Amalgamated Bank Reports Fourth Quarter and Full Year 2020 Financial Results
Amalgamated Bank (AMAL) reported Q4 2020 net income of $13.8 million ($0.44 per diluted share), up from $12.5 million in Q3 2020 and $12.0 million in Q4 2019. Core net income decreased to $13.8 million from $16.8 million in Q3 2020. Deposits fell by $682.3 million to $5.3 billion due to the election cycle, while total loans decreased to $3.4 billion. The bank's net interest margin rose to 3.06%, but nonperforming assets increased to $82.2 million (1.38% of total assets). For the full year, net income was $46.2 million ($1.48 per diluted share), slightly down from $47.2 million in 2019.
- Fourth quarter net income increased by 10.5% compared to Q3 2020.
- Core net income of $50.3 million for the full year 2020, up from $48.2 million in 2019.
- Deposit growth of $697.7 million (15%) compared to December 31, 2019.
- Deposit decline of $682.3 million in Q4 2020.
- Significant increase in provisions for loan losses to $24.8 million for the year, up from $3.8 million in 2019.
- Increase in nonperforming assets to $82.2 million, rising from $66.7 million in 2019.
NEW YORK, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Amalgamated Bank (Nasdaq: AMAL) (“Amalgamated” or the “Bank”) today announced financial results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Highlights
- Net income of
$13.8 million , or$0.44 per diluted share, compared to$12.5 million , or$0.40 per diluted share, for the third quarter of 2020 and$12.0 million , or$0.37 per diluted share for the fourth quarter of 2019 - Core net income (non-GAAP)[1] of
$13.8 million , or$0.44 per diluted share, compared to$16.8 million , or$0.54 per diluted share for the third quarter of 2020 and$12.6 million , or$0.39 per diluted share, for the fourth quarter of 2019 - Deposit decline of
$682.3 million , primarily due to the election cycle, to$5.3 billion compared to a balance of$6.0 billion on September 30, 2020 - Total loans of
$3.4 billion , compared to a balance of$3.6 billion on September 30, 2020 - Growth in PACE assessments of
$53.6 million , or58.1% annualized, from a balance of$367.4 million on September 30, 2020 - Cost of deposits was
0.13% , compared to0.14% for the third quarter of 2020 and0.36% for the fourth quarter of 2019 - Net interest margin was
3.06% , compared to2.88% for the third quarter of 2020 and3.43% for the fourth quarter of 2019 - Common Equity Tier 1, Total Risk-Based, and Tier 1 Leverage capital ratios were
13.11% ,14.25% , and7.97% , respectively, at December 31, 2020 - Total nonperforming assets were
$82.2 million or1.38% of total assets as of December 31, 2020, compared to$80.6 million or1.22% of total assets at September 30, 2020 and$66.7 million , or1.25% of total assets at December 31, 2019
Full Year 2020 Highlights
- Net income of
$46.2 million , or$1.48 per diluted share, as compared to$47.2 million , or$1.47 per diluted share, for the full year of 2019 - Core net income (non-GAAP)[1] of
$50.3 million , or$1.61 per diluted share, as compared to$48.2 million , or$1.49 per diluted share, for the full year of 2019 - Deposit growth of
$697.7 million , or15.0% , compared to December 31, 2019 - Loan growth of
$8.5 million , or0.2% , compared to December 31, 2019 - Growth in PACE assessments of
$157.2 million , or59.6% , from a balance of$263.8 million on December 31, 2019 - Cost of deposits was
0.19% , compared to0.35% for the full year of 2019 - Net interest margin was
3.11% , compared to3.55% for the full year of 2019
Keith Mestrich, President and Chief Executive Officer of Amalgamated Bank, commented, “As I look back on our fourth quarter and full year 2020 results, I am not only pleased, but proud of all that we have accomplished in such challenging, unprecedented times, highlighted by our net income growth of
_________________________
[1] Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last two pages of the financial information accompanying this press release and may also be found on our website, www.amalgamatedbank.com.
COVID-19 Update
Amalgamated’s primary concern during the COVID-19 pandemic is for the health and well-being of the Bank’s employees, customers, and communities. Our employees continue to operate in a work from home environment, and we continue to perform well, effectively transitioning many customers to our digital platform, allowing for further consolidation of our branch network.
We have offered payment deferrals as an option for our consumer and commercial borrowers who are experiencing financial stress as a result of COVID-19 impacts. As of December 31, 2020, the following loan balances are still on deferral, accruing interest, and no loan has been on deferral longer than six months.
