Amalgamated Financial Corp. Announces New $40 Million Share Repurchase Program
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. (Nasdaq: AMAL) ha annunciato un nuovo programma di riacquisto di azioni da 40 milioni di dollari per le sue azioni ordinarie di Classe A, sostituendo l'autorizzazione precedente che aveva 18,7 milioni di dollari rimanenti al 31 dicembre 2024.
Secondo il Presidente e CEO Priscilla Sims Brown, l'azienda sta vivendo un momento di slancio nel ricostruire i saldi dei depositi politici dopo il ciclo elettorale e nell'aumentare il proprio portafoglio di produzione aziendale. L'azienda crede che il prezzo attuale delle sue azioni non rifletta questo slancio o le opportunità di crescita future.
Il nuovo programma di riacquisto non ha data di scadenza e può essere modificato o sospeso a discrezione dell'azienda. Il momento, la quantità e il valore degli acquisti di azioni saranno determinati dalla direzione in base a fattori quali la performance del prezzo delle azioni, la pianificazione del capitale, le condizioni di mercato e i requisiti legali.
Amalgamated Financial Corp. (Nasdaq: AMAL) ha anunciado un nuevo programa de recompra de acciones de 40 millones de dólares para sus acciones ordinarias de Clase A, reemplazando la autorización anterior que tenía 18,7 millones de dólares restantes al 31 de diciembre de 2024.
Según la Presidenta y CEO Priscilla Sims Brown, la empresa está experimentando un impulso en la reconstrucción de los saldos de depósitos políticos después del ciclo electoral y en el crecimiento de su cartera de producción empresarial. La empresa cree que el precio actual de sus acciones no refleja este impulso ni las oportunidades de crecimiento futuro.
El nuevo programa de recompra no tiene fecha de caducidad y puede ser modificado o suspendido a discreción de la empresa. El momento, la cantidad y el valor de las compras de acciones serán determinados por la dirección en función de factores como el rendimiento del precio de las acciones, la planificación de capital, las condiciones del mercado y los requisitos legales.
아말가메이티드 파이낸셜 코프. (Nasdaq: AMAL)는 4천만 달러 규모의 자사주 매입 프로그램을 새롭게 발표하며, 이는 2024년 12월 31일 기준으로 1,870만 달러가 남아있던 이전 승인을 대체하는 것입니다.
프리실라 Sims 브라운 사장 겸 CEO에 따르면, 회사는 선거 주기 이후 정치적 예치금 잔액을 재구축하고 비즈니스 생산 파이프라인을 성장시키는 데 있어 모멘텀을 경험하고 있습니다. 회사는 현재 주가가 이러한 모멘텀이나 미래 성장 기회를 반영하지 않는다고 믿고 있습니다.
새로운 자사주 매입 프로그램은 만료일이 없으며 회사의 재량에 따라 수정되거나 중단될 수 있습니다. 주식 구매의 시기, 수량 및 가치는 주가 성과, 자본 계획, 시장 조건 및 법적 요구 사항을 포함한 요소에 따라 관리진에 의해 결정됩니다.
Amalgamated Financial Corp. (Nasdaq: AMAL) a annoncé un nouveau programme de rachat d'actions de 40 millions de dollars pour ses actions ordinaires de Classe A, remplaçant l'autorisation précédente qui avait 18,7 millions de dollars restants au 31 décembre 2024.
Selon la présidente et PDG Priscilla Sims Brown, l'entreprise connaît un élan dans la reconstruction des soldes de dépôts politiques après le cycle électoral et dans la croissance de son pipeline de production. L'entreprise estime que le prix actuel de ses actions ne reflète pas cet élan ni les opportunités de croissance futures.
Le nouveau programme de rachat n'a pas de date d'expiration et peut être modifié ou suspendu à la discrétion de l'entreprise. Le moment, la quantité et la valeur des achats d'actions seront déterminés par la direction en fonction de facteurs tels que la performance du prix des actions, la planification du capital, les conditions du marché et les exigences légales.
Amalgamated Financial Corp. (Nasdaq: AMAL) hat ein neues Aktienrückkaufprogramm über 40 Millionen Dollar für ihre Stammaktien der Klasse A angekündigt, das die vorherige Genehmigung ersetzt, die zum 31. Dezember 2024 noch 18,7 Millionen Dollar übrig hatte.
Laut Präsidentin und CEO Priscilla Sims Brown erlebt das Unternehmen einen Aufschwung beim Wiederaufbau der politischen Einlagenbestände nach dem Wahlzyklus und beim Wachstum der Geschäftspipeline. Das Unternehmen ist der Meinung, dass der aktuelle Aktienkurs diesen Aufschwung oder zukünftige Wachstumschancen nicht widerspiegelt.
