
30,962 |
Weighted average common shares outstanding, diluted |
|
30,776 |
|
|
30,939 |
|
|
31,189 |
|
|
30,820 |
|
|
31,332 |
|
|
|
|
|
|
|
|
|
|
(1) 70,000,000 shares authorized; 30,736,141, 30,700,198, and
30,995,271 shares issued for the periods ended June 30, 2023,
March 31, 2023, and June 30, 2022 respectively, and
30,572,606, 30,700,198, and 30,995,271 shares outstanding for the
periods ended June 30, 2023, March 31, 2023, and June 30,
2022, respectively. |
Select Financial Data
|
As of and for the |
|
As of and for the |
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Selected Performance Metrics: |
|
|
|
|
|
|
|
|
|
Return on average assets |
1.11 |
% |
|
1.11 |
% |
|
1.01 |
% |
|
1.11 |
% |
|
0.90 |
% |
Core return on average assets (non-GAAP) |
1.13 |
% |
|
1.19 |
% |
|
1.05 |
% |
|
1.16 |
% |
|
0.92 |
% |
Core return on average assets excluding solar tax impact
(non-GAAP) |
1.13 |
% |
|
1.19 |
% |
|
1.08 |
% |
|
1.16 |
% |
|
0.94 |
% |
Return on average equity |
16.45 |
% |
|
17.22 |
% |
|
15.20 |
% |
|
16.83 |
% |
|
12.64 |
% |
Core return on average tangible common equity (non-GAAP) |
17.28 |
% |
|
19.21 |
% |
|
16.25 |
% |
|
18.21 |
% |
|
13.38 |
% |
Core return on average tangible common equity excluding solar tax
impact (non-GAAP) |
17.28 |
% |
|
19.21 |
% |
|
16.76 |
% |
|
18.21 |
% |
|
13.61 |
% |
Average equity to average assets |
6.77 |
% |
|
6.42 |
% |
|
6.67 |
% |
|
6.60 |
% |
|
7.11 |
% |
Tangible common equity to tangible assets (non-GAAP) |
6.59 |
% |
|
6.43 |
% |
|
6.07 |
% |
|
6.59 |
% |
|
6.07 |
% |
Loan yield |
4.33 |
% |
|
4.40 |
% |
|
3.82 |
% |
|
4.36 |
% |
|
3.86 |
% |
Securities yield |
4.85 |
% |
|
4.73 |
% |
|
2.71 |
% |
|
4.79 |
% |
|
2.54 |
% |
Deposit cost |
1.10 |
% |
|
0.81 |
% |
|
0.08 |
% |
|
0.96 |
% |
|
0.08 |
% |
Net interest margin |
3.33 |
% |
|
3.59 |
% |
|
3.03 |
% |
|
3.46 |
% |
|
2.90 |
% |
Efficiency ratio (1) |
52.91 |
% |
|
53.29 |
% |
|
53.88 |
% |
|
53.10 |
% |
|
57.51 |
% |
Core efficiency ratio (non-GAAP) |
52.31 |
% |
|
51.64 |
% |
|
52.90 |
% |
|
51.97 |
% |
|
56.69 |
% |
Core efficiency ratio excluding solar tax impact (non-GAAP) |
52.31 |
% |
|
51.64 |
% |
|
52.20 |
% |
|
51.97 |
% |
|
56.32 |
% |
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
Nonaccrual loans to total loans |
0.79 |
% |
|
0.71 |
% |
|
0.67 |
% |
|
0.79 |
% |
|
0.67 |
% |
Nonperforming assets to total assets |
0.45 |
% |
|
0.49 |
% |
|
0.82 |
% |
|
0.45 |
% |
|
0.82 |
% |
Allowance for credit losses on loans to nonaccrual loans(2) |
200.19 |
% |
|
224.74 |
% |
|
161.81 |
% |
|
200.19 |
% |
|
161.81 |
% |
Allowance for credit losses on loans to total loans(2) |
1.59 |
% |
|
1.61 |
% |
|
1.08 |
% |
|
1.59 |
% |
|
1.08 |
% |
Annualized net charge-offs (recoveries) to average loans |
0.29 |
% |
|
0.25 |
% |
|
0.11 |
% |
|
0.27 |
% |
|
0.19 |
% |
|
|
|
|
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital ratio |
7.78 |
% |
|
7.50 |
% |
|
7.08 |
% |
|
7.78 |
% |
|
7.08 |
% |
Tier 1 risk-based capital ratio |
12.51 |
% |
|
12.23 |
% |
|
11.75 |
% |
|
12.51 |
% |
|
11.75 |
% |
Total risk-based capital ratio |
15.26 |
% |
|
15.00 |
% |
|
14.41 |
% |
|
15.26 |
% |
|
14.41 |
% |
Common equity tier 1 capital ratio |
12.51 |
% |
|
12.23 |
% |
|
11.75 |
% |
|
12.51 |
% |
|
11.75 |
% |
|
|
|
|
|
|
|
|
|
|
(1) Efficiency ratio is calculated by dividing total non-interest
expense by the sum of net interest income and total non-interest