| Total Loans | Deferrals as of: | % of Portfolio (1) | |||||||||
| $ millions | 12/31/20 | 12/31/20 | 9/30/2020 | ||||||||
| Multifamily | $ | 947 | $ | 15 | $ | 124 | 1.5 | % | |||
| CRE & Construction | 429 | 2 | 97 | 0.5 | % | ||||||
| C&I | 677 | 4 | 5 | 0.6 | % | ||||||
| Residential | 1,239 | 18 | 63 | 1.5 | % | ||||||
| Consumer & Student | 191 | 2 | 4 | 1.0 | % | ||||||
| Total | $ | 3,843 | $ | 41 | $ | 293 | 1.2 | % | |||
| (1) Loan portfolio % is for deferral balances as of 12/31/2020 | |||||||||||
The table below shows the credit risk rating of loans that have exited deferral status as of December 31, 2020, including those loans that did not resume payments and have been moved to non-accrual. These loans do not include other special mention or substandard loans that were never granted a payment deferral:
| $ millions | Pass Rated | Special Mention | Substandard(2) | Total | ||||||||
| Multifamily | $ | 52 | $ | 109 | $ | 18 | $ | 179 | ||||
| CRE & Construction | 30 | 39 | 49 | 118 | ||||||||
| C&I | 10 | 15 | 3 | 28 | ||||||||
| Residential | 87 | — | 16 | 103 | ||||||||
| Consumer & Student | — | — | — | — | ||||||||
| Total | $ | 179 | $ | 163 | $ | 86 | $ | 428 | ||||
| (2) Substandard loans include | ||||||||||||
Results of Operations, Quarter Ended December 31, 2020
Net income for the fourth quarter of 2020 was
Core net income (non-GAAP) for the fourth quarter of 2020 was
Net interest income was
Net interest margin was
Provisions for loan losses totaled an expense of
Non-interest income was
Non-interest expense for the fourth quarter of 2020 was
Our provision for income tax expense was
Results of Operations, Full Year Ended December 31, 2020
Net income for the year ended December 31, 2020 was
Core net income (non-GAAP) for the year ended December 31, 2020 of
Net interest income was
Provisions for loan losses totaled an expense of
Non-interest income was
Non-interest expense for the year ended December 31, 2020 was
We had income tax expense of
Financial Condition
Total assets were
Total loans, net at December 31, 2020 were
Deposits at December 31, 2020 were
Nonperforming assets totaled
The allowance for loan losses increased
Capital
As of December 31, 2020, our Common Equity Tier 1 Capital Ratio was
Our tangible book value per share was
Conference Call
As previously announced, Amalgamated Bank will host a conference call to discuss its fourth quarter and full year 2020 results today, January 28, 2021 at 10:00am (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 Bank Fourth Quarter 2020 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 13714757. The telephonic replay will be available until 11:59 pm (Eastern Time) on February 4, 2021.
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 http://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 http://ir.amalgamatedbank.com/.
About Amalgamated Bank
Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of six branches in New York City, Washington D.C., San Francisco, and Boston. Amalgamated 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 provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of December 31, 2020, our total assets were
Non-GAAP Financial Measures
This release (and the accompanying financial information and tables) refers to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core net income,” “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 December 31, 2020 versus certain periods in 2019 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 operating revenue” is defined as total net interest income plus 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 non-interest expense” is defined as total non-interest expense excluding costs related to branch closures and restructuring/severance costs. We believe the most directly comparable GAAP financial measure is total non-interest expense.
“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, and taxes on notable pre-tax items. We believe the most directly comparable GAAP financial measure is net income.
“Tangible common equity” and “Tangible book value” and 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.
“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 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 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.
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,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “in the future,” “may” and “intend,” as well as other similar words and expressions of the future, and in this press release include statements about expected performance of our loan portfolio and payment deferrals, the wind-down of our real estate fund and the expected charges and anticipated consolidation of our branch network and our solar tax equity investments. 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) deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses; (ii) continuation of the historically low short-term interest rate environment; (iii) the inability of Amalgamated Bank to maintain the historical growth rate of its loan portfolio; (iv) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (v) effectiveness of Amalgamated Bank’s asset management activities in improving, resolving or liquidating lower-quality assets; (vi) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on Amalgamated Bank’s results, including as a result of compression to net interest margin; (vii) greater than anticipated adverse conditions in the national or local economies including in Amalgamated Bank’s core markets, including, but not limited to, the negative impacts and disruptions resulting from the outbreak of the novel coronavirus, or COVID-19, which may continue to have an adverse impact on our business, operations and performance, and could continue to have a negative impact on our credit portfolio, share price, borrowers, and on the economy as a whole, both domestically and globally (viii) fluctuations or unanticipated changes in interest rates on loans or deposits or that affect the yield curve; (ix) the results of regulatory examinations; (x) potential deterioration in real estate values; (xi) changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action, including, but not limited to, the Coronavirus Aid, Relief, and Economic Security Act, or the “CARES Act”; (xi) the risk that the preliminary financial information reported herein and our current preliminary analysis will be different when our review is finalized; (xii) our inability to timely identify a new Chief Executive Officer in light of, among other things, competition for experienced executives in the banking industry; and (xiii) unexpected challenges and potential operational disruptions related to our Chief Executive Officer’s transition. Additional factors which could affect the forward-looking statements can be found in Amalgamated’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the FDIC and available on the FDIC's website at https://efr.fdic.gov/fcxweb/efr/index.html. Amalgamated Bank disclaims 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.
