Amalgamated Financial (AMAL) came out with quarterly earnings of $0.90 per share, beating the Zacks Consensus Estimate of $0.87 per share. This compares to earnings of $0.72 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.45%. A quarter ago, it was expected that this bank would post earnings of $0.83 per share when it actually produced earnings of $0.91, delivering a surprise of 9.64%.Over the last four quarters, the company ...

Net Interest Margin and Income - Net interest margin expanded 8 basis points to 3.59%[4] - Net interest income grew $1.0 million, or 1.4%, to $73.1 million[4] - Net interest margin improved to 3.59% in Q4 2024, compared to 3.44% in Q4 2023[46] - Net interest income increased to $73,094 thousand in Q4 2024, compared to $67,319 thousand in Q4 2023[49] - Net interest income for December 31, 2024, was $401.3 million, with a yield of 4.99%, compared to $358.1 million and a yield of 4.67% for December 31, 2023[51] - Net Interest Income (GAAP) for the year ended December 31, 2024, was $282.430 million, up from $261.311 million in 2023[59] Loans and Loan Portfolio - Net loans receivable increased $126.4 million, or 2.8%, to $4.6 billion[4] - Total multifamily and commercial real estate loan portfolio of $1.8 billion had concentration of 201% to total risk-based capital[4] - Loans receivable, net of deferred loan origination costs, increased to $4.67 billion as of December 31, 2024, up 5.9% from $4.41 billion in December 2023[43] - Total loans held for investment grew to $4,672,924 thousand in Q4 2024, up from $4,411,319 thousand in Q4 2023[48] - Nonaccrual loans decreased to $21.0 million in December 2024 from $33.2 million in December 2023, reflecting improved asset quality[55] - Nonaccrual loans to total loans decreased to 0.45% in Q4 2024, down from 0.75% in Q4 2023[46] - Criticized and classified loans to total loans ratio improved to 2.06% in December 2024 from 2.48% in December 2023[57] - Net charge-offs for total loans decreased to 0.36% in December 2024 from 0.51% in December 2023, indicating better credit quality[57] - The allowance for credit losses (ACL) to total portfolio balance for total loans decreased to 1.29% in December 2024 from 1.49% in December 2023[57] Deposits - Total deposits decreased $414.0 million, or 5.5%, to $7.2 billion[4] - Total deposits decreased to $7.18 billion as of December 31, 2024, down 2.4% from $7.59 billion in September 2024[43] - Total deposits excluding Brokered CDs reached $7,430,584 thousand in Q4 2024, up from $6,734,844 thousand in Q4 2023[49] - Total deposits excluding Brokered CDs increased to $7.28 billion in 2024 from $6.56 billion in 2023, with a cost of deposits rising from 0.96% to 1.47%[51] - Total deposits increased to $7.18 billion in December 2024 from $7.01 billion in December 2023, with a cost of deposits rising from 1.17% to 1.53%[53] - Non-interest-bearing demand deposit accounts increased to $2.87 billion in December 2024 from $2.94 billion in December 2023, maintaining a 0.00% cost of funds[53] - Super-core deposits are defined as total deposits from customers with a relationship length of over 5 years[34] Net Income and Earnings - Net income of $24.5 million, or $0.79 per diluted share, compared to $27.9 million, or $0.90 per diluted share[4] - Core net income of $28.0 million, or $0.90 per diluted share, compared to $28.0 million, or $0.91 per diluted share[4] - Net income for Q4 2024 was $24.49 million, compared to $22.70 million in Q4 2023, representing a 7.9% increase[41] - Earnings per share (diluted) for Q4 2024 was $0.79, compared to $0.74 in Q4 2023, a 6.8% increase[44] - Core net income (non-GAAP) for the year ended December 31, 2024, was $107.760 million, compared to $90.459 million in 2023[59] Asset Quality and Nonperforming Assets - Total nonperforming assets decreased to $25.9 million in December 2024 from $34.2 million in December 2023, showing improved asset quality[55] - Nonaccrual loans decreased to $21.0 million in December 2024 from $33.2 million in December 2023, reflecting improved asset quality[55] - Criticized and classified loans to total loans ratio improved to 2.06% in December 2024 from 2.48% in December 2023[57] - Net charge-offs for total loans decreased to 0.36% in December 2024 from 0.51% in December 2023, indicating better credit quality[57] - The allowance for credit losses (ACL) to total portfolio balance for total loans decreased to 1.29% in December 2024 from 1.49% in December 2023[57] Capital Ratios and Equity - Common Equity Tier 1 Capital Ratio of 13.90% and Tangible Common Equity Ratio of 8.41%[1] - Tangible book value per share increased $0.31, or 1.4%, to $22.60[4] - Book value per common share (excluding minority interest) increased to $23.07 as of December 31, 2024, up 20.0% from $19.23 in December 2023[44] - Tangible common equity excludes minority interests, preferred stock, goodwill, and core deposit intangibles[35] - Tangible common equity (non-GAAP) as of December 31, 2024, was $693.231 million, up from $570.078 million in 2023[59] - Average tangible common equity (non-GAAP) for the year ended December 31, 2024, was $634.426 million, compared to $515.357 million in 2023[59] Non-Interest Income and Expense - Total