income |
(2) In accordance with the adoption of the CECL standard on January
1, 2023, the allowance for credit losses on loans as of
June 30, 2023 and March 31, 2023 are calculated under the
current expected credit losses model. For June 30, 2022, the
allowance on loans presented is the allowance for loan losses
calculated using the incurred loss model. |
Loan and Held-to-Maturity Securities
Portfolio Composition
(In thousands) |
At June 30, 2023 |
|
At March 31, 2023 |
|
At June 30, 2022 |
|
Amount |
|
% of total loans |
|
Amount |
|
% of total loans |
|
Amount |
|
% of total loans |
Commercial portfolio: |
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
949,403 |
|
|
22.3 |
% |
|
$ |
923,853 |
|
|
22.0 |
% |
|
$ |
743,403 |
|
|
20.4 |
% |
Multifamily |
|
1,095,752 |
|
|
25.8 |
% |
|
|
1,062,826 |
|
|
25.3 |
% |
|
|
860,514 |
|
|
23.6 |
% |
Commercial real estate |
|
333,340 |
|
|
7.8 |
% |
|
|
327,477 |
|
|
7.8 |
% |
|
|
333,987 |
|
|
9.2 |
% |
Construction and land development |
|
28,664 |
|
|
0.7 |
% |
|
|
37,828 |
|
|
0.9 |
% |
|
|
43,212 |
|
|
1.2 |
% |
Total commercial portfolio |
|
2,407,159 |
|
|
56.6 |
% |
|
|
2,351,984 |
|
|
56.0 |
% |
|
|
1,981,116 |
|
|
54.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Retail portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate lending |
|
1,388,571 |
|
|
32.7 |
% |
|
|
1,390,135 |
|
|
33.1 |
% |
|
|
1,236,088 |
|
|
33.9 |
% |
Consumer solar(1) |
|
411,873 |
|
|
9.7 |
% |
|
|
410,725 |
|
|
9.8 |
% |
|
|
382,097 |
|
|
10.5 |
% |
Consumer and other(1) |
|
44,135 |
|
|
1.0 |
% |
|
|
45,326 |
|
|
1.1 |
% |
|
|
44,297 |
|
|
1.2 |
% |
Total retail portfolio |
|
1,844,579 |
|
|
43.4 |
% |
|
|
1,846,186 |
|
|
44.0 |
% |
|
|
1,662,482 |
|
|
45.6 |
% |
Total loans held for investment |
|
4,251,738 |
|
|
100.0 |
% |
|
|
4,198,170 |
|
|
100.0 |
% |
|
|
3,643,598 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net deferred loan origination costs(2) |
|
— |
|
|
|
|
|
— |
|
|
|
|
|
4,806 |
|
|
|
Allowance for credit losses(3) |
|
(67,431 |
) |
|
|
|
|
(67,323 |
) |
|
|
|
|
(39,477 |
) |
|
|
Loans receivable, net |
$ |
4,184,307 |
|
|
|
|
$ |
4,130,847 |
|
|
|
|
$ |
3,608,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-maturity securities portfolio: |
|
|
|
|
|
|
|
|
|
|
|
PACE assessments |
$ |
1,037,800 |
|
|
62.7 |
% |
|
$ |
996,395 |
|
|
61.5 |
% |
|
$ |
742,146 |
|
|
53.9 |
% |
Other securities |
|
617,437 |
|
|
37.3 |
% |
|
|
622,799 |
|
|
38.5 |
% |
|
|
633,520 |
|
|
46.1 |
% |
Total held-to-maturity securities |
|
1,655,237 |
|
|
100.0 |
% |
|
|
1,619,194 |
|
|
100.0 |
% |
|
|
1,375,666 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses(3) |
|
(707 |
) |
|
|
|
|
(687 |
) |
|
|
|
|
— |
|
|
|
Total held-to-maturity securities, net |
$ |
1,654,530 |
|
|
|
|
$ |
1,618,507 |
|
|
|
|
$ |
1,375,666 |
|
|
|
(1) The Company adopted the CECL standard on
January 1, 2023. As a result, the classification of loan segments
was updated, and all loan balances for presented periods have been
reclassified.(2) With the adoption of the CECL standard, loans
balances as of June 30, 2023 and March 31, 2023 are presented
at amortized cost, net of deferred loan origination costs.(3) With
the adoption of the CECL standard, the allowance for credit losses
on both loans and securities as of June 30, 2023 and March 31,
2023 are calculated under the current expected credit losses model.