Media Contact:
Kaye Verville
The Levinson Group
kaye@mollylevinson.com
202-244-1785
Investor Contact:
Jamie Lillis
Solebury Trout
shareholderrelations@amalgamatedbank.com
800-895-4172
Consolidated Statements of Income
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | |||||||||||||||||
| ($ in thousands) | 2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
| INTEREST AND DIVIDEND INCOME | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||
| Loans | $ | 35,544 | $ | 35,602 | $ | 35,202 | $ | 141,983 | $ | 139,995 | ||||||||||
| Securities | 11,816 | 11,473 | 11,426 | 47,588 | 44,197 | |||||||||||||||
| Federal Home Loan Bank of New York stock | 36 | 56 | 134 | 227 | 813 | |||||||||||||||
| Interest-bearing deposits in banks | 66 | 152 | 193 | 697 | 949 | |||||||||||||||
| Total interest and dividend income | 47,462 | 47,283 | 46,955 | 190,495 | 185,954 | |||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Deposits | 1,807 | 2,049 | 4,065 | 10,452 | 14,461 | |||||||||||||||
| Borrowed funds | — | — | 640 | 27 | 4,856 | |||||||||||||||
| Total interest expense | 1,807 | 2,049 | 4,705 | 10,479 | 19,317 | |||||||||||||||
| NET INTEREST INCOME | 45,655 | 45,234 | 42,250 | 180,016 | 166,637 | |||||||||||||||
| Provision for (recovery of) loan losses | 4,589 | 3,394 | 83 | 24,791 | 3,837 | |||||||||||||||
| Net interest income after provision for loan losses | 41,066 | 41,840 | 42,167 | 155,225 | 162,800 | |||||||||||||||
| NON-INTEREST INCOME | ||||||||||||||||||||
| Trust Department fees | 3,533 | 3,622 | 4,481 | 15,222 | 18,598 | |||||||||||||||
| Service charges on deposit accounts | 2,811 | 2,130 | 2,383 | 9,201 | 8,544 | |||||||||||||||
| Bank-owned life insurance | 363 | 1,227 | 405 | 3,085 | 1,649 | |||||||||||||||
| Gain (loss) on sale of investment securities available for sale, net | — | 619 | 218 | 1,605 | 83 | |||||||||||||||
| Gain (loss) on sale of loans, net | 1,320 | 903 | 53 | 2,520 | 13 | |||||||||||||||
| Gain (loss) on other real estate owned, net | — | (176 | ) | — | (482 | ) | (564 | ) | ||||||||||||
| Equity method investments | 1,825 | 4,297 | — | 7,411 | — | |||||||||||||||
| Other | 188 | 154 | 236 | 2,042 | 878 | |||||||||||||||
| Total non-interest income | 10,040 | 12,776 | 7,776 | 40,604 | 29,201 | |||||||||||||||
| NON-INTEREST EXPENSE | ||||||||||||||||||||
| Compensation and employee benefits | 17,082 | 17,547 | 18,089 | 69,421 | 70,276 | |||||||||||||||
| Occupancy and depreciation | 3,385 | 9,908 | 5,007 | 23,040 | 17,721 | |||||||||||||||
| Professional fees | 4,033 | 2,202 | 3,248 | 11,205 | 11,934 | |||||||||||||||
| Data processing | 3,174 | 2,916 | 2,545 | 11,330 | 10,880 | |||||||||||||||
| Office maintenance and depreciation | 776 | 863 | 889 | 3,314 | 3,540 | |||||||||||||||
| Amortization of intangible assets | 342 | 342 | 344 | 1,370 | 1,374 | |||||||||||||||
| Advertising and promotion | 1,003 | 1,172 | 911 | 3,514 | 2,908 | |||||||||||||||
| Other | 2,875 | 2,927 | 2,457 | 10,692 | 9,194 | |||||||||||||||
| Total non-interest expense | 32,670 | 37,877 | 33,490 | 133,886 | 127,827 | |||||||||||||||
| Income before income taxes | 18,436 | 16,739 | 16,453 | 61,943 | 64,174 | |||||||||||||||
| Income tax expense (benefit) | 4,646 | 4,259 | 4,445 | 15,755 | 16,972 | |||||||||||||||
| Net income | 13,790 | 12,480 | 12,008 | 46,188 | 47,202 | |||||||||||||||
| Net income attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||
| Net income attributable to Amalgamated Bank and subsidiaries | $ | 13,790 | $ | 12,480 | $ | 12,008 | $ | 46,188 | $ | 47,202 | ||||||||||
| Earnings per common share - basic | 0.44 | 0.40 | 0.38 | 1.48 | 1.49 | |||||||||||||||
| Earnings per common share - diluted | 0.44 | 0.40 | 0.37 | 1.48 | 1.47 | |||||||||||||||
Consolidated Statements of Financial Condition
| December 31, | December 31, | ||||||
| ($ in thousands) | 2020 | 2019 | |||||
| Assets | (unaudited) | ||||||
| Cash and due from banks | $ | 7,736 | $ | 7,596 | |||
| Interest-bearing deposits in banks | 31,033 | 114,942 | |||||
| Total cash and cash equivalents | 38,769 | 122,538 | |||||
| Securities: | |||||||
| Available for sale, at fair value (amortized cost of | 1,539,862 | 1,224,770 | |||||
| Held-to-maturity (fair value of | 494,449 | 292,704 | |||||
| Loans held for sale | 11,178 | 2,328 | |||||
| Loans receivable, net of deferred loan origination costs (fees) | 3,488,895 | 3,472,614 | |||||
| Allowance for loan losses | (41,589 | ) | (33,847 | ) | |||
| Loans receivable, net | 3,447,306 | 3,438,767 | |||||
| Resell agreements | 154,779 | — | |||||
| Accrued interest and dividends receivable | 23,970 | 19,088 | |||||
