AMAL - Earnings call transcript Q4 2024 | Amalgamated Financial Corp.

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Operator

Good morning, ladies and gentlemen, and welcome to the Amalgamated Financial Fourth Quarter and Full-Year 2024 Earnings Conference Call.

During today's presentation, all parties will be in a listen-only mode.

Following the presentation, the conference will be open for questions with instructions to follow at that time.

As a reminder, this conference call is being recorded. I would now like to turn the call over to Mr. Jason Darby, Chief Financial Officer. sir. ahead, go Please

Jason Darby

and earnings everyone. is call. President Officer. Brown, operator, participation Priscilla appreciate in our Executive Chief our With and good you, We morning, your Sims Thank me today

Chief Sam of portion Banking Additionally, call. our Officer, also the today's here is Q&A for Brown,

on an reminder, a extended time. available period replay section of call will of of As Investors this our telephonic be a the website for

discussion is of Additionally, also on a complement slide section deck the our today's website. to Investors available

statements. Investors me risk let X certain forward-looking X, within Private forward-looking cause begin, that deck any XX-K Before should that earnings that slide our contain from Slide such may by the of well March of actual filed indicated to everyone the actual on we call materially may Act differ by refer statements. investors list such our the remind statements factors to this of as We a Reform that from statements caution expectations Securities of results as those XXXX implied differ XXXX. indicated or could implied constitute results for Litigation meaning information XXXX, or or

found measure on A be U.S. as for GAAP of these our reconciliation as discuss in this not substitute can which today's measures measures non-GAAP with non-GAAP the prepared believe are in GAAP. isolation in presentation website. we considered be useful We comparable during additional results to most earnings a also evaluating our will accordance The certain performance. well should our in call, of information as or release

call the turn Priscilla. now me to Let over

Priscilla Sims Brown

joining for thank and morning, us. you Good

profitability earnings quarter another core near-record per of we power Our and quarterly the posted to results sustainability as share. of earnings $X.XX our continue and show

related our this impact while outperformed cycle with end and important most all of the period, again interest Amalgamated drove and the deposits, election election noise margin. funding in during certainly election Historically, previous our for of that the the there mix of One across remarkable quarter Deposits another the expected predictable cycle, things cycle due to net outflows segments to on the political spending our is quarter relevant country. metrics. is there diverse heavy XXXX concluded And was this remember stability. the

political Our $X than prior or ending XX.X% $XXX nearly were cycle the deposits million higher totaled billion. and

Our lower than $XXX million use $XXX.X substantially the of from prior borrowings was short-term million, only cycle. the

cost net a And experienced interest-bearing to of deposit cost nearly X.XX% DDA in our positioned at a XXXX. we actually bank our Washington, and from we in success despite interest continued million Our how increased as well performed accounts. funds remix how for deposits well in change went am of to and down and are of margin $XXX delighted I power

election cycle helpful how the in predictable Given of the year to for and unique totality. it's out but us, an from zoom look the year at quarter nature concludes actually

over earnings in For a $XXX.X and excluding as brokered Deposit our deposit That's environment. interest a many experienced year liquidity banks mini occurred growth X%. million. the growth delivered loan played driven story by CDs, the rate total strong by negative very year, also This remains growth $XXX.X we full margins. increased by driven pressure huge million, in record high, as expanding deposits, where role of

shareholders the many of that entered all our to begin only capital year, the in to reinvest over also not of We time. New to We Year an in value advantage position, and positions to more throughout business, see take built to drive opportunities the we return capital us we're for stakeholders. also our enviable which ready but

and their need fundraising trend to of also in continues leaders support grow organizations changes higher bank ecosystem sequentially in partner communities ushers the continues and a administration and with to around who new the with and them. the society political As D.C., politics customers,