Das neue Rückkaufprogramm hat kein Ablaufdatum und kann nach Ermessen des Unternehmens geändert oder ausgesetzt werden. Der Zeitpunkt, die Menge und der Wert der Aktienkäufe werden von der Geschäftsführung basierend auf Faktoren wie der Aktienkursentwicklung, der Kapitalplanung, den Marktbedingungen und den rechtlichen Anforderungen festgelegt.
- New $40 million share repurchase program indicates strong capital position
- Growing business production pipeline shows operational momentum
- Political deposit balances rebuilding post-election cycle
- Management's confidence in company's undervaluation and growth prospects
- Current share price performing below management's expectations
- No commitment to actually execute the full buyback amount
NEW YORK, March 10, 2025 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (“Amalgamated”, the “Company”, or the “Bank”) (Nasdaq: AMAL) today announced that its Board of Directors has approved a new authorization for the repurchase of up to
Priscilla Sims Brown, President and Chief Executive Officer, commented, “We have begun the year with momentum across the Bank as our political deposit balances begin to rebuild following the recent election cycle conclusion and our new business production pipeline continues to grow. With this noted, we believe our current share price does not reflect this momentum nor the opportunity that we see ahead to further grow the Bank. As a result, this new repurchase authorization is particularly timely.”
The new repurchase authorization does not have an expiration date and may, without prior notice, be extended, modified, amended, suspended or discontinued at any time at the Company’s discretion and does not commit the Company to repurchase shares of its common stock. The actual timing, number and value of the shares to be purchased under the program will be determined by the Company’s management at its discretion and will depend on a number of factors, including the performance of the Company’s stock price, the Company’s ongoing capital planning considerations, general market and other conditions and applicable legal requirements.
About Amalgamated Financial Corp.
Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country's oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of December 31, 2024, our total assets were
Forward-Looking Statements
Statements included in this press release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not statements of historical or current fact nor are they assurances of future performance and generally can be identified by the use of forward-looking terminology, such as “may,” “approximately,” “will,” “anticipate,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “possible,” and “intend,” or the negative thereof as well as other similar words and expressions of the future. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict as to timing, extent, likelihood and degree of occurrence, which could cause our actual results to differ materially from those anticipated in or by such statements. Potential risks and uncertainties include, but are not limited to, the following: 1. uncertain conditions in the banking industry and in national, regional and local economies in our core markets, which may have an adverse impact on our business, operations and financial performance; 2. deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses; 3. deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors; 4. changes in our deposits, including an increase in uninsured deposits; 5. our ability to maintain sufficient liquidity to meet our deposit and debt obligations as they come due, which may require that we sell investment securities at a loss, negatively impacting our net income, earnings and capital; 6. unfavorable conditions in the capital markets, which may cause declines in our stock price and the value of our investments; 7. negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of our borrowers and consumer spending habits, which may affect, among other things, the level of non-performing assets, charge-offs and provision expense; 8. fluctuations or unanticipated changes in the interest rate environment including changes in net interest margin or changes in the yield curve that affect investments, loans or deposits; 9. the general decline in the real estate and lending markets, particularly in commercial real estate in our market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing; 10. changes in legislation, regulation, public policies, or administrative practices impacting the banking industry, including increased minimum capital requirements and other regulation in the aftermath of recent bank failures; 11. the outcome of any legal proceedings that may be instituted against us; 12. our inability to achieve organic loan and deposit growth and the composition of that growth; 13. the composition of our loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which we operate; 14. inaccuracy of the assumptions and estimates we make and policies that we implement in establishing our allowance for credit losses; 15. changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; 16. any matter that would cause us to conclude that there was impairment of any asset, including intangible assets; 17. limitations on our ability to declare and pay dividends; 18. the impact of competition with other financial institutions, including pricing pressures and the resulting impact on our results, including as a result of compression to net interest margin; 19. increased competition for experienced members of the workforce including executives in the banking industry; 20. a failure in or breach of our operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; 21. increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence; 22. downgrade in our credit rating; 23. “greenwashing claims” against us and our Environmental, Social and Governance (“ESG”) products and increased scrutiny and political opposition to ESG and Diversity, Equity and Inclusion (“DEI”) practices; 24. any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters) affecting the markets in which we operate; 25. physical and transitional risks related to climate change as they impact our business and the businesses that we finance; 26. future repurchase of our shares through our common stock repurchase program; and 27. descriptions of assumptions underlying or relating to any of the foregoing. Additional factors which could affect the forward-looking statements can be found in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC’s website at www.sec.gov/. We disclaim any obligation to update or revise any forward-looking statements contained in this presentation, which speak only as of the date hereof, or to update the reasons why actual results could differ from those contained in or implied by such statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact:
Jamie Lillis
Solebury Strategic Communications
shareholderrelations@amalgamatedbank.com
800-895-4172
Source: Amalgamated Financial Corp.
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