| Premises and equipment, net | 12,977 | 17,778 | |||||
| Bank-owned life insurance | 105,888 | 80,714 | |||||
| Right-of-use lease asset | 36,104 | 47,299 | |||||
| Deferred tax asset | 35,370 | 31,441 | |||||
| Goodwill and other intangible assets | 18,295 | 19,665 | |||||
| Other assets | 59,684 | 28,246 | |||||
| Total assets | $ | 5,978,631 | $ | 5,325,338 | |||
| Liabilities | |||||||
| Deposits | $ | 5,338,711 | $ | 4,640,982 | |||
| Borrowed funds | — | 75,000 | |||||
| Operating leases | 53,173 | 62,404 | |||||
| Other liabilities | 50,926 | 56,408 | |||||
| Total liabilities | 5,442,810 | 4,834,794 | |||||
| Commitments and contingencies | — | — | |||||
| Stockholders’ equity | |||||||
| Common stock, par value $.01 per share (70,000,000 shares authorized; 31,049,525 and 31,523,442 shares issued and outstanding, respectively) | 310 | 315 | |||||
| Additional paid-in capital | 300,989 | 305,738 | |||||
| Retained earnings | 217,213 | 181,132 | |||||
| Accumulated other comprehensive income (loss), net of income taxes | 17,176 | 3,225 | |||||
| Total Amalgamated Bank stockholders' equity | 535,688 | 490,410 | |||||
| Noncontrolling interests | 133 | 134 | |||||
| Total stockholders' equity | 535,821 | 490,544 | |||||
| Total liabilities and stockholders’ equity | $ | 5,978,631 | $ | 5,325,338 | |||
Select Financial Data
| As of and for the | As of and for the | |||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | |||||||||||||||
| 2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||
| Selected Financial Ratios and Other Data: | ||||||||||||||||||
| Earnings | ||||||||||||||||||
| Basic | $ | 0.44 | $ | 0.40 | $ | 0.38 | 1.48 | 1.49 | ||||||||||
| Diluted | 0.44 | 0.40 | 0.37 | 1.48 | 1.47 | |||||||||||||
| Core Earnings (non-GAAP) | ||||||||||||||||||
| Basic | $ | 0.44 | $ | 0.54 | $ | 0.40 | 1.62 | 1.52 | ||||||||||
| Diluted | 0.44 | 0.54 | 0.39 | 1.61 | 1.49 | |||||||||||||
| Book value per common share (excluding minority interest) | 17.25 | 16.82 | 15.56 | 17.25 | 15.56 | |||||||||||||
| Tangible book value per share (non-GAAP) | 16.66 | 16.22 | 14.93 | 16.66 | 14.93 | |||||||||||||
| Common shares outstanding | 31,049,525 | 31,049,525 | 31,523,442 | 31,049,525 | 31,523,442 | |||||||||||||
| Weighted average common shares outstanding, basic | 31,049,525 | 31,049,525 | 31,529,014 | 31,132,652 | 31,733,195 | |||||||||||||
| Weighted average common shares outstanding, diluted | 31,145,436 | 31,075,400 | 32,125,683 | 31,228,563 | 32,205,248 | |||||||||||||
Select Financial Data
| As of and for the | As of and for the | ||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | September 30, | December 31, | December 31, | ||||||||||||
| 2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||
| Selected Performance Metrics: | |||||||||||||||
| Return on average assets | 0.89 | % | 0.76 | % | 0.93 | % | 0.76 | % | 0.96 | % | |||||
| Core return on average assets (non-GAAP) | 0.89 | % | 1.03 | % | 0.97 | % | 0.83 | % | 0.98 | % | |||||
| Return on average equity | 10.34 | % | 9.62 | % | 9.75 | % | 9.07 | % | 10.03 | % | |||||
| Core return on average tangible common equity (non-GAAP) | 10.72 | % | 13.44 | % | 10.68 | % | 10.27 | % | 10.70 | % | |||||
| Loan yield | 4.04 | % | 3.97 | % | 4.10 | % | 4.03 | % | 4.27 | % | |||||
| Securities yield | 2.21 | % | 2.24 | % | 3.28 | % | 2.53 | % | 3.36 | % | |||||
| Deposit cost | 0.13 | % | 0.14 | % | 0.36 | % | 0.19 | % | 0.35 | % | |||||
| Net interest margin | 3.06 | % | 2.88 | % | 3.43 | % | 3.11 | % | 3.55 | % | |||||
| Efficiency ratio (1) | 58.66 | % | 65.29 | % | 66.95 | % | 60.69 | % | 65.27 | % | |||||
| Core efficiency ratio (non-GAAP) | 58.66 | % | 54.84 | % | 65.11 | % | 57.60 | % | 64.57 | % | |||||
| Asset Quality Ratios: | |||||||||||||||
| Nonaccrual loans to total loans | 1.75 | % | 1.41 | % | 0.90 | % | 1.75 | % | 0.90 | % | |||||
| Nonperforming assets to total assets | 1.38 | % | 1.22 | % | 1.25 | % | 1.38 | % | 1.25 | % | |||||
| Allowance for loan losses to nonaccrual loans | 68 | % | 95 | % | 109 | % | 68 | % | 109 | % | |||||
| Allowance for loan losses to total loans | 1.19 | % | 1.34 | % | 0.98 | % | 1.19 | % | 0.98 | % | |||||
| Annualized net charge-offs (recoveries) to average loans | 1.24 | % | 0.59 | % | -0.01 | % | 0.48 | % | 0.22 | % | |||||
| Capital Ratios: | |||||||||||||||
| Tier 1 leverage capital ratio | 7.97 | % | 7.39 | % | 8.90 | % | 7.97 | % | 8.90 | % | |||||
| Tier 1 risk-based capital ratio | 13.11 | % | 12.76 | % | 13.01 | % | 13.11 | % | 13.01 | % | |||||
| Total risk-based capital ratio | 14.25 | % | 14.01 | % | 14.01 | % | 14.25 | % | 14.01 | % | |||||
