Amalgamated Bank. - AMAL STOCK NEWS

Amalgamated Financial Corp. (Nasdaq: AMAL) announced that Chief Financial Officer Drew LaBenne will leave the company in late April 2021 to pursue a new opportunity outside the banking sector. Jason Darby, the current Chief Accounting Officer, will step in as Interim CFO. LaBenne expressed pride in the company's achievements during his six-year tenure and highlighted its strong financial position. The press release also provided preliminary first-quarter results, noting a $233 million increase in total deposits but a $224 million decrease in total loans.

Amalgamated Bank (NASDAQ: AMAL) has endorsed H.R. 40, urging the Federal Government to establish a commission to study the effects of slavery and explore reparations for African Americans. This makes Amalgamated the first major U.S. bank to support such legislation. The initiative aims to foster a more equitable economy and address historical injustices linked to racism. The bank emphasizes the need for tangible remedies for African Americans and acknowledges its role in advancing social justice throughout its history.

Amalgamated Financial Corp. (NASDAQ: AMAL) announced its transition to a parent bank holding company for Amalgamated Bank as of March 1, 2021. This reorganization marks the Company as the first publicly traded financial institution to register as a public benefit corporation. This status emphasizes their commitment to social and environmental responsibility alongside stockholder returns. With assets totaling $6.0 billion and a trust business holding $36.8 billion in assets, Amalgamated positions itself as a leader in socially responsible banking.

Amalgamated Bank (Nasdaq: AMAL) declared a regular dividend of $0.08 per share, scheduled for payment on March 5, 2021, to stockholders of record by February 19, 2021. Future dividend payments will depend on the Board of Directors' discretion. Amalgamated Bank, established in 1923, operates six branches across major U.S. cities and holds total assets of $6.0 billion and total deposits of $5.3 billion as of December 31, 2020.

Amalgamated Bank (AMAL) reported Q4 2020 net income of $13.8 million ($0.44 per diluted share), up from $12.5 million in Q3 2020 and $12.0 million in Q4 2019. Core net income decreased to $13.8 million from $16.8 million in Q3 2020. Deposits fell by $682.3 million to $5.3 billion due to the election cycle, while total loans decreased to $3.4 billion. The bank's net interest margin rose to 3.06%, but nonperforming assets increased to $82.2 million (1.38% of total assets). For the full year, net income was $46.2 million ($1.48 per diluted share), slightly down from $47.2 million in 2019.

Amalgamated Bank (Nasdaq: AMAL) will release its fourth quarter and full year 2020 financial results on January 28, 2021, before market open. A conference call for investors will follow at 10:00 a.m. ET, where details on the financial performance will be discussed. Interested participants can join via phone or listen to a live audio webcast on the company's website. The replay of the call will be available shortly after its conclusion until February 4, 2021.

On November 5, 2020, Amalgamated Bank (Nasdaq: AMAL) declared a dividend of $0.08 per share, set to be paid on December 3, 2020. Shareholders of record as of November 19, 2020 will receive this payment. Future dividends will be determined at the discretion of the Board of Directors. As of September 30, 2020, Amalgamated Bank reported total assets of $6.6 billion, net loans totaling $3.6 billion, and deposits of $6.0 billion. The trust business managed $14.3 billion in assets under management.

Amalgamated Bank (AMAL) reported a net income of $12.5 million for Q3 2020, up from $10.4 million in Q2 2020, with earnings per diluted share of $0.40. Core net income rose to $16.8 million, a significant increase from $10.6 million in the previous quarter. Deposits grew by $150.7 million to $6.0 billion, while total loans slightly decreased to $3.6 billion. The bank's net interest margin fell to 2.88%. Nonperforming assets increased to $80.6 million, or 1.22% of total assets. Total assets stood at $6.6 billion, reflecting a solid year-over-year growth.

Amalgamated Bank (Nasdaq: AMAL) announced the resignation of President and CEO Keith Mestrich, effective January 31, 2021. Mestrich will transition to a special advisor role until July 2021. The Board has formed a Search Committee to find a new CEO, engaging executive search firm Ellig Group to assist in the process. If no successor is appointed by Mestrich's departure, current Chair Lynne Fox will serve as Interim CEO. Mestrich credited the bank's strong financial position and growth during his tenure, which included significant asset expansion and a successful IPO in 2018.