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) reported a net income of $14.2 million ($0.45 per diluted share) for Q1 2022, down from $15.9 million ($0.50 per diluted share) in Q4 2021. Core net income was $14.3 million, reflecting a 4.8% increase in loans to $3.4 billion and deposits rising by $617.2 million to $7.0 billion. Despite a slight decrease in net interest margin to 2.76%, the bank remains well-capitalized with a Common Equity Tier 1 Capital Ratio of 12.36%. The CEO anticipates high-single-digit loan growth for 2022.
Amalgamated Financial Corp. (AMAL) has declared a $0.08 per share dividend for common stockholders, payable on May 25, 2022, to stockholders of record as of May 11, 2022. This decision underscores the company's commitment to return value to its investors. Future dividend payments will depend on the discretion of the Board of Directors. As of December 31, 2021, Amalgamated Financial reported total assets of approximately $7.1 billion, net loans of about $3.3 billion, and total deposits of roughly $6.4 billion.
Amalgamated Financial Corp. (Nasdaq: AMAL) will release its first quarter 2022 financial results on April 28, 2022, before market open. A conference call is scheduled for the same day at 11:00 a.m. ET to discuss the results. Interested participants can join by calling 1-877-407-9716 or via a live audio webcast available on their investor relations website. A replay will be accessible shortly after the call concludes and will remain available until May 5, 2022.
Amalgamated Financial Corp. (Nasdaq: AMAL) has withdrawn its application to acquire Amalgamated Bank of Chicago due to regulatory approval challenges. The company reiterated its 2022 standalone guidance, targeting core pre-tax pre-provision earnings of $75–85 million and net interest income of $184–192 million, with an expected 5% balance sheet growth. Additionally, AMAL's Board approved an increase in its share repurchase program to $40 million, contingent on economic factors and capital position.
Almika Renewable Finance has launched new financial services for the residential solar and energy storage market, supported by Amalgamated Bank (AMAL). This partnership aims to enhance Almika’s platform by integrating utility billing, clean energy financing, and demand response capabilities. The collaboration aligns with Amalgamated Bank's commitment to achieving net-zero targets by 2045. Almika is expanding its network of solar partners across Texas and beyond, aiming for national growth with innovative solutions in the renewable energy sector.
Amalgamated Financial Corp. (AMAL) reported a net income of $15.9 million, or $0.50 per diluted share for Q4 2021, an increase from $14.4 million in Q3 2021.
Total assets surpassed $7 billion, with deposits growing by $131.8 million to $6.4 billion. Net loans increased 6.2% to $3.3 billion. The net interest margin improved to 2.77%. The company aims for high single-digit loan growth in 2022 as it prepares for the acquisition of Amalgamated Bank of Chicago.
Amalgamated Financial Corp. (Nasdaq: AMAL) declared a regular dividend of $0.08 per share, payable on March 1, 2022, to stockholders of record as of February 15, 2022. Future dividends will depend on the Board of Directors' discretion. As of September 30, 2021, Amalgamated reported total assets of $6.9 billion, net loans of $3.1 billion, and deposits of $6.2 billion. The bank, established in 1923, operates five branches across major U.S. cities and offers a comprehensive range of banking services.
Amalgamated Financial Corp. (Nasdaq: AMAL) will release its fourth quarter and full year 2021 financial results before market open on January 27, 2022. A conference call to discuss the results will follow at 11:00 a.m. Eastern Time the same day. Investors can join the call by dialing 1-877-407-9716, with a live audio webcast available on the company's website. A replay of the call will be accessible shortly after its conclusion until February 3, 2022. As of September 30, 2021, Amalgamated held total assets of $6.9 billion and total deposits of $6.2 billion.
Kroll Bond Rating Agency (KBRA) has released its Third-Quarter 2021 U.S. Bank Compendium, providing insights into the U.S. banking sector's performance and outlook for 2022. The report reviews 3Q21 results for U.S. banks under KBRA ratings, focusing on key credit metrics and ratios. Additionally, it highlights the top 10 banks with the lowest cost deposits and analyzes changes in return on assets and nonperforming asset ratios. The compendium also includes a detailed supplement of 187 rated bank debt issues. Amalgamated Financial Corp. (NASDAQ: AMAL) holds a BBB rating with a Stable Outlook.
Amalgamated Financial Corp. (Nasdaq: AMAL) has successfully closed a public offering of $85 million in 3.250% Fixed-to-Floating Rate Subordinated Notes due 2031. The net proceeds will fund the acquisition of Amalgamated Investments Company and support ongoing working capital needs. The offering was managed by Keefe, Bruyette & Woods and Loop Capital Markets, with legal counsel from Nelson Mullins Riley & Scarborough LLP and Squire Patton Boggs. As of September 30, 2021, the Company reported total assets of $6.9 billion and total deposits of $6.2 billion.
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