| Common equity tier 1 capital ratio | 13.11 | % | 12.76 | % | 13.01 | % | 13.11 | % | 13.01 | % | |||||
| (1) Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income | |||||||||||||||
Loan and Held-to-Maturity Securities Portfolio Composition
| ($ in thousands) | At December 31, 2020 | At September 30, 2020 | At December 31, 2019 | ||||||||||||||||||
| Amount | % of total loans | Amount | % of total loans | Amount | % of total loans | ||||||||||||||||
| Commercial portfolio: | |||||||||||||||||||||
| Commercial and industrial | $ | 677,192 | 19.4 | % | $ | 660,914 | 18.4 | % | $ | 474,342 | 13.7 | % | |||||||||
| Multifamily | 947,177 | 27.2 | % | 974,962 | 27.1 | % | 976,380 | 28.2 | % | ||||||||||||
| Commercial real estate | 372,736 | 10.7 | % | 388,757 | 10.8 | % | 421,947 | 12.2 | % | ||||||||||||
| Construction and land development | 56,087 | 1.6 | % | 61,687 | 1.7 | % | 62,271 | 1.8 | % | ||||||||||||
| Total commercial portfolio | 2,053,192 | 58.9 | % | 2,086,320 | 58.0 | % | 1,934,940 | 55.9 | % | ||||||||||||
| Retail portfolio: | |||||||||||||||||||||
| Residential real estate lending | 1,238,697 | 35.6 | % | 1,329,021 | 37.0 | % | 1,366,473 | 39.4 | % | ||||||||||||
| Consumer and other | 190,676 | 5.5 | % | 179,507 | 5.0 | % | 163,077 | 4.7 | % | ||||||||||||
| Total retail | 1,429,373 | 41.1 | % | 1,508,528 | 42.0 | % | 1,529,550 | 44.1 | % | ||||||||||||
| Total loans | 3,482,565 | 100.0 | % | 3,594,848 | 100.0 | % | 3,464,490 | 100.0 | % | ||||||||||||
| Net deferred loan origination fees (costs) | 6,330 | 7,604 | 8,124 | ||||||||||||||||||
| Allowance for loan losses | (41,589 | ) | (48,072 | ) | (33,847 | ) | |||||||||||||||
| Total loans, net | $ | 3,447,306 | $ | 3,554,380 | $ | 3,438,767 | |||||||||||||||
| Held-to-maturity securities portfolio: | |||||||||||||||||||||
| PACE assessments | 421,036 | 85.2 | % | 367,393 | 83.3 | % | 263,805 | 90.1 | % | ||||||||||||
| Other securities | 73,413 | 14.8 | % | 73,556 | 16.7 | % | 28,899 | 9.9 | % | ||||||||||||
| Total held-to-maturity securities | 494,449 | 100.0 | % | 440,949 | 100.0 | % | 292,704 | 100.0 | % | ||||||||||||
Net Interest Income Analysis
| Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
| December 31, 2020 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||
| ($ in thousands) | Average Balance | Income / Expense | Yield / Rate | Average Balance | Income / Expense | Yield / Rate | Average Balance | Income / Expense | Yield / Rate | ||||||||||||||||||||||||
| Interest earning assets: | |||||||||||||||||||||||||||||||||
| Interest-bearing deposits in banks | $ | 299,881 | $ | 66 | 0.09 | % | $ | 632,268 | $ | 152 | 0.10 | % | $ | 85,965 | $ | 193 | 0.89 | % | |||||||||||||||
| Securities and FHLB stock | 2,133,957 | 11,852 | 2.21 | % | 2,045,231 | 11,529 | 2.24 | % | 1,399,657 | 11,560 | 3.28 | % | |||||||||||||||||||||
| Total loans, net (1)(2) | 3,503,929 | 35,544 | 4.04 | % | 3,569,313 | 35,602 | 3.97 | % | 3,406,806 | 35,202 | 4.10 | % | |||||||||||||||||||||
| Total interest earning assets | 5,937,767 | 47,462 | 3.18 | % | 6,246,812 | 47,283 | 3.01 | % | 4,892,428 | 46,955 | 3.81 | % | |||||||||||||||||||||
| Non-interest earning assets: | |||||||||||||||||||||||||||||||||
| Cash and due from banks | 7,594 | 9,239 | 8,852 | ||||||||||||||||||||||||||||||
| Other assets | 237,628 | 234,248 | 238,421 | ||||||||||||||||||||||||||||||
| Total assets | $ | 6,182,989 | $ | 6,490,299 | $ | 5,139,701 | |||||||||||||||||||||||||||
| Interest bearing liabilities: | |||||||||||||||||||||||||||||||||
| Savings, NOW and money market deposits | $ | 2,356,137 | $ | 1,384 | 0.23 | % | $ | 2,376,701 | $ | 1,427 | 0.24 | % | $ | 2,003,888 | $ | 2,762 | 0.55 | % | |||||||||||||||
| Time deposits | 268,896 | 423 | 0.63 | % | 321,696 | 622 | 0.77 | % | 396,631 | 1,303 | 1.30 | % | |||||||||||||||||||||
| Total deposits | 2,625,033 | 1,807 | 0.27 | % | 2,698,397 | 2,049 | 0.30 | % | 2,400,519 | 4,065 | 0.67 | % | |||||||||||||||||||||
| Federal Home Loan Bank advances | — | — | 0.00 | % | — | — | 0.00 | % | 128,604 | 636 | 1.96 | % | |||||||||||||||||||||
| Other Borrowings | — | — | 0.00 | % | — | — | 0.00 | % | 978 | 4 | 1.62 | % | |||||||||||||||||||||
| Total interest bearing liabilities | 2,625,033 | 1,807 | 0.27 | % | 2,698,397 | 2,049 | 0.30 | % | 2,530,101 | 4,705 | 0.74 | % | |||||||||||||||||||||
| Non-interest bearing liabilities: | |||||||||||||||||||||||||||||||||
| Demand and transaction deposits | 2,947,075 | 3,191,858 | 2,024,521 | ||||||||||||||||||||||||||||||
| Other liabilities | 80,529 | 84,138 | 96,335 | ||||||||||||||||||||||||||||||