For June 30, 2022, no allowance was calculated on securities,
and the allowance on loans presented is the allowance for loan
losses calculated using the incurred loss model.
Net Interest Income Analysis
|
Three Months Ended |
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
(In thousands) |
AverageBalance |
Income / Expense |
Yield /Rate |
|
AverageBalance |
Income / Expense |
Yield /Rate |
|
AverageBalance |
Income / Expense |
Yield /Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits in banks |
$ |
114,010 |
|
$ |
1,056 |
|
3.72 |
% |
|
$ |
90,962 |
|
$ |
618 |
|
2.76 |
% |
|
$ |
305,134 |
|
$ |
551 |
|
0.72 |
% |
Securities(1) |
|
3,259,797 |
|
|
39,393 |
|
4.85 |
% |
|
|
3,361,750 |
|
|
39,193 |
|
4.73 |
% |
|
|
3,443,987 |
|
|
23,308 |
|
2.71 |
% |
Resell agreements |
|
5,570 |
|
|
113 |
|
8.14 |
% |
|
|
18,644 |
|
|
319 |
|
6.94 |
% |
|
|
231,468 |
|
|
1,044 |
|
1.81 |
% |
Loans receivable, net (2)(3) |
|
4,202,911 |
|
|
45,360 |
|
4.33 |
% |
|
|
4,129,460 |
|
|
44,806 |
|
4.40 |
% |
|
|
3,504,223 |
|
|
33,766 |
|
3.86 |
% |
Total interest-earning assets |
|
7,582,288 |
|
|
85,922 |
|
4.55 |
% |
|
|
7,600,816 |
|
|
84,936 |
|
4.53 |
% |
|
|
7,484,812 |
|
|
58,669 |
|
3.14 |
% |
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
5,034 |
|
|
|
|
|
|
4,015 |
|
|
|
|
|
|
9,296 |
|
|
|
|
Other assets |
|
208,944 |
|
|
|
|
|
|
217,020 |
|
|
|
|
|
|
266,186 |
|
|
|
|
Total assets |
$ |
7,796,266 |
|
|
|
|
|
$ |
7,821,851 |
|
|
|
|
|
$ |
7,760,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and money market deposits |
$ |
3,203,681 |
|
$ |
13,298 |
|
1.66 |
% |
|
$ |
3,091,228 |
|
$ |
9,555 |
|
1.25 |
% |
|
$ |
3,030,788 |
|
$ |
1,332 |
|
0.18 |
% |
Time deposits |
|
158,992 |
|
|
610 |
|
1.54 |
% |
|
|
149,814 |
|
|
297 |
|
0.80 |
% |
|
|
192,181 |
|
|
149 |
|
0.31 |
% |
Brokered CDs |
|
411,510 |
|
|
4,908 |
|
4.78 |
% |
|
|
367,684 |
|
|
3,983 |
|
4.39 |
% |
|
|
— |
|
|
— |
|
0.00 |
% |
Total interest-bearing deposits |
|
3,774,183 |
|
|
18,816 |
|
2.00 |
% |
|
|
3,608,726 |
|
|
13,835 |
|
1.55 |
% |
|
|
3,222,969 |
|
|
1,481 |
|
0.18 |
% |
Other borrowings |
|
371,004 |
|
|
4,121 |
|
4.46 |
% |
|
|
347,878 |
|
|
3,821 |
|
4.45 |
% |
|
|
83,886 |
|
|
690 |
|
3.30 |
% |
Total interest-bearing liabilities |
|
4,145,187 |
|
|
22,937 |
|
2.22 |
% |
|
|
3,956,604 |
|
|
17,656 |
|
1.81 |
% |
|
|
3,306,855 |
|
|
2,171 |
|
0.26 |
% |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand and transaction deposits |
|
3,055,770 |
|
|
|
|
|
|
3,286,964 |
|
|
|
|
|
|
3,855,735 |
|
|
|
|
Other liabilities |
|
67,710 |
|
|
|
|
|
|
75,798 |
|
|
|
|
|
|
80,274 |
|
|
|
|
Total liabilities |
|
7,268,667 |
|
|
|
|
|
|
7,319,366 |
|
|
|
|
|
|
7,242,864 |
|
|
|
|
Stockholders' equity |
|
527,599 |
|
|
|
|
|
|
502,485 |
|
|
|
|
|
|
517,430 |
|
|
|
|
Total liabilities and stockholders' equity |
$ |
7,796,266 |
|
|
|
|
|
$ |
7,821,851 |
|
|
|
|
|
$ |
7,760,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / interest rate spread |
|
|
$ |
62,985 |
|
2.33 |
% |
|
|
|
$ |
67,280 |
|
2.72 |
% |
|
|
|
$ |
56,498 |
|
2.88 |
% |
Net interest-earning assets / net interest margin |
$ |
3,437,101 |
|
|
|
3.33 |
% |
|
$ |
3,644,212 |
|
|
|
3.59 |
% |
|
$ |
4,177,957 |
|
|
|
3.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits excluding Brokered CDs / total cost of deposits
