Welcome to our dedicated page for Amalgamated Financial news (Ticker: AMAL), a resource for investors and traders seeking the latest updates and insights on Amalgamated Financial stock.
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. (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.
Amalgamated Financial Corp. (Nasdaq: AMAL) will release its third quarter 2022 financial results before the market opens on October 27, 2022. A conference call to discuss these results is set for 11:00 a.m. ET on the same day. Interested investors can join the call by dialing 1-877-407-9716 or through a live audio webcast available on the company's website. A replay of the conference call will be available shortly after its conclusion and can be accessed until November 3, 2022.
Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (NASDAQ: AMAL), announced a $15 million loan to Inclusive Prosperity Capital, Inc. (IPC) for funding climate initiatives aimed at underserved communities. This aligns with the bank's commitment to affordable banking services and climate goals, including a 49% portfolio reduction target by 2030 and net zero emissions by 2045. IPC will utilize this funding to enhance decarbonization efforts and provide essential capital to neglected markets, supported by a $10 million guarantee from the Kresge Foundation.
Amalgamated Financial Corp. (AMAL) reported record earnings of $19.6 million, or $0.63 per diluted share for Q2 2022, up from $14.2 million or $0.45 in Q1 2022. Core net income reached $20.9 million, driven by increased net interest income of $56.5 million, a 16.7% increase. Deposits rose by $317.7 million to $7.3 billion. Loan growth was notable, with a 5.1% increase to $3.6 billion. The bank maintains a strong capital position with regulatory capital ratios above required standards.
Amalgamated Financial Corp. (Nasdaq: AMAL) has announced a dividend increase of 25%, raising the per-share payout from $0.08 to $0.10. This dividend is set to be paid on August 29, 2022, to shareholders on record as of August 10, 2022. The Board of Directors retains discretion over future dividend payments. As of March 31, 2022, Amalgamated's total assets were $7.7 billion, with net loans of $3.4 billion and deposits of $7.0 billion, reflecting a solid financial standing.
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