As dependent during business and after customer and a model evidenced is that XXX-year than segment. defensible single results, well our not XXXX more diversified cycle position robust a on cycle growth history. by have It our we has delivered

seen as that our year the across bank In world strength increasingly segments can over in broad-based money a the we've their when impact Amalgamated. fact, with past understand significant they have customers

segment-focused share our have we increase bankers strong not-for-profit of made Our the across these to and segments, year, deposits markets. relationship opportunity our where progress growing throughout significant labor customer

and more contribution that keeps key strategic our rooted in further objective. can is a to to things: value in in primarily higher-priced we predictable that leverage. asset is a second, lift Now C&I looking bank that first, our result will a to share conservative a yields; real our balanced to developing at invest levels. sustainable increased One so the revenue lending is many I with loans per deliver paramount portfolio This pipeline see that thing and repeatable concentration continue XXXX, lending shareholders. grow estate keep two business, to operating and commercial Accordingly, growing that opportunities Amalgamated we positive

lending X for the meet Our is country's along strive energy and in demand XX%. states generation projects renewable way. energy sustainability the segment growing as demand for states the solar the with down first for time In history. XXXX, renewables of in the with And strong. expected well-positioned this party end utility-scale Texas Red top coal generation the growth doesn't U.S. energy the municipalities domestic break to energy. And renewable to is energy XX by country, surpassed annual represent for is of most by leading and The lines. increase outlook states permitted investment XXXX,

And our inflection on bank. top believe is Bank capitalize opportunity enormous to Amalgamated sustainable invest this so point talent nearing attracting space. to continue team a becoming the I in larger we lending of to will

seen bank. improvement responsibly our Over more currency to return the work we capital but past metrics, still grow X.X base, of and do years, we've in value, tremendous size our our have the to the

business C&I revenue in XXXX, more diversify I trust will revenue do I and show to business while results that made in make our investments just in to mentioned, our generate also investment better mix. will mind. with the And in our any be in to growth nevertheless addition expect significant XXXX we In trust the not revenue investments

also this invest portion to continue scale. A is in significant already well so work of at we technology our grow that infrastructure will can We underway.

to very that come. As you. Jason, for you if our to bar continue to today, lay we years know about shareholders. I for and beyond, hope can believe things has We our we very I've in and the Amalgamated, recognize been I'm the that employees, opportunities we're over to that our XXXX will challenge. excited tell, for and outlined the ahead the set up the focus high success on We we thrive customers,

Jason Darby

proud I'm quarter, as Good morning, this everyone. financially. was we an produced of quarter election cycle results this solid the When considering us is a usually, conclusion particularly for tougher

and or net XX net a record, a million an margin interest point nearly diluted As million balances, growth decline we our was of political expected beat also share, prior $X.XX and a net basis basis per share, increase, with core $XX.X million while measure, income deposit and point $X.XX of non-GAAP And of reflecting during our leverage loan was the $XX income billion power but large quarter $X growth, does October, also show which below per X%. expectations the quarter sustainability shows, record Slide peaked X ratio in at $X income, or $X.XX diluted the our X interest our net in earnings. increase

the IBA bit the deposits Looking of XX% still increase in declined our selling above-market balances a securities balance lowered deposits in our We enabled growth. quarter, interest-bearing our were were response more was pleased yet ability in higher our core able to gain Overall, we brokered loan to our performance. fund cost Fed the ratio to of DDA from nicely CDs remix sheet a little to our as quite our repricing to our did at early a closely, call to and we political and deposit by with the financial improved movement the significant by little nominal a as funds NII the our XX% aided by by margins rate. have shrink and

but $X loan sheet the residential our another our on nearly off-balance EPS million sale held non-core and residential million losses pre-tax income loss. deposit between for difference and marks This the part non-core at a sale to full moving X. performing loss lowest-yielding year XXXX and sales GAAP fair for on value the $XX lower, restructuring security of brings marking loans this was non-core by loans to held of reflects work portfolio Now continued

of sell loans Additionally, residential non-performing for agreed note nonperforming sell loan. to $X.X $X.X the we million million multifamily and

Continuing valuation. which some $X.XX the to X.X% left, our the was Starting book key sheet, our a to to or $XX.XX. as is look strengthen during $X.XX the share for increased the we quarter. #X tangible whole, a increase per And fourth done X, metrics fourth all Taken from of $X.XX core this of diluted work driver bank balance quarter. of we believe Slide on our quarter, performance prior at was our the revenue per value share

average Priscilla over capital Moving and of to return decline the we to of remain on as million pack we across well-positioned $XXX Core to has our was more returns. equity expected during mentioned. return near year. organic added the shareholders, as capital top been said, That XX.X%. the This previously

asset size. was X.XX%, optimization earnings demonstrating return current core Our assets average our our at on

our the top-level basis our capital. risk-based capital, the of another at that X strength and is X.XX%, our XX allocation of momentum while conservative CETX Amalgamated demonstrating still an earnings. capital showing Tier ratio now sheet XX.X%, Regarding builds improved leverage industry-leading to the points balance generating