excluding Brokered CDs |
$ |
6,418,443 |
|
|
|
0.87 |
% |
|
$ |
6,528,006 |
|
|
|
0.61 |
% |
|
$ |
7,078,704 |
|
|
|
0.08 |
% |
Total deposits / total cost of deposits |
$ |
6,829,953 |
|
|
|
1.10 |
% |
|
$ |
6,895,690 |
|
|
|
0.81 |
% |
|
$ |
7,078,704 |
|
|
|
0.08 |
% |
Total funding / total cost of funds |
$ |
7,200,957 |
|
|
|
1.28 |
% |
|
$ |
7,243,568 |
|
|
|
0.99 |
% |
|
$ |
7,162,590 |
|
|
|
0.12 |
% |
(1) Includes FHLBNY stock in the average
balance, and dividend income on FHLBNY stock in interest income.(2)
Amounts are net of deferred origination costs. With the adoption of
the CECL standard on January 1, 2023, the average balance of the
allowance for credit losses on loans was reclassified for all
presented periods to other assets to allow for comparability.(3)
Includes prepayment penalty interest income in 2Q2023, 1Q2023, and
2Q2022 of $0, $0, and $379, respectively (in thousands).
Net Interest Income Analysis
|
Six Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
(In thousands) |
AverageBalance |
Income / Expense |
Yield
/Rate |
|
AverageBalance |
Income /
Expense |
Yield
/Rate |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits in banks |
$ |
102,550 |
|
$ |
1,673 |
|
3.29 |
% |
|
$ |
364,178 |
|
$ |
730 |
|
0.40 |
% |
Securities(1) |
|
3,310,492 |
|
|
78,586 |
|
4.79 |
% |
|
|
3,319,009 |
|
|
41,743 |
|
2.54 |
% |
Resell agreements |
|
12,071 |
|
|
432 |
|
7.22 |
% |
|
|
225,378 |
|
|
1,764 |
|
1.58 |
% |
Total loans, net (2)(3) |
|
4,166,389 |
|
|
90,166 |
|
4.36 |
% |
|
|
3,392,788 |
|
|
64,893 |
|
3.86 |
% |
Total interest-earning assets |
|
7,591,502 |
|
|
170,857 |
|
4.54 |
% |
|
|
7,301,353 |
|
|
109,130 |
|
3.01 |
% |
Non-interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
4,527 |
|
|
|
|
|
|
9,261 |
|
|
|
|
Other assets |
|
212,960 |
|
|
|
|
|
|
266,932 |
|
|
|
|
Total assets |
$ |
7,808,989 |
|
|
|
|
|
$ |
7,577,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and money market deposits |
$ |
3,147,765 |
|
$ |
22,853 |
|
1.46 |
% |
|
$ |
2,963,809 |
|
$ |
2,579 |
|
0.18 |
% |
Time deposits |
|
154,429 |
|
|
907 |
|
1.18 |
% |
|
|
195,741 |
|
|
304 |
|
0.31 |
% |
Brokered CDs |
|
389,718 |
|
|
8,891 |
|
4.60 |
% |
|
|
— |
|
|
— |
|
0.00 |
% |
Total interest-bearing deposits |
|
3,691,912 |
|
|
32,651 |
|
1.78 |
% |
|
|
3,159,550 |
|
|
2,883 |
|
0.18 |
% |
Other borrowings |
|
359,505 |
|
|
7,942 |
|
4.45 |
% |
|
|
84,239 |
|
|
1,381 |
|
3.31 |
% |
Total interest-bearing liabilities |
|
4,051,417 |
|
|
40,593 |
|
2.02 |
% |
|
|
3,243,789 |
|
|
4,264 |
|
0.27 |
% |
Non-interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Demand and transaction deposits |
|
3,170,729 |
|
|
|
|
|
|
3,703,455 |
|
|
|
|
Other liabilities |
|
71,732 |
|
|
|
|
|
|
91,510 |
|
|
|
|
Total liabilities |
|
7,293,878 |
|
|
|
|
|
|
7,038,754 |
|
|
|
|
Stockholders' equity |
|
515,111 |
|
|
|
|
|
|
538,792 |
|
|
|
|
Total liabilities and stockholders' equity |
$ |
7,808,989 |
|
|
|
|
|
$ |
7,577,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income / interest rate spread |
|
|
$ |
130,264 |
|
2.52 |
% |
|
|
|
$ |
104,866 |
|
2.74 |
% |
Net interest-earning assets / net interest margin |
$ |
3,540,085 |
|
|
|
3.46 |
% |
|
$ |
4,057,564 |
|
|
|
