Amalgamated Bank sees revenues rise in second quarter

NEW YORK —  Amalgamated Bank, which acquired New Resource Bank in May, posted higher revenue for the second quarter of fiscal year 2018 compared with the same period last year.

New York-based Amalgamated (Nasdaq: AMAL), a full-service commercial bank and chartered trust company with operations in Boulder, reported its quarterly financial results Monday. Net income for the quarter that ended June 30 was $11.6 million, up from $2.3 million in the second quarter of 2017.

Amalgamated saw quarterly deposit growth of $874.5 million. Of that total, the bank attributed $361.9 million to the New Resource acquisition.

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Last month, Amalgamated closed on an initial public offering of 7.7 million shares of common stock. Each share was priced at $15.50.

“Indications of our success are evident in our second quarter results, the closing of our acquisition of (New Resource), a key step to growing our business and expanding our geographic footprint, and our successful initial public offering in August,” Amalgamated CEO Keith Mestrich said in a prepared statement. “Looking forward, we are well positioned to drive deposit growth through our mission based strategy of developing and maintaining relationships with our clients who share similar values while opportunistically exploring acquisitions in attractive markets.”

The bank’s stock finished trading Monday up .86 percent at $18.75.