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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 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.
Amalgamated Financial Corp. (Nasdaq: AMAL) will release its first quarter 2023 financial results on April 27, 2023, before market open. Following the release, the Company will conduct a conference call at 11:00 a.m. ET to discuss the results. Investors can participate by dialing 1-877-407-9716 (or 1-201-493-6779 for international callers) about ten minutes prior to the call. A live audio webcast will be accessible at the Company’s website. A replay of the call will be available shortly after its conclusion, accessible via the same link and by phone until May 4, 2023.
Amalgamated is a public benefit corporation providing commercial banking and financial services, with total assets of $7.8 billion, net loans of $4.1 billion, and deposits of $6.6 billion as of December 31, 2022.
Amalgamated Financial Corp. (AMAL) reported strong fourth quarter 2022 results with net income of $24.8 million, or $0.80 per diluted share, versus $22.9 million in Q3 2022. Core net income was $27.2 million, up from $24.8 million. Full-year net income reached $81.5 million, a significant increase from $52.9 million in 2021. Total loans rose by $784.6 million (23.9%) to $4.1 billion. However, total deposits decreased by $565.3 million (7.9%) to $6.6 billion, primarily due to the end of political campaign deposits. The net interest margin improved to 3.56%. The company maintains robust capital ratios above regulatory standards.
Amalgamated Financial Corp. (Nasdaq: AMAL) announced a regular dividend of $0.10 per share for common stockholders. This dividend is payable on February 20, 2023, to stockholders of record by February 6, 2023. Future dividends will be determined at the discretion of the Board of Directors. As of September 30, 2022, Amalgamated Financial reported total assets of $7.9 billion, total net loans of $3.8 billion, and total deposits of $7.2 billion, showcasing solid financial standings in the commercial banking sector.
Amalgamated Financial Corp. (Nasdaq: AMAL) will release its fourth quarter and full year 2022 financial results on January 26, 2023, before market open. A conference call is scheduled for 11:00 a.m. ET the same day, where investors and analysts can participate by dialing 1-877-407-9716 (or 1-201-493-6779 internationally). A live audio webcast will also be available on their website. A replay of the conference call will be accessible within two hours, lasting until February 2, 2023.
Amalgamated Financial Corp. (Nasdaq: AMAL) reported a record earnings of $22.9 million or $0.74 per diluted share for Q3 2022, up from $19.6 million or $0.63 in the previous quarter. Core net income, excluding solar tax impacts, rose to $24.8 million ($0.80 per diluted share). Average deposits increased by $191.1 million (2.7%) to $7.3 billion. Net interest income grew $11.1 million (19.6%) to $67.6 million. Nonperforming assets decreased to 0.69% of total assets. The company's capital ratios remain strong, with a Common Equity Tier 1 Ratio of 11.91%.
Amalgamated Financial Corp. (Nasdaq: AMAL) announced a regular dividend of $0.10 per share for common stockholders, payable on November 28, 2022, to stockholders of record as of November 9, 2022. The timing and amount of future dividends will be at the Board's discretion. As of June 30, 2022, the bank's total assets were $7.9 billion, with total net loans of $3.6 billion and deposits of $7.3 billion.
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