2.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits excluding Brokered CDs / total cost of deposits
excluding Brokered CDs |
$ |
6,472,923 |
|
|
|
0.74 |
% |
|
$ |
6,863,005 |
|
|
|
0.08 |
% |
Total deposits / total cost of deposits |
$ |
6,862,641 |
|
|
|
0.96 |
% |
|
$ |
6,863,005 |
|
|
|
0.08 |
% |
Total funding / total cost of funds |
$ |
7,222,146 |
|
|
|
1.13 |
% |
|
$ |
6,947,244 |
|
|
|
0.12 |
% |
(1) Includes FHLBNY stock in the average balance,
and dividend income on FHLBNY stock in interest income.(2) Amounts
are net of deferred origination costs. With the adoption of the
CECL standard on January 1, 2023, the average balance of the
allowance for credit losses on loans was reclassified for all
presented periods to other assets to allow for comparability.(3)
Includes prepayment penalty interest income in June YTD 2023 and
June YTD 2022 of $0 and $0.8 million, respectively.
Deposit Portfolio Composition
|
Three Months Ended |
(In thousands) |
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
Ending Balance |
|
Average Balance |
|
Ending Balance |
|
Average Balance |
|
Ending Balance |
|
Average Balance |
Non-interest-bearing demand deposit accounts |
$ |
2,958,104 |
|
$ |
3,055,770 |
|
$ |
3,015,558 |
|
$ |
3,286,964 |
|
$ |
3,965,907 |
|
$ |
3,855,735 |
NOW accounts |
|
199,262 |
|
|
193,851 |
|
|
199,518 |
|
|
196,499 |
|
|
208,795 |
|
|
211,007 |
Money market deposit accounts |
|
2,744,411 |
|
|
2,644,580 |
|
|
2,702,464 |
|
|
2,514,835 |
|
|
2,540,657 |
|
|
2,431,571 |
Savings accounts |
|
363,058 |
|
|
365,250 |
|
|
371,240 |
|
|
379,894 |
|
|
388,185 |
|
|
388,210 |
Time deposits |
|
161,335 |
|
|
158,992 |
|
|
157,697 |
|
|
149,814 |
|
|
187,623 |
|
|
192,181 |
Brokered CDs |
|
468,481 |
|
|
411,510 |
|
|
594,884 |
|
|
367,684 |
|
|
— |
|
|
— |
Total deposits |
$ |
6,894,651 |
|
$ |
6,829,953 |
|
$ |
7,041,361 |
|
$ |
6,895,690 |
|
$ |
7,291,167 |
|
$ |
7,078,704 |
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits excluding Brokered CDs |
$ |
6,426,170 |
|
$ |
6,418,443 |
|
$ |
6,446,477 |
|
$ |
6,528,006 |
|
$ |
7,291,167 |
|
$ |
7,078,704 |
|
Three Months Ended |
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
(In thousands) |
AverageRate
Paid(1) |
|
Cost of Funds |
|
AverageRate
Paid(1) |
|
Cost of Funds |
|
AverageRate
Paid(1) |
|
Cost of Funds |
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand deposit accounts |
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
NOW accounts |
0.95 |
% |
|
0.96 |
% |
|
0.76 |
% |
|
0.76 |
% |
|
0.13 |
% |
|
0.09 |
% |
Money market deposit accounts |
2.02 |
% |
|
1.81 |
% |
|
1.59 |
% |
|
1.36 |
% |
|
0.20 |
% |
|
0.19 |
% |
Savings accounts |
1.04 |
% |
|
1.00 |
% |
|
0.95 |
% |
|
0.78 |
% |
|
0.15 |
% |
|
0.11 |
% |
Time deposits |
1.77 |
% |
|
1.54 |
% |
|
1.25 |
% |
|
0.80 |
% |
|
0.30 |
% |
|
0.31 |
% |
Brokered CDs |
5.02 |
% |
|
4.78 |
% |
|
4.52 |
% |
|
4.39 |
% |
|
0.00 |
% |
|
— |
|
Total deposits |
1.27 |
% |
|
1.10 |
% |
|
1.09 |
% |
|
0.81 |
% |
|
0.09 |
% |
|
0.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits excluding Brokered CDs |
1.84 |
% |
|
1.66 |
% |
|
1.47 |
% |
|
1.23 |
% |
|
0.20 |
% |
|
0.18 |
% |
(1) Average rate paid is calculated as the weighted
average of spot rates on deposit accounts as of June 30,
2023.
