Welcome to our dedicated page for Amalgamated Bank. news (Ticker: AMAL), a resource for investors and traders seeking the latest updates and insights on Amalgamated Bank. stock.
Overview
Amalgamated Bank (AMAL) is a distinguished public benefit financial institution with a nearly century-long history, specializing in commercial banking, trust services, and investment management. As a full-service commercial bank and a chartered trust company, it offers an extensive suite of banking, custody, and investment management products to both commercial and retail customers. With deep roots in progressive values, the institution has built its reputation by supporting organizations and individuals dedicated to social justice, environmental stewardship, and community development.
Core Business Operations
The bank operates as a bank holding company under Amalgamated Financial Corp, delivering comprehensive financial solutions including:
- Commercial Banking: Providing tailored financial products and services designed to support business growth and operational stability for a diverse clientele ranging from labor unions to socially responsible corporations.
- Trust & Custody Services: Serving as a chartered trust company, Amalgamated Bank offers secure trust management and custody services, safeguarding financial assets and estates with rigorous fiduciary responsibility.
- Investment Management: Managing assets with a focus on long-term strategic planning and risk management, the bank assists in the cultivation of investment portfolios that reflect its clients' social and environmental priorities.
Market Position and Significance
Amalgamated Bank distinguishes itself in the financial services industry by steadfastly aligning its business operations with progressive social values. It is not only a financial intermediary but also an active participant in advancing social and environmental change. The bank continuously demonstrates its expertise through rigorous financial management, responsible lending practices, and adherence to high standards of corporate governance. Its mission of "helping those who do good do better" resonates across its service offerings, ensuring that each client benefits from a personalized approach grounded in trust and expert financial consultation.
Historical and Cultural Impact
Founded nearly a century ago by a prominent labor union, Amalgamated Bank was established with an ethos that champions economic justice and sustainability. This legacy of community empowerment has cemented its role as a trusted partner to labor organizations, philanthropic entities, and socially responsible businesses. The bank’s commitment to progressive practices is further underscored by its B Corporation certification, which attests to its rigorous standards in social performance, public transparency, and legal accountability.
Competitive Landscape
Within the competitive realm of commercial banking and investment management, Amalgamated Bank leverages its longstanding expertise and mission-driven approach to differentiate itself from traditional financial institutions. It maintains a robust operational structure by integrating holistic financial services and maintaining an unwavering focus on ethical banking practices. Its unique market positioning is supported by its comprehensive service portfolio, blending conventional financial management with innovative trust and custody solutions to serve both individual and institutional investors.
Operational Excellence and Client-Centric Approach
The bank prides itself on its operational excellence, underscored by strong financial management practices and a commitment to client satisfaction. Its team of financial professionals employs industry-leading methodologies to ensure optimal asset management, prudent risk assessment, and strategic growth planning. This client-centric approach has enabled the bank to sustain its reputation as an institution where financial success is intertwined with social impact and environmental responsibility.
Summary
In summary, Amalgamated Bank is a multifaceted financial institution that offers a full range of commercial banking, trust, and investment management services. Its heritage of progressive values, combined with specialized financial expertise, positions it as an authority in aligning financial operations with broader social and environmental goals. This detailed view of the bank’s capabilities provides investors and stakeholders with clear insights into its business model, operational strategy, and market role.
Amalgamated Bank (Nasdaq: AMAL) has successfully closed the first adjustable-rate financing under the Oklahoma County C-PACE Program for the Alley North Office development, utilizing Allectrify's FASTPACE Platform. The project will create Oklahoma's first multi-story mass timber office building, serving as headquarters for C.H. Guernsey & Company.
The C-PACE financing will specifically fund a high-efficiency glazing system to enhance the building's energy efficiency by maximizing natural light while reducing heating and cooling demands. The development, located in Oklahoma City's historic 'Automobile Alley,' is positioned along a planned regional transit line.
This groundbreaking transaction marks the first adjustable-rate C-PACE deal in Oklahoma County, featuring an interest rate that resets at predetermined intervals. The partnership between Amalgamated Bank and Allectrify's FASTPACE platform aims to facilitate more C-PACE deals, supporting commercial property owners in implementing energy performance, resiliency, and water conservation improvements.
GS Power Partners (GSPP) has secured a $22 million term financing commitment from Amalgamated Bank (AMAL) for five community solar projects in New York, totaling 25.5 megawatts (MWdc).
The projects include:
- East Road North and East Road South in Lowville, expected to start operations next month
- Little Bow North and Little Bow South in Gouverneur, completed in December 2023
- Fox Road project in Marcy, completed in May 2023
The partnership aims to provide clean energy access to hundreds of New Yorkers through these community solar installations, demonstrating successful public-private collaboration in expanding renewable energy infrastructure.
