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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. (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.
Amalgamated Bank announced its preliminary unaudited financial results for Q3 2020, projecting net income between $12 million to $13 million, or $0.39 to $0.42 per diluted share. The bank reported a $6.4 million expense associated with branch closures and $4.3 million in non-interest income from solar investments. Total assets reached $6.6 billion, with an increase of $8 million in non-accrual loans. A conference call is scheduled for October 28, 2020, to discuss the results, which are subject to revision.
Amalgamated Bank (Nasdaq: AMAL) will participate in a fireside chat at the Barclays Global Financial Services Conference on September 14, 2020, at 1:15 p.m. ET. CEO Keith Mestrich and CFO Drew LaBenne will speak, with a live webcast available on the bank's Investor Relations website. The bank, founded in 1923, operates 11 branches across New York City, Washington D.C., and San Francisco, providing a range of commercial banking and trust services. As of June 30, 2020, it reported total assets of $6.5 billion and total deposits of $5.9 billion.
Amalgamated Bank (Nasdaq: AMAL) declared a regular dividend of $0.08 per share, payable on September 3, 2020, to shareholders of record on August 19, 2020. The decision regarding future dividends will be at the discretion of the Company’s Board of Directors. Established in 1923, Amalgamated Bank serves as a full-service commercial bank with total assets of $6.5 billion and total deposits of $5.9 billion as of June 30, 2020. It operates 11 branches across New York City, Washington D.C., and San Francisco.
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