| Total liabilities | 5,652,637 | 5,974,393 | 4,650,957 | ||||||||||||||||||||||||||||||
| Stockholders' equity | 530,352 | 515,906 | 488,744 | ||||||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 6,182,989 | $ | 6,490,299 | $ | 5,139,701 | |||||||||||||||||||||||||||
| Net interest income / interest rate spread | $ | 45,655 | 2.91 | % | $ | 45,234 | 2.71 | % | $ | 42,250 | 3.07 | % | |||||||||||||||||||||
| Net interest earning assets / net interest margin | $ | 3,312,734 | 3.06 | % | $ | 3,548,415 | 2.88 | % | $ | 2,362,327 | 3.43 | % | |||||||||||||||||||||
| Total Cost of Deposits | 0.13 | % | 0.14 | % | 0.36 | % | |||||||||||||||||||||||||||
| (1) Amounts are net of deferred origination costs / (fees) and the allowance for loan losses | |||||||||||||||||||||||||||||||||
| (2) Includes prepayment penalty interest income in 4Q20, 3Q20 and 4Q19 of | |||||||||||||||||||||||||||||||||
Net Interest Income Analysis
| Twelve Months Ended | Twelve Months Ended | |||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | |||||||||||||||||||||
| ($ in thousands) | Average Balance | Income / Expense | Yield / Rate | Average Balance | Income / Expense | Yield / Rate | ||||||||||||||||
| Interest earning assets: | ||||||||||||||||||||||
| Interest-bearing deposits in banks | $ | 371,112 | $ | 697 | 0.19 | % | $ | 75,487 | $ | 949 | 1.26 | % | ||||||||||
| Securities and FHLB stock | 1,890,824 | 47,815 | 2.53 | % | 1,338,339 | 45,010 | 3.36 | % | ||||||||||||||
| Total loans, net (1)(2) | 3,527,261 | 141,983 | 4.03 | % | 3,276,603 | 139,995 | 4.27 | % | ||||||||||||||
| Total interest earning assets | 5,789,197 | 190,495 | 3.29 | % | 4,690,429 | 185,954 | 3.96 | % | ||||||||||||||
| Non-interest earning assets: | ||||||||||||||||||||||
| Cash and due from banks | 25,220 | 8,159 | ||||||||||||||||||||
| Other assets | 229,825 | 239,336 | ||||||||||||||||||||
| Total assets | $ | 6,044,242 | $ | 4,937,924 | ||||||||||||||||||
| Interest bearing liabilities: | ||||||||||||||||||||||
| Savings, NOW and money market deposits | $ | 2,297,841 | $ | 7,303 | 0.32 | % | $ | 1,902,414 | $ | 9,068 | 0.48 | % | ||||||||||
| Time deposits | 335,433 | 3,149 | 0.94 | % | 435,157 | 5,393 | 1.24 | % | ||||||||||||||
| Total deposits | 2,633,274 | 10,452 | 0.40 | % | 2,337,571 | 14,461 | 0.62 | % | ||||||||||||||
| Federal Home Loan Bank advances | 1,585 | 27 | 1.70 | % | 202,837 | 4,835 | 2.38 | % | ||||||||||||||
| Other Borrowings | — | — | 0.00 | % | 890 | 21 | 2.36 | % | ||||||||||||||
| Total interest bearing liabilities | 2,634,859 | 10,479 | 0.40 | % | 2,541,298 | 19,317 | 0.76 | % | ||||||||||||||
| Non-interest bearing liabilities: | ||||||||||||||||||||||
| Demand and transaction deposits | 2,798,106 | 1,832,083 | ||||||||||||||||||||
| Other liabilities | 102,282 | 93,816 | ||||||||||||||||||||
| Total liabilities | 5,535,247 | 4,467,197 | ||||||||||||||||||||
| Stockholders' equity | 508,995 | 470,727 | ||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 6,044,242 | $ | 4,937,924 | ||||||||||||||||||
| Net interest income / interest rate spread | $ | 180,016 | 2.89 | % | $ | 166,637 | 3.20 | % | ||||||||||||||
| Net interest earning assets / net interest margin | $ | 3,154,338 | 3.11 | % | $ | 2,149,131 | 3.55 | % | ||||||||||||||
| Total Cost of Deposits | 0.19 | % | 0.35 | % | ||||||||||||||||||
| (1) Amounts are net of deferred origination costs / (fees) and the allowance for loan losses | ||||||||||||||||||||||
| (2) Includes prepayment penalty interest income in Dec YTD 2020 and Dec YTD 2019 of | ||||||||||||||||||||||
Deposit Portfolio Composition
| ($ in thousands) | December 31, 2020 | September 30, 2020 | December 31, 2019 | |||||||||
| Non-interest bearing demand deposit accounts | $ | 2,603,274 | $ | 3,357,715 | $ | 2,179,247 | ||||||
| NOW accounts | 205,653 | 192,066 | 230,919 | |||||||||
| Money market deposit accounts | 1,914,391 | 1,853,373 | 1,508,674 | |||||||||
| Savings accounts | 343,368 | 339,516 | 328,587 | |||||||||
| Time deposits | 272,025 | 278,330 | 393,555 | |||||||||
| Brokered CD | — | — | — | |||||||||
| Total deposits | $ | 5,338,711 | $ | 6,021,000 | $ | 4,640,982 | ||||||
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||
| December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
| ($ in thousands) | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | Average Balance | Average Rate Paid | ||||||||||||||||||
| Non-interest bearing demand deposit accounts | $ | 2,947,075 | 0.00 | % | $ | 3,191,858 | 0.00 | % | $ | 2,024,521 | 0.00 | % | ||||||||||||
