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~ La Banque Amalgamée announces the schedule for the third quarter 2020 results conference call ~
NEW YORK, Oct. 14, 2020 (GLOBE NEWSWIRE) – La Banque Amalgamée (Nasdaq: AMAL) (“Merged”) today announced certain preliminary unaudited financial information for the quarter ended September 30, 2020.
For the third quarter of 2020, Amalgamated plans to report:
- Net earnings between $ 12 million and $ 13 million, or $ 0.39 to $ 0.42 per diluted share
- Total assets of $ 6.6 billion as at September 30, 2020
- Improvement in deferred loans due to COVID-19
- An increase of approximately $ 8 million in unrecorded loans
The aforementioned unaudited preliminary financial information is based solely on management’s estimates, reflects preliminary financial information currently available and remains subject to additional proceedings. We have provided a range for our net income, rather than a specific amount, primarily because our financial close and review procedures for the third quarter of 2020 have not yet been completed. In addition, our registered public accounting firm has not audited, reviewed, compiled or performed any procedures relating to preliminary financial information. Our actual results for the third quarter of 2020 will be available prior to our results conference call, as detailed below. The preliminary financial information above is not a complete presentation of our financial results for the third quarter of 2020, and our actual results may differ materially from our preliminary estimates and amounts stated above due to various factors, including those set out under Note Regarding Forward-Looking Statements ”below.
Third Quarter 2020 Results Conference call
Amalgamated also announced that its third quarter 2020 financial results will be released before market opens on Wednesday, October 28, 2020. Amalgamated will hold a conference call at 10:00 a.m. Eastern Time the same day to discuss the financial results .
The conference call is accessible by dialing 1-877-407-9716 (national) or 1-201-493-6779 (international) and requesting the call on Amalgamated Bank’s third quarter 2020 results. A live audio webcast of the conference call will be available on the website at https://ir.amalgamatedbank.com/.
A replay of the conference call will be available within two hours of the end of the call and can be viewed online and by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing access code 13711002. The telephone replay will be available until 11:59 p.m. EST on November 4, 2020.
About the Merged Bank
Amalgamated Bank is a New York-based full-service commercial bank and chartered trust company with a combined network of six branches in New York, Washington DC, San Francisco and Boston. Amalgamated was founded in 1923 as the Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the oldest unions in the country. Amalgamated provides nationwide commercial and trust banking services and offers a full range of products and services to 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 June 30, 2020, total assets were $ 6.5 billion, total net lending was $ 3.6 billion, and total deposits were $ 5.9 billion. In addition, as of June 30, 2020, the fiduciary business had $ 32.0 billion in assets in custody and $ 13.3 billion in assets under management.
Caution regarding forward-looking statements
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words and phrases such as “expects”, “estimates”, “intent “,” Preliminary “,” believes “,” may “,” probable “,” will “or other statements which indicate future periods. These forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The following factors, among others, could cause actual results to differ materially from anticipated results or other expectations expressed in our forward-looking statements: adjustments required in the quarter-end closing process as required by generally accounting principles recognized in the United States of America; the strength of the United States economy in general and the strength of the local economies in which we operate may be different than expected, including, but not limited to, due to the negative impacts and disruption resulting from the novel coronavirus, or COVID -19, on the economies and communities we serve, which may have a negative impact on our business, operations and performance, and could have a negative impact on our credit portfolio, the price of our actions, the borrowers and the economy as a whole, both nationally and globally; the default rate and write-off amounts, the level of our allowance for loan losses, loan growth rates or adverse changes in the quality of assets in our loan portfolio, which may result in increased losses and expenses related to credit risk; changes in laws, regulations, policies or administrative practices, whether by judicial, governmental or legislative action; and adverse conditions in the stock market, government debt market and other capital markets (including changes in interest rate conditions) could adversely affect us. Additional factors that could cause actual results to differ materially from those contemplated in forward-looking statements can also be found in our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K. filed with the FDIC and available on the FDIC website at https://efr.fdic.gov/fcxweb/efr/index.html. The inclusion of such forward-looking information should not be construed as a statement by us or any person that future events, plans or expectations contemplated by us will be realized. We assume no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor contact:
Jamie Lillis
Solebury Trout
[email protected]
800-895-4172
Source: Merged Bank