As Board our quarter. in to we the in XX% paid repurchased in dividend and of fourth shares increase $XXX,XXX a approximately a Directors to result, be February our authorized

Going ratio, both forward, which total includes XX% payout and targeting quarterly a repurchases. are share XX% dividends we to

million consecutive underwater common to selling X.XX%, of the This improvement. tangible quarter impact was Our assets since March ninth XXXX. over $XXX.X of of the equity securities of representing reveals tangible

the Total X. decreased Slide billion. On-balance billion, million X.X% deposits excluding $X.X deposits, million a to quarter. CDs, were December $XXX of $X.X brokered XX, linked sheet or to $XXX.X from Moving at decrease by XXXX,

of our relation decreased to approximately XX% XX% CDs in bearing to deposits of deposit average and excluding Additionally, deposits, brokered non-interest outflows. ending political deposits

Importantly, XXX the in linked compared quarter. cost relatively quarter brokered steady the excluding our basis in points points held deposits, at basis XXX to average fourth CDs, as of

balances or loans $XXX.X million income was yield steadily outflows, linked the XX primarily million The XXXX, balance X.X% a this million in due for borrowing funds well Adjusted XX, political December of to quarter. $XXX.X yield we our increased the year-end, Slide our were has $XXX.X sheet. pension short-term of in as deposits X% as a phase basis reduced as acceleration in points increase highly the should million discrete X. increase of to begin item, by ahead total quarter increase the months Jumping billion, receivable XXXX quarter. mid-term income $X.X spirited be on of at costs accumulation increased to $X.X to election. X of The during the points. already loans in not coming expect returned we increased what loans to basis quarter. As And levels loan recognition compared the Net an balances since as and year-end loan to average in to $X.X the we're cyclical increase borrowed deposit cover much prior balance deferred where the interest yields noted, on while million changed seeing certain we and the loan

with in $XX.X real growth in the in was C&I. quarter loan and balanced million estate well our million $XXX.X Importantly, commercial

X% XXXX, similar estate with target we growth loan per real between balance around C&I. commercial quarter For and

X, to and XX XX. Moving Slides

we lower-priced loans million real maturing the Looking $XXX in another at course have in multifamily commercial real the and $XXX portfolio, million of estate XXXX over XXXX. and estate

concessions. In $X.X During for exposure have pre-XXXX of and million exchange just allowance confidence notably, on deteriorating after And reduced we we in amortizing our infusion the maturing. points, the loans with credit. portfolio our multifamily quality via ratio portfolio $XX rate for terms renewed quarter, XXXX, the perhaps one cash credit asset basis in million rapidly note combination our of most reflecting we coverage pre-XXXX a selling XX to modest

There Slide of amount XX. a were to quarter. our criticized assets Moving during puts and takes fair the in

loans. million, well $XXX accruing substandard $XX.X million and downgrades industrial While of to the on performing our XXXX. an were million million XXXX along commercial X to million other to as earnings by guidance reflect decisive multifamily payoffs income million which $X.X we upgrades charge-offs core totaling $XXX These were $XX.X of or the on with year full considers curve and total criticized Slide assets to forward and downgrades additional Finishing business that rate to modestly increased to as million, mostly our are $X.X effect net introducing problem and of movements pre-provision action $XXX $X.X one loan $XXX loans offset pre-tax of small there interest XX, assets. million of million of

Additionally, $X.X million basis XX in rates parallel we a currently net forward in looking XXXX, estimate an from while basis to year-end. decrease our points interest borrowings net for beyond our Briefly compress what income down QX approximate we pay the X X the quarter point of annual interest curve at short-term decrease first rebuild mark margin interest political from our deposits and our suggests. may

in XXXX. pace Rounding revenue deliver investments and XXXX and Wrapping between becoming opportunities in plan infrastructure ahead. And we year we compared years results out open to will performance forward our our full for shareholders. are delighted Operator? make questions. result, income for the our XXXX purpose that of and we and operator, in we and larger stellar up, a plan to in now, solid come. up record first in shareholders the in With said, for that our any growth pre-provision As years core quarter. please rates normalized the prioritize million $XX grow million in to XXXX to at have range a be guidance, and expect bank the earnings, our more constraints the net to appropriate the for metrics transformative growth look year line interest years necessary revenue $XX in to preparations significantly growing pre-tax XXXX a albeit where shows

Operator

[Operator Fitzgibbon Sandler. from Mark is instructions] Our first question with Piper

Mark Fitzgibbon

something First said just Jason, question, to you clarify before.