| NOW accounts | 194,555 | 0.08 | % | 196,422 | 0.09 | % | 227,285 | 0.47 | % | |||||||||||||||
| Money market deposit accounts | 1,823,391 | 0.27 | % | 1,839,230 | 0.28 | % | 1,442,567 | 0.64 | % | |||||||||||||||
| Savings accounts | 338,192 | 0.12 | % | 341,049 | 0.12 | % | 334,036 | 0.18 | % | |||||||||||||||
| Time deposits | 268,896 | 0.61 | % | 321,696 | 0.77 | % | 393,261 | 1.29 | % | |||||||||||||||
| Brokered CD | — | 0.00 | % | — | 0.00 | % | 3,370 | 3.13 | % | |||||||||||||||
| Total deposits | $ | 5,572,109 | 0.13 | % | $ | 5,890,255 | 0.14 | % | $ | 4,425,040 | 0.36 | % | ||||||||||||
Asset Quality
| ($ in thousands) | December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||||||
| Loans 90 days past due and accruing | $ | 1,404 | $ | 9,522 | $ | 446 | |||||
| Nonaccrual loans excluding held for sale loans and restructured loans | 40,039 | 17,515 | 5,992 | ||||||||
| Nonaccrual loans held for sale | — | — | — | ||||||||
| Troubled debt restructured loans - nonaccrual | 20,885 | 33,306 | 25,019 | ||||||||
| Troubled debt restructured loans - accruing | 19,553 | 19,919 | 34,367 | ||||||||
| Other real estate owned | 306 | 306 | 809 | ||||||||
| Impaired securities | 47 | 44 | 65 | ||||||||
| Total nonperforming assets | $ | 82,234 | $ | 80,612 | $ | 66,698 | |||||
| Nonaccrual loans: | |||||||||||
| Commercial and industrial | $ | 12,444 | $ | 25,785 | $ | 15,564 | |||||
| Multifamily | 9,575 | — | — | ||||||||
| Commercial real estate | 3,433 | 3,500 | 3,693 | ||||||||
| Construction and land development | 11,184 | 10,688 | 3,652 | ||||||||
| Total commercial portfolio | 36,636 | 39,973 | 22,909 | ||||||||
| Residential real estate lending | |||||||||||
| Residential 1-4 family 1st mortgages | 23,349 | 9,408 | 6,922 | ||||||||
| Residential 1-4 family 2nd mortgages | 307 | 342 | 852 | ||||||||
| Consumer and other | 632 | 1,098 | 328 | ||||||||
| Total retail portfolio | 24,288 | 10,848 | 8,102 | ||||||||
| Total nonaccrual loans | $ | 60,924 | $ | 50,821 | $ | 31,011 | |||||
| Nonperforming assets to total assets | 1.38 | % | 1.22 | % | 1.25 | % | |||||
| Nonaccrual assets to total assets | 1.02 | % | 0.77 | % | 0.60 | % | |||||
| Nonaccrual loans to total loans | 1.75 | % | 1.41 | % | 0.90 | % | |||||
| Allowance for loan losses to nonaccrual loans | 68 | % | 95 | % | 109 | % | |||||
Credit Quality
| ($ in thousands) | At December 31, 2020 | ||||||||||||||||||
| Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
| Commercial and industrial | $ | 627,553 | $ | 16,407 | $ | 32,770 | $ | 462 | $ | 677,192 | |||||||||
| Multifamily | 775,605 | 138,090 | 33,482 | — | 947,177 | ||||||||||||||
| Commercial real estate | 276,712 | 41,420 | 54,604 | — | 372,736 | ||||||||||||||
| Construction and land development | 28,967 | 15,936 | 11,184 | — | 56,087 | ||||||||||||||
| Residential real estate lending | 1,215,881 | — | 22,816 | — | 1,238,697 | ||||||||||||||
| Consumer and other | 190,044 | — | 632 | — | 190,676 | ||||||||||||||
| Total loans | $ | 3,114,762 | $ | 211,853 | $ | 155,488 | $ | 462 | $ | 3,482,565 | |||||||||
| ($ in thousands) | At September 30, 2020 | ||||||||||||||||||
| Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
| Commercial and industrial | $ | 608,099 | $ | 17,107 | $ | 35,244 | $ | 464 | $ | 660,914 | |||||||||
| Multifamily | 963,834 | 6,022 | 5,106 | — | 974,962 | ||||||||||||||
| Commercial real estate | 383,087 | 1,439 | 4,231 | — | 388,757 | ||||||||||||||
| Construction and land development | 40,531 | 10,468 | 10,688 | — | 61,687 | ||||||||||||||
| Residential real estate lending | 1,319,649 | — | 9,372 | — | 1,329,021 | ||||||||||||||
| Consumer and other | 178,409 | — | 1,098 | — | 179,507 | ||||||||||||||
| Total loans | $ | 3,493,609 | $ | 35,036 | $ | 65,739 | $ | 464 | $ | 3,594,848 | |||||||||
| ($ in thousands) | At December 31, 2019 | ||||||||||||||||||
| Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
| Commercial and industrial | $ | 427,279 | $ | 14,445 | $ | 32,151 | $ | 467 | $ | 474,342 | |||||||||
| Multifamily | 976,380 | — | — | — | 976,380 | ||||||||||||||
| Commercial real estate | 418,254 | — | 3,693 | — | 421,947 | ||||||||||||||
| Construction and land development | 58,619 | — | 3,652 | — | 62,271 | ||||||||||||||
| Residential real estate lending | 1,359,089 | — | 7,384 | — | 1,366,473 | ||||||||||||||
| Consumer and other | 162,749 | — | 328 | — | 163,077 | ||||||||||||||
| Total loans | $ | 3,402,370 | $ | 14,445 | $ | 47,208 | $ | 467 | $ | 3,464,490 | |||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures
The 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 | Twelve Months Ended | ||||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | ||||||||||||||||||||
