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Amalgamated Financial Corp. Common Stock (DE) (symbol: AMAL) is a distinguished financial institution with a legacy spanning nearly a century. Established in 1923 by the Amalgamated Clothing Workers of America, it has grown into a trusted bank holding company, providing comprehensive commercial banking and trust services nationally through its wholly-owned subsidiary, Amalgamated Bank. Headquartered in New York City, Amalgamated Bank operates five branches across New York City, Washington D.C., and San Francisco, along with a commercial office in Boston.
As a full-service commercial bank and chartered trust company, Amalgamated Financial Corp. offers a wide array of financial products and services to both commercial and retail customers. This includes commercial banking, investment management, and trust and custody services. The company has a particular focus on supporting progressive organizations and individuals who work towards creating a more just, compassionate, and sustainable world.
Amalgamated Financial Corp. is well-regarded for its unique financial services tailored to labor unions, philanthropies, political campaigns, socially and environmentally responsible corporations, and individuals. It is a proud member of the Global Alliance for Banking on Values and a certified B Corporation®. As of December 31, 2023, the company reported total assets of $8.0 billion, total net loans of $4.3 billion, and total deposits of $7.0 billion. Additionally, its trust business held $41.7 billion in assets under custody and $14.8 billion in assets under management.
Amalgamated Financial Corp. has shown strong financial performance, with a Common Equity Tier 1 Capital Ratio of 13.68% and a Return on Average Assets of 1.36% as of March 31, 2024. Recent achievements include a 50% increase in its quarterly dividend and an ongoing commitment to investing in Residential Property Assessed Clean Energy (R-PACE) assessments through a partnership with Home Run Finance (HRF).
News highlights include their announcement of a regular dividend of $0.15 per share, payable on May 8, 2024, and their financial results for the first quarter of 2024, reporting a net income of $27.2 million. The company continues to show resilience and progress in the financial industry, driven by its strong commitment to social responsibility and exemplary financial practices.
Amalgamated Financial Corp. (AMAL) reported its Q1 2023 financial results, showing a net income of $21.3 million or $0.69 per diluted share, down from $24.8 million and $0.80 per share in Q4 2022. Core net income fell to $23.0 million or $0.74 per diluted share. Total deposits increased by $446.4 million (6.8%) to $7.0 billion, though deposits excluding brokered CDs declined by $74.3 million (1.1%). Loans receivable grew by $92.2 million (2.2%) to $4.2 billion. Net interest income remained steady at $67.3 million, with a net interest margin of 3.59%. The bank's capital ratios remain strong, with a Common Equity Tier 1 ratio of 12.23%. Amalgamated's management highlighted their solid capital and liquidity positions, aligning with their 'Growth for Good' strategy.
Amalgamated Financial Corp. (Nasdaq: AMAL) has declared a regular dividend of $0.10 per share, which will be payable on May 24, 2023, to stockholders of record on May 10, 2023. Future dividend payments will depend on the Board of Directors' discretion. As of December 31, 2022, Amalgamated Financial reported total assets of $7.8 billion, total net loans of $4.1 billion, and total deposits of $6.6 billion. Additionally, the company’s trust business held $38.1 billion in assets under custody and $13.4 billion in assets under management. Amalgamated Bank, the company's wholly-owned subsidiary, offers a range of commercial banking and financial services across five branches in major U.S. cities.
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