XXXX, loan guidance growth I growth X% in think quarter but per is you in X%. said expect slide about you only the sheet for your balance

is bunch going the book year? shrink a this should So we securities assume to

Jason Darby

than to in balance securities is outer to of is X% in traditional support do The the Mark, and to portfolio the that going play. meet Yes, we've we good that a be that's we'll to shrink the with the going do But portfolio, exactly securities it's portion that to funding in X% still sheet If quarter. less your loan growth portfolio we're we sheet something specifically, about. range our in out. be would yes, spot balance for for of expect to decent probably a set securities growth in the the question that, target. movement would work answer targets concert see be the that growth terms loan the talking that

Mark Fitzgibbon

I any the wondered things And complexion, size, rate, average secondly, Great. with that. on share Okay. if you us maybe color like pipeline, then could loan

Sam Brown

It's seeing in on C&I Thanks than seeing activity that between on the pretty coming in Mark, the and which kind happy mid-Xs. CRE of for about. good got C&I on multifamily to kind about the the of low the mid- Also side, to good higher definitely on portfolio, the We're coming it's we're us. in We're some pipeline. high book. Xs the C-PACE optimistic diversified components rates joining side CRE and Sam. the pipeline

between So about schedule, able maturity I think hit pipeline in all and good range. being we X% that to all, feel quarter per the really

Mark Fitzgibbon

Okay. you then loans X us in could comments any I Great. And if classified? caused and on wondered that criticized that the share uptick with C&I

Jason Darby

want go You ahead? to

Sam Brown

Sure. Yes.

of about carrying see there's criticized that takes those And are never through lot in the puts environment. C&I of rate you those any that on surprises. just puts longer So in from for comes the the the those feel effects the bucket book very We and there's Mark, good loans. -- a and the of lot structures interest from a takes higher and so

those good through into getting we conversations very a We borrowers the projects in the good we what to talk and of when we're trajectory feel with like infusions feel those having and like those. need also spot, are and we those about them things equity structures good about feel

Jason Darby

Mark, criticized to understand like. at in things an And what just it's just that, risk that our for move throughout of for credits that look to several performance at presentation pretty the to important done other accruing appropriate we've recent are we're we a the if most during manner all what that of a put in grading that to in of add return classify type quarter favorability, for the year of increase have credits none drove on we missed year and is is them this the the financials overall have conservative returned performing metrics, the in point them note classified are have to minor that purposes. on view together. to standard side, that and marginal how flip earlier how credits payments the investors we rating to status in well. similar think that's as conservative, I investors relatively other It's our terms time. and look and and think them we'll But But a did

Mark Fitzgibbon

something I credits talked California then any Jason, was PACE lastly, to And previously, you on I curious, and the about the wildfires? Okay. impact related

Jason Darby

There there. be portfolio Zip but quality small as portfolio. by of our the one have portfolio immaterial, and that There's very There risk was our we've a in it. Code, about we and no commercial nothing of might the impact well. It's review good the the very very feel in been by done credit were portfolio that affected

escape a still all credit issue. are So have horrific situation, particular to distribution fires while that the that we it's the in, ongoing. able Obviously, was

fires. the have related in everything portfolio coverages ACL made anything how moves to the through or account made additional we'll not So plays our any see we've for to any out, we but

Operator

is next question KBW. from with Our Chris O'Connell

Christopher O'Connell

start guide for 'XX? have off, you expense it. may an Just Did missed wanted I to mention

Jason Darby

we're to $XXX guidance specific expenses, not but about put for the million did targeting a in reference We year. relative the

from about XXXX, into to revenue we're this it's a out So grow what both are and investments the year X% be necessary to future. it number end a we takes of able lift closing of the account where and feel into towards

distribution. In have terms a million, ratable don't the I $XXX of

P&L half of a to the purposes lift technology-related be similar, year for through the I will think come going the of what hiring slowly then towards relative we most to very back bit you'll And expense or number. maybe little production to ramp it will the form QX for in the see be year. in investments as that is get will start elevated our additional of QX the because to on

Christopher O'Connell

And Great. of you kind X% do think more and mark? but or the obviously, preparations XXXX? kind billion Okay. is less into early, PACE, efforts PACE of that very that these And to are towards getting continues, inclusive $XX this