| ($ in thousands) | 2020 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
| Core operating revenue | |||||||||||||||||||||||
| Net Interest income | $ | 45,655 | $ | 45,234 | $ | 42,250 | $ | 180,016 | $ | 166,637 | |||||||||||||
| Non-interest income | 10,040 | 12,776 | 7,776 | 40,604 | 29,201 | ||||||||||||||||||
| Less: Branch sale loss (gain) (1) | — | — | — | (1,394 | ) | — | |||||||||||||||||
| Less: Securities gain, net | — | (619 | ) | (218 | ) | (1,605 | ) | (83 | ) | ||||||||||||||
| Core operating revenue | $ | 55,695 | $ | 57,391 | $ | 49,808 | $ | 217,621 | $ | 195,755 | |||||||||||||
| Core non-interest expenses | |||||||||||||||||||||||
| Non-interest expense | $ | 32,670 | $ | 37,877 | $ | 33,490 | $ | 133,886 | $ | 127,827 | |||||||||||||
| Less: Branch closure expense (2) | — | (6,279 | ) | (957 | ) | (8,330 | ) | (1,008 | ) | ||||||||||||||
| Less: Severance (3) | — | (125 | ) | (101 | ) | (201 | ) | (419 | ) | ||||||||||||||
| Core non-interest expense | $ | 32,670 | $ | 31,473 | $ | 32,432 | $ | 125,355 | $ | 126,400 | |||||||||||||
| Core net income | |||||||||||||||||||||||
| Net Income (GAAP) | $ | 13,790 | $ | 12,480 | $ | 12,008 | $ | 46,188 | $ | 47,202 | |||||||||||||
| Less: Branch sale loss (gain) (1) | — | — | — | (1,394 | ) | — | |||||||||||||||||
| Less: Securities loss (gain) | — | (619 | ) | (218 | ) | (1,605 | ) | (83 | ) | ||||||||||||||
| Add: Branch closure expense (2) | — | 6,279 | 957 | 8,330 | 1,008 | ||||||||||||||||||
| Add: Severance (3) | — | 125 | 101 | 201 | 419 | ||||||||||||||||||
| Less: Tax on notable items | — | (1,472 | ) | (227 | ) | (1,407 | ) | (359 | ) | ||||||||||||||
| Core net income (non-GAAP) | $ | 13,790 | $ | 16,793 | $ | 12,621 | $ | 50,313 | $ | 48,187 | |||||||||||||
| Tangible common equity | |||||||||||||||||||||||
| Stockholders' Equity (GAAP) | $ | 535,821 | $ | 522,497 | $ | 490,544 | $ | 535,821 | $ | 490,544 | |||||||||||||
| Less: Minority Interest (GAAP) | (133 | ) | (133 | ) | (134 | ) | (133 | ) | (134 | ) | |||||||||||||
| Less: Goodwill (GAAP) | (12,936 | ) | (12,936 | ) | (12,936 | ) | (12,936 | ) | (12,936 | ) | |||||||||||||
| Less: Core deposit intangible (GAAP) | (5,358 | ) | (5,701 | ) | (6,728 | ) | (5,358 | ) | (6,728 | ) | |||||||||||||
| Tangible common equity (non-GAAP) | $ | 517,394 | $ | 503,727 | $ | 470,746 | $ | 517,394 | $ | 470,746 | |||||||||||||
| Average tangible common equity | |||||||||||||||||||||||
| Average Stockholders' Equity (GAAP) | $ | 530,352 | $ | 515,906 | $ | 488,744 | $ | 508,995 | $ | 470,727 | |||||||||||||
| Less: Minority Interest (GAAP) | (133 | ) | (134 | ) | (134 | ) | (134 | ) | (134 | ) | |||||||||||||
| Less: Goodwill (GAAP) | (12,936 | ) | (12,936 | ) | (12,936 | ) | (12,936 | ) | (12,936 | ) | |||||||||||||
| Less: Core deposit intangible (GAAP) | (5,525 | ) | (5,868 | ) | (6,895 | ) | (6,037 | ) | (7,400 | ) | |||||||||||||
| Average tangible common equity (non-GAAP) | $ | 511,758 | $ | 496,968 | $ | 468,779 | $ | 489,888 | $ | 450,257 | |||||||||||||
| Core return on average assets | |||||||||||||||||||||||
| Core net income (numerator) (non-GAAP) | 13,790 | 16,793 | 12,621 | 50,313 | 48,187 | ||||||||||||||||||
| Divided: Total average assets (denominator) (GAAP) | 6,182,989 | 6,490,299 | 5,139,701 | 6,044,242 | 4,937,924 | ||||||||||||||||||
| Core return on average assets (non-GAAP) | |||||||||||||||||||||||
| Core return on average tangible common equity | |||||||||||||||||||||||
| Core net income (numerator) (non-GAAP) | 13,790 | 16,793 | 12,621 | 50,313 | 48,187 | ||||||||||||||||||
| Divided: Average tangible common equity (denominator) (GAAP) | 511,758 | 496,968 | 468,779 | 489,888 | 450,257 | ||||||||||||||||||
| Core return on average tangible common equity (non-GAAP) | |||||||||||||||||||||||
| Core efficiency ratio | |||||||||||||||||||||||
| Core non-interest expense (numerator) | 32,670 | 31,473 | 32,432 | 125,355 | 126,400 | ||||||||||||||||||
| Core operating revenue (denominator) | 55,695 | 57,391 | 49,808 | 217,621 | 195,755 | ||||||||||||||||||
| Core efficiency ratio | |||||||||||||||||||||||
(1) Fixed Asset branch sale in March 2020
(2) Occupancy and other expense related to closure of branches during our branch rationalization
(3) Salary and COBRA reimbursement expense for positions eliminated
FAQ
What were Amalgamated Bank's earnings for Q4 2020?
How did Amalgamated Bank perform in 2020 compared to 2019?
What was the deposit trend for Amalgamated Bank in Q4 2020?
What is the stock symbol for Amalgamated Bank?