Asset Quality
(In thousands) |
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
Loans 90 days past due and accruing |
$ |
— |
|
|
$ |
1,299 |
|
|
$ |
— |
|
Nonaccrual loans held for sale |
|
1,546 |
|
|
|
5,653 |
|
|
|
4,841 |
|
Nonaccrual loans - Commercial |
|
28,078 |
|
|
|
25,779 |
|
|
|
22,028 |
|
Nonaccrual loans - Retail |
|
5,606 |
|
|
|
4,177 |
|
|
|
2,369 |
|
Other real estate owned |
|
— |
|
|
|
— |
|
|
|
307 |
|
Nonaccrual securities |
|
35 |
|
|
|
1,835 |
|
|
|
56 |
|
Total nonperforming assets |
$ |
35,265 |
|
|
$ |
38,743 |
|
|
$ |
29,601 |
|
|
|
|
|
|
|
Nonaccrual loans: |
|
|
|
|
|
Commercial and industrial |
$ |
7,575 |
|
|
$ |
9,521 |
|
|
$ |
9,550 |
|
Multifamily |
|
2,376 |
|
|
|
2,710 |
|
|
|
3,494 |
|
Commercial real estate |
|
4,660 |
|
|
|
4,745 |
|
|
|
3,931 |
|
Construction and land development |
|
13,467 |
|
|
|
8,803 |
|
|
|
5,053 |
|
Total commercial portfolio |
|
28,078 |
|
|
|
25,779 |
|
|
|
22,028 |
|
|
|
|
|
|
|
Residential real estate lending |
|
2,470 |
|
|
|
2,016 |
|
|
|
898 |
|
Consumer solar |
|
2,811 |
|
|
|
2,021 |
|
|
|
1,451 |
|
Consumer and other |
|
325 |
|
|
|
140 |
|
|
|
20 |
|
Total retail portfolio |
|
5,606 |
|
|
|
4,177 |
|
|
|
2,369 |
|
Total nonaccrual loans |
$ |
33,684 |
|
|
$ |
29,956 |
|
|
$ |
24,397 |
|
|
|
|
|
|
|
Nonaccrual loans to total loans |
|
0.79 |
% |
|
|
0.71 |
% |
|
|
0.67 |
% |
Nonperforming assets to total assets |
|
0.45 |
% |
|
|
0.49 |
% |
|
|
0.82 |
% |
Allowance for credit losses on loans to nonaccrual loans |
|
200.19 |
% |
|
|
224.74 |
% |
|
|
161.81 |
% |
Allowance for credit losses on loans to total loans |
|
1.59 |
% |
|
|
1.61 |
% |
|
|
1.08 |
% |
Annualized net charge-offs (recoveries) to average loans |
|
0.29 |
% |
|
|
0.25 |
% |
|
|
0.11 |
% |
Credit Quality
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
($ in thousands) |
|
|
|
|
|
Criticized and classified loans |
|
|
|
|
|
Commercial and industrial |
$ |
34,987 |
|
$ |
35,823 |
|
$ |
32,869 |
Multifamily |
|
17,668 |
|
|
18,710 |
|
|
53,347 |
Commercial real estate |
|
29,788 |
|
|
35,121 |
|
|
39,744 |
Construction and land development |
|
15,891 |
|
|
16,426 |
|
|
7,476 |
Residential real estate lending |
|
2,470 |
|
|
2,016 |
|
|
898 |
Consumer solar |
|
2,811 |
|
|
2,021 |
|
|
1,451 |
Consumer and other |
|
325 |
|
|
140 |
|
|
20 |
Total loans |
$ |
103,940 |
|
$ |
110,257 |
|
$ |
135,805 |
Criticized and classified loans to total
loans |
|
|
|
|
|
Commercial and industrial |
0.82 |
% |
|
0.85 |
% |
|
0.90 |
% |
Multifamily |
0.42 |
% |
|
0.45 |
% |
|
1.46 |
% |
Commercial real estate |
0.70 |
% |
|
0.84 |
% |
|
1.09 |
% |
Construction and land development |
0.37 |
% |
|
0.39 |
% |
|
0.20 |
% |
Residential real estate lending |
0.06 |
% |
|
0.05 |
% |
|
0.02 |
% |
Consumer solar |
0.07 |
% |
|
0.05 |
% |
|
0.04 |
% |
Consumer and other |
0.01 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
2.45 |
% |
|
2.63 |
% |
|
3.71 |
% |
Reconciliation of GAAP to Non-GAAP
Financial MeasuresThe information provided below presents
a reconciliation of each of our non-GAAP financial measures to the
most directly comparable GAAP financial measure.
