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AMAL Nasdaq· Amalgamated Financial Corporation
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AMAL Nasdaq· Amalgamated Financial Corporation
Earnings report Q3 2023

Amalgamated Financial Corp. Reports Steady Revenue Growth in Latest Quarter

Segments of revenue

In the latest quarter, Amalgamated Financial Corp. reported total revenue of $19.9 million, which remained consistent compared to the same period last year. The company's revenue is primarily derived from non-interest income, which accounted for the majority of the total revenue. Within the non-interest income category, income from equity investments increased by $0.2 million, contributing to the overall revenue growth.

Strengths

Amalgamated Financial Corp. demonstrated resilience in its revenue performance, maintaining steady growth in the latest quarter. The increase in income from equity investments played a significant role in supporting the company's overall revenue. Management comments suggest that the volatility in income from these investments is expected to stabilize as the investments reach steady state, typically within four quarters of the initial investment. This indicates a positive outlook for future revenue growth.

Challenges

While Amalgamated Financial Corp. achieved consistent revenue growth, there were no significant improvements compared to the same period last year. This suggests that the company may face challenges in accelerating revenue growth and diversifying its income sources. It is important for the company to explore additional avenues for revenue generation to mitigate any potential risks associated with relying heavily on non-interest income.

Noteworthy

One noteworthy aspect of Amalgamated Financial Corp.'s performance is the increase in income from equity investments. This indicates successful investment strategies and the potential for future growth in this segment. Additionally, the company's ability to navigate the initial volatility in income from these investments and achieve steady state income within a relatively short period is commendable.

Summary

Amalgamated Financial Corp. reported steady revenue growth in the latest quarter, primarily driven by non-interest income. The increase in income from equity investments contributed to the overall revenue growth, highlighting successful investment strategies. However, the company should focus on diversifying its income sources to ensure sustained revenue growth in the future. Overall, Amalgamated Financial Corp.'s performance demonstrates resilience and potential for further growth.

Source documents

Form 10-Q  filed on Nov 03, 2023
13 pages scanned

Reference data

Company financials Q3 revenue 73M
Analyst estimates Q3 EPS beat by 2.85%
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