Amalgamated Financial Corp. (Nasdaq: AMAL) has announced a new $40 million share repurchase program for its Class A common stock, replacing the previous authorization which had $18.7 million remaining as of December 31, 2024.
According to President and CEO Priscilla Sims Brown, the company is experiencing momentum with rebuilding political deposit balances post-election cycle and growing business production pipeline. The company believes its current share price doesn't reflect this momentum or future growth opportunities.
The new repurchase program has no expiration date and can be modified or suspended at the company's discretion. The timing, quantity, and value of share purchases will be determined by management based on factors including stock price performance, capital planning, market conditions, and legal requirements.
Amalgamated Financial Corp. (AMAL) reported strong Q4 2024 results with net income of $24.5 million ($0.79 per diluted share) and core net income of $28.0 million ($0.90 per diluted share). The company showed solid performance with net interest margin expanding to 3.59% and net interest income growing to $73.1 million.
Key highlights include: net loans receivable increase of $126.4 million (2.8%) to $4.6 billion; total deposits decrease of $414.0 million to $7.2 billion following election cycle conclusion; and strong capital position with Common Equity Tier 1 ratio at 13.90%. The company maintained robust liquidity with $3.2 billion available within two days, covering 86% of uninsured deposits.
Full-year 2024 performance showed a 20.9% increase in net income to $106.4 million compared to 2023, with tangible book value per share rising 20.6% to $22.60.
Amalgamated Financial Corp. (Nasdaq: AMAL) has announced a significant increase in its quarterly dividend. The Board of Directors approved a $0.02 increase, raising the dividend by 17% to $0.14 per common share. The dividend will be paid on February 27, 2025, to stockholders of record as of February 11, 2025. Future dividend payments will remain subject to the Board's discretion regarding amount and timing.
Amalgamated Financial Corp. (Nasdaq: AMAL) has scheduled the release of its fourth quarter and full year 2024 financial results for Thursday, January 23, 2025, before market open. The company will host a conference call at 11:00 a.m. Eastern Time on the same day to discuss the results.
Investors and analysts can participate by dialing 1-877-407-9716 (international: 1-201-493-6779) approximately 10 minutes before the call. A live audio webcast will be available on the company's investor relations website. A replay will be accessible until January 30, 2025, both online and via phone (1-844-512-2921; international: 1-412-317-6671) using pin 13750453.
Amalgamated Financial Corp. (AMAL) reported strong Q3 2024 results with net income of $27.9 million, or $0.90 per diluted share. Key highlights include a net interest margin expansion to 3.51% and total deposits increase of $145.6 million to $7.6 billion. The company demonstrated solid growth with tangible book value per share increasing 27.9% YoY to $22.29. Net loans receivable grew by $78.0 million to $4.5 billion, while political deposits increased by $231.9 million to $2.0 billion. The bank maintained strong capital ratios with a Tier 1 leverage ratio of 8.63% and Common Equity Tier 1 ratio of 13.82%.
Amalgamated Financial Corp. (Nasdaq: AMAL) has announced a regular quarterly dividend of $0.12 per share for its common stockholders. The dividend will be payable on November 21, 2024, to stockholders of record as of November 5, 2024. This decision was made by the company's Board of Directors.
It's important to note that the amount and timing of future dividend payments will be subject to the discretion of the Board of Directors. This announcement demonstrates Amalgamated's commitment to providing returns to its shareholders while maintaining flexibility in its financial strategy.
Amalgamated Financial Corp. (Nasdaq: AMAL) has announced the release date for its third quarter 2024 financial results. The results will be made public before market open on Thursday, October 24, 2024. Following the release, the company will host a conference call at 11:00 a.m. Eastern Time to discuss the financial outcomes.
Investors and analysts can participate in the call by dialing 1-877-407-9716 (or 1-201-493-6779 for international callers) about 10 minutes before the call starts. A live audio webcast will also be available on the company's investor relations website. For those unable to attend, a replay of the call will be accessible until October 31, 2024, both online and via phone using the pin 13748697.
Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), has released its 2023 Environmental, Social and Governance (ESG) Report. The report highlights the bank's commitment to ESG principles and its impact on clients and investors. Key achievements include:
- B-Corp recertification with a score of 155.3
- Over $2 billion in funding for climate solutions (39% of lending portfolio)
- 70% of lending portfolios are high-impact and 100% mission-aligned
- Industry-leading emissions intensity of 14.7 tons CO2e per million dollars invested
- Supported clean energy projects resulting in 243,010 tons of avoided emissions
- Achieved substantial pay parity for women and minorities
- Received a perfect score on the Human Rights Campaign Foundation's Corporate Index
The bank remains committed to aligning its business practices with the Paris Climate Agreement goals and continues to develop financial products prioritizing environmental and social benefits alongside financial returns.
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