|
As of and for the |
|
As of and for the |
|
Three Months Ended |
|
Six Months Ended |
(in thousands) |
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
Core operating revenue |
|
|
|
|
|
|
|
|
|
Net Interest income (GAAP) |
$ |
62,985 |
|
|
$ |
67,280 |
|
|
$ |
56,498 |
|
|
$ |
130,264 |
|
|
$ |
104,866 |
|
Non-interest income |
|
7,944 |
|
|
|
5,208 |
|
|
|
7,246 |
|
|
|
13,150 |
|
|
|
14,668 |
|
Less: Securities (gain) loss |
|
267 |
|
|
|
3,086 |
|
|
|
582 |
|
|
|
3,353 |
|
|
|
420 |
|
Less: Subdebt repurchase gain |
|
— |
|
|
|
(780 |
) |
|
|
— |
|
|
|
(780 |
) |
|
|
— |
|
Core operating revenue (non-GAAP) |
|
71,196 |
|
|
|
74,794 |
|
|
|
64,326 |
|
|
|
145,987 |
|
|
|
119,954 |
|
Add: Tax (credits) depreciation on solar investments |
|
— |
|
|
|
— |
|
|
|
862 |
|
|
|
— |
|
|
|
798 |
|
Core operating revenue excluding solar tax impact (non-GAAP) |
|
71,196 |
|
|
|
74,794 |
|
|
|
65,188 |
|
|
|
145,987 |
|
|
|
120,752 |
|
|
|
|
|
|
|
|
|
|
|
Core non-interest expense |
|
|
|
|
|
|
|
|
|
Non-interest expense (GAAP) |
$ |
37,529 |
|
|
$ |
38,627 |
|
|
$ |
34,347 |
|
|
$ |
76,156 |
|
|
$ |
68,743 |
|
Less: Other one-time expenses(1) |
|
(285 |
) |
|
|
— |
|
|
|
(316 |
) |
|
|
(285 |
) |
|
|
(739 |
) |
Core non-interest expense (non-GAAP) |
|
37,244 |
|
|
|
38,627 |
|
|
|
34,031 |
|
|
|
75,871 |
|
|
|
68,004 |
|
|
|
|
|
|
|
|
|
|
|
Core net income |
|
|
|
|
|
|
|
|
|
Net Income (GAAP) |
$ |
21,642 |
|
|
$ |
21,338 |
|
|
$ |
19,613 |
|
|
$ |
42,977 |
|
|
$ |
33,778 |
|
Less: Securities (gain) loss |
|
267 |
|
|
|
3,086 |
|
|
|
582 |
|
|
|
3,353 |
|
|
|
420 |
|
Less: Subdebt repurchase gain |
|
— |
|
|
|
(780 |
) |
|
|
— |
|
|
|
(780 |
) |
|
|
— |
|
Add: Other one-time expenses |
|
285 |
|
|
|
— |
|
|
|
316 |
|
|
|
285 |
|
|
|
739 |
|
Less: Tax on notable items |
|
(147 |
) |
|
|
(604 |
) |
|
|
(233 |
) |
|
|
(753 |
) |
|
|
(300 |
) |
Core net income (non-GAAP) |
|
22,047 |
|
|
|
23,040 |
|
|
|
20,278 |
|
|
|
45,082 |
|
|
|
34,637 |
|
Add: Tax (credits) depreciation on solar investments |
|
— |
|
|
|
— |
|
|
|
862 |
|
|
|
— |
|
|
|
798 |
|
Add: Tax effect of solar income |
|
— |
|
|
|
— |
|
|
|
(224 |
) |
|
|
— |
|
|
|
(207 |
) |
Core net income excluding solar tax impact (non-GAAP) |
|
22,047 |
|
|
|
23,040 |
|
|
|
20,916 |
|
|
|
45,082 |
|
|
|
35,228 |
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity |
|
|
|
|
|
|
|
|
|
Stockholders' equity (GAAP) |
$ |
528,614 |
|
|
$ |
519,158 |
|
|
$ |
498,041 |
|
|
$ |
528,614 |
|
|
$ |
498,041 |
|
Less: Minority interest |
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