Jason Darby

need Difficult to growth a now the I years. be little in on investments XXXX. PACE growth growth in comment ahead to is be the expense above expense will the bit we because the able continue to that in say where drive we will have be of coming can the assets know what are to But what of place to put revenue revenue

So get back extent expense model going will the leverage XXXX in well. would what grow the really operating PACE as positive a to we which intend dictate grow and to to to revenues are

Priscilla Sims Brown

bit parts trust start see in recognize the us certainly of end by of revenue we're we've expense. long question. the In about ahead of what sales telling you of a to toward that beginning and years last Thanks would sort Yes. the run, putting of would revenue technology This investments that talked other this is absolutely what is this benefit for or some will and instance, X areas, that little investments, you around we that Priscilla. the 'XX underscore the some 'XX. I the for different of over sort than is both

Christopher O'Connell

overall color Okay. sheet, the side. the on you And circling of growth PACE then growth about year? to back I balance the loan the thinking level next How into are just appreciate guys

Jason Darby

Yes.

think million residential quarter a $XX I we're targeting PACE. in about

by I a somewhere in range. commercial not at that there's also a PACE net million constrained Chris, to -- think sorry. basis, And there's We're think all. $XX fill that basket I also to on that's $XX on million

tranches our have But having opportunities, us us also if on both million somewhere and good that good pipeline being I for to would we think commercial the $XXX particularly for is tranches, year. drive of of to place. And an a lot us. for We on capacity we going rates class asset a to range to we yield net, between still see around important with can side. a our that of keep fixed strong really [indiscernible] be really the And put X think on PACE in a low CETX the somewhere good the grow. really for X% in continue that's those number asset way be

Christopher O'Connell

that guys Great. of maybe to see you I Okay. ramp deposit then on you first think than that steady quarter can you more side, more were outflows related of building the that or back fairly the the the towards timing some the the political of the And the a talk end outflows? over had about just quarter of and time? And 'XX of do quickly impact in

Priscilla Sims Brown

to think best things. probably it's X I do

of also in over almost year what you all, well, fourth it the happened look saw where in you deposits think about our think talk about -- look ecosystem if each cycle and I political the and like quarter what But the at the about the year as of and true particularly the you've got segments. of course the think would you the in the all piece, growth First money heard being us quarter the about around spent. the bar in you it. That's election, you've of see would chart

already. there's the fourth on each not-for-profit spending have downturn. cycle every end The pretty administration. year saw usually the I of little a And last then other predictable usually quarter, you of taking color seen the think in some the come know, a in more Sam, of place of back you of in bit in we So quarter there's anticipation labor that? may and particular, And the little investments we've of in well. some as sort part every every that that other quarter, new segments And fourth were and spending. in where is a

Sam Brown

Chris. Yes, that's right,

I what few were demonstrated showed we bucket that Those and weeks we flat were think that the as seasonal, has investments of of are of at just bolstered We we very in what again, the year, very come relatively in lot happy very the made in on as just And in in labor Page drove bucket, first rebuilding in enter philanthropic that. activity a social by Priscilla a happened years. where replenishment of labor space. much year in we're But AMAL's There quarter number here 'XX. in end many, back over already the history first said focused phase section. through is seeing X, our the many the the and the actual already pipeline were what not-for-profit what and quarter-over-quarter. the is just was

Jason Darby

that through have we down at to Priscilla's to our operating that's position segments point, do across XX%, be year. said to be borrowing might we But non, that to first the terms a happen to or up though compression NII political, answer that have see if lift, those QX working all Chris, and and which to part this DDA The start into to again And one the for slow we've NII of has will start the indulge quite QX, steady, of we've that to add short-term reaccumulate rebuild the fulsome. is little going deposits down you way bit we QX. and maybe from a just XX% been significantly expect a with see higher we're So me, the to DDA-related you, we versus year. end us is right? quarter in accounts little up, in, don't hopefully the margin place the shaping for Sam back we from are throughout the interest-bearing and we not modeled this why last because just see quarter might I'll lower the So of moved IBA and that see you'll probably first but move see and ended way with to

and in little a margin see answers NII throughout you'll as we both gave. move expansion, probably of in and in to the Priscilla rest the So QX then relation dip NII that the bit expansion year of Sam