Less: Goodwill |
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
Less: Core deposit intangible |
|
(2,661 |
) |
|
|
(2,883 |
) |
|
|
(3,628 |
) |
|
|
(2,661 |
) |
|
|
(3,628 |
) |
Tangible common equity (non-GAAP) |
|
512,884 |
|
|
|
503,206 |
|
|
|
481,344 |
|
|
|
512,884 |
|
|
|
481,344 |
|
|
|
|
|
|
|
|
|
|
|
Average tangible common equity |
|
|
|
|
|
|
|
|
|
Average stockholders' equity (GAAP) |
$ |
527,599 |
|
|
$ |
502,485 |
|
|
$ |
517,430 |
|
|
$ |
515,111 |
|
|
$ |
538,792 |
|
Less: Minority interest |
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
|
|
(133 |
) |
Less: Goodwill |
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
|
|
(12,936 |
) |
Less: Core deposit intangible |
|
(2,769 |
) |
|
|
(2,991 |
) |
|
|
(3,755 |
) |
|
|
(2,879 |
) |
|
|
(3,886 |
) |
Average tangible common equity (non-GAAP) |
|
511,761 |
|
|
|
486,425 |
|
|
|
500,606 |
|
|
|
499,163 |
|
|
|
521,837 |
|
|
|
|
|
|
|
|
|
|
|
Core return on average assets |
|
|
|
|
|
|
|
|
|
Denominator: Total average assets |
$ |
7,796,266 |
|
|
$ |
7,821,851 |
|
|
$ |
7,760,294 |
|
|
$ |
7,808,988 |
|
|
$ |
7,577,547 |
|
Core return on average assets (non-GAAP) |
|
1.13 |
% |
|
|
1.19 |
% |
|
|
1.05 |
% |
|
|
1.16 |
% |
|
|
0.92 |
% |
Core return on average assets excluding solar tax impact
(non-GAAP) |
|
1.13 |
% |
|
|
1.19 |
% |
|
|
1.08 |
% |
|
|
1.16 |
% |
|
|
0.94 |
% |
|
|
|
|
|
|
|
|
|
|
Core return on average tangible common equity |
|
|
|
|
|
|
|
|
|
Denominator: Average tangible common equity |
$ |
511,761 |
|
|
$ |
486,425 |
|
|
$ |
500,606 |
|
|
$ |
499,163 |
|
|
$ |
521,837 |
|
Core return on average tangible common equity (non-GAAP) |
|
17.28 |
% |
|
|
19.21 |
% |
|
|
16.25 |
% |
|
|
18.21 |
% |
|
|
13.38 |
% |
Core return on average tangible common equity excluding solar tax
impact (non-GAAP) |
|
17.28 |
% |
|
|
19.21 |
% |
|
|
16.76 |
% |
|
|
18.21 |
% |
|
|
13.61 |
% |
|
|
|
|
|
|
|
|
|
|
Core efficiency ratio |
|
|
|
|
|
|
|
|
|
Numerator: Core non-interest expense (non-GAAP) |
$ |
37,244 |
|
|
$ |
38,627 |
|
|
$ |
34,031 |
|
|
$ |
75,871 |
|
|
$ |
68,004 |
|
Core efficiency ratio (non-GAAP) |
|
52.31 |
% |
|
|
51.64 |
% |
|
|
52.90 |
% |
|
|
51.97 |
% |
|
|
56.69 |
% |
Core efficiency ratio excluding solar tax impact (non-GAAP) |
|
52.31 |
% |
|
|
51.64 |
% |
|
|
52.20 |
% |
|
|
51.97 |
% |
|
|
56.32 |
% |
(1) Severance expense for positions eliminated
plus, for 2022, expenses related to the termination of the merger
agreement with Amalgamated Bank of Chicago.
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