Priscilla Sims Brown

other continued should of deposit I And stellar And mentioned point, one you belabor if not is we points we basis really to important note the just relationships really this you had our I there at beginning in year grew think pretty to growth, industry our that negative which super follow sticky and system an about year-over-year, shows a think thing relationships. that continue against that there's the really at cores, X%. just to XXX grow look longer-term the migration newer to suit or

as cyclical, very predictable these we absolutely think So this yes, sectors. pretty will the build by made feel the and will be slow because there optimistic pipeline. of continue to about investments be But

Christopher O'Connell

would be and just have And I forward there you just bit know detail. appreciate how timing? the but many the the you Yes. Great. cuts curve guys a I in in all are to NII Fed specific, following you disclosing mind the guide, more

Jason Darby

Sure.

of a cuts marked X although now. following December, we we modeling are have the NII months. in It's more timing don't cut right The little March on we've sort up and towards to things with in our weighted we but year where those X that's points too, basis nature. first, think more NII come XX second that half they're the and be. and guide We the We're then of call blended, I would rate just of will what is bit relative those but it think total, cuts, And generally specifically than pretty it projections. particular betas the the conservative assumptions

a targets environment as bit refine view to to throughout overall what happen try and and as guidance what's little environment always well. we will we especially give the macroeconomic look more as NII us you probably certainty in get to view like, the can think expect this you to and rate early our on year most year, the the conservative going I our with

Christopher O'Connell

me. for couple last just then And Perfect.

side, thinking direction continues -- down net been in in you from I On think couple and to the you migrate you had XXXX? the Do how are of looks lower earlier. the the migrate think this some a it of it seen to downwards credit been And cleanups sales do year? in into pretty it's more non-performers quarters, into continues pretty normalized good guess, that quarter next last couple of that terms a you solar, a of similar levels charge-off with charge-offs consumer but otherwise, Have about, seems trending like where it's here.

Jason Darby

Sure.

So rate difficult just remain fact to given the on of place. probably the is environment the consumer the performance to elevated solar, an also going portfolio and predict. the that in historical really

the last a of consumers. longer the conservative destiny on we've model this bit better been that also we charge-offs on more on, and what control working to stress place little to certain So With year bit very that. collection working talked before, But a the the for this similar I've said, side. year, on all about experienced hard, approach it we that take to scenes goes little hard behind our been types trying a we've very

the our the consumer Chris, servicing so bank active perform other acquiring can probably that solar has rights all in by serviced collections. you and those know, been we portfolios As own are

pretty the a with the be recoveries terms know question be of we I I it ultimately hold else, going modeling answer if we're number able where more but the that NCO. drive now, to not there have able process, got we to similar this that and say of peak Was acquisition. last impact drive that we'll consumer year to able rights place something that in the Now hopes forward. to that But get through to whole beneficial a as that be that at at the the exactly of we'll lower But that look will was part. elevation feel would we're for that I with servicing are are on solar same good which a levels didn't if time, right we you? to don't Chris, the there,

Christopher O'Connell

what's a good just going rate was say go-forward I No, was here? is tax no, to No, that great. just last

Jason Darby

I'm sorry, talk you can tax about rate?

Sam Brown

We're rate start Yes. I'll up. as XX.XX% an with tax at effective coming rate, Tax looking that.

we've I that So discrete year. pretty for of to off inventory able years. reduce past the pretty we we've and base going had forward, provision move volatility tax And which the of if think items estimate the you're that's have hopefully good clean a of lot a the that model there, feel in a XX%, good been will most coming

Operator

back are this to Brown comments. further would to any There time. over hand closing for the at questions like no floor Priscilla I

Priscilla Sims Brown

to to interest. work and high continued usual, And the further a continues that progress say our you Amalgamated Thank We opportunities and It's drive base has. again our continue talking of many questions level quarter for would results, our forward and competitive members, we to for first thank on company. you, advantages on and your our commitment conclude, strong Thank you about one on employees, for not we the like today. appreciate hard a look demonstrate without operator, those And be this believe as year, their with stellar been for success to and of returns. every would I'd and and call. our excited time team whom bank love and your the to time. possible bank. couldn't the earnings talented the dedication of call. the avenues and more be the lay multiple at they ahead about that We thank to we you growth The updating strength to determination that a operate that I just are

Operator

This today's conference. concludes

your Thank you of time. day. your disconnect participation, rest enjoy the your at and this may for lines You

Amalgamated Financial (AMAL) 23 Jan 252024 Q4 Earnings call transcript