non-interest income for Q4 2024 was $4.79 million, a 49.1% decrease from $9.41 million in Q4 2023[41] - Total non-interest expense for Q4 2024 was $41.14 million, up 9.0% from $37.75 million in Q4 2023[41] - Non-interest income (GAAP) for Q4 2024 was $4.789 million, a decrease from $9.406 million in Q4 2023[59] - Core non-interest expense excludes branch closure costs, restructuring, and acquisition-related expenses[30] - Core operating revenue is defined as total net interest income plus core non-interest income[32] - Core operating revenue (non-GAAP) for Q4 2024 was $82.577 million, compared to $75.814 million in Q4 2023, showing a year-over-year increase[59] PACE Assessments - Total PACE assessments grew $17.9 million, or 1.5% to $1.2 billion[4] - Residential PACE assessments available for sale increased to $152,011 thousand in Q4 2024, up from $53,303 thousand in Q4 2023[48] - Total PACE assessments grew to $1,196,625 thousand in Q4 2024, compared to $1,130,572 thousand in Q4 2023[48] Core Metrics and Ratios - Core efficiency ratio is defined as Core non-interest expense divided by Core operating revenue, used for performance comparison[28] - Core net income excludes gains/losses on securities sales, restructuring costs, and other non-core items for clearer performance evaluation[29] - Core return on average assets is calculated as Core net income divided by average total assets[32] - Core return on average tangible common equity is Core net income divided by average tangible common equity[33] - Core return on average tangible common equity (non-GAAP) was 16.13% in Q4 2024, compared to 16.22% in Q4 2023[46] Miscellaneous - Total assets as of December 31, 2024, were $8.3 billion, with total net loans at $4.6 billion and total deposits at $7.2 billion[25] - Trust business held $35.0 billion in assets under custody and $14.6 billion in assets under management as of December 31, 2024[25] - Total assets grew to $8.26 billion as of December 31, 2024, a 3.6% increase from $7.97 billion in December 2023[43] - Total interest-earning assets increased to $8.04 billion in 2024 from $7.66 billion in 2023, with a yield increase from 4.67% to 4.99%[51] - Weighted average common shares outstanding (diluted) for Q4 2024 was 30.98 million, up 1.2% from 30.62 million in Q4 2023[44] - Return on average assets increased to 1.17% in Q4 2024, up from 1.13% in Q4 2023[46] - Loan yield rose to 5.00% in Q4 2024, up from 4.68% in Q4 2023[46] - Securities loss for Q4 2024 was $1.003 million, down from $2.340 million in Q4 2023[59] - ICS One-Way Sell Fee Income for the year ended December 31, 2024, was $(17.194) million, compared to $0 in 2023[59] - Changes in fair value of loans held-for-sale for the year ended December 31, 2024, was $8.383 million, compared to $0 in 2023[59] - Severance costs for the year ended December 31, 2024, were $(472) thousand, compared to $(665) thousand in 2023[59]

Financial Performance - Net income for Q4 2024 was $24.5 million, or $0.79 per diluted share, compared to $27.9 million, or $0.90 per diluted share in the previous quarter [6][9] - Core net income for Q4 2024 was $28.0 million, or $0.90 per diluted share, flat compared to the previous quarter [6][10] - Full year 2024 net income was $106.4 million, or $3.44 per diluted share, a 20.9% increase from 2023 [7] - Core net income for full year 2024 was $107.8 million, or $3.48 per diluted share, a 19.1% increase from 2023 [7] Deposits and Liquidity - Total deposits decreased by $414.0 million (5.5%) to $7.2 billion in Q4 2024, driven by political deposit outflows [6] - Political deposits decreased by $992.3 million to $969.6 million in Q4 2024 [6] - Off-balance sheet deposits peaked at $1.3 billion during Q4 2024 but ended the quarter at zero [6] - Cash and borrowing capacity totaled $3.2 billion, covering 86% of total uninsured deposits [6] Loans and Credit Quality - Net loans receivable increased by $126.4 million (2.8%) to $4.6 billion in Q4 2024 [6] - Total multifamily and commercial real estate loan portfolio was $1.8 billion, representing 201% of total risk-based capital [6] - Nonperforming assets decreased by $2.7 million to $25.9 million (0.31% of total assets) in Q4 2024 [21] - Allowance for credit losses on loans decreased by $1.4 million to $60.1 million (1.29% of total loans) in Q4 2024 [22] Capital and Returns - Common Equity Tier 1 Capital Ratio improved to 13.90% in Q4 2024, up from 13.82% in Q3 2024 [24] - Tangible common equity ratio improved to 8.41% in Q4 2024, marking the ninth consecutive quarter of improvement [6] - Tangible book value per share increased by $0.31 (1.4%) to $22.60 in Q4 2024 [6] - Core return on average tangible common equity was 16.13% in Q4 2024 [6] Net Interest Margin and Income - Net interest margin expanded by 8 basis points to 3.59% in Q4 2024 [6] - Net interest income grew by $1.0 million (1.4%) to $73.1 million in Q4 2024 [6] - Loan interest income increased by $3.9 million in Q4 2024, driven by a $126.2 million increase in average loan balances [11] - Interest expense on total interest-bearing deposits decreased by $1.5 million in Q4 2024, primarily due to a 39 basis point decrease in cost [11] Share Repurchase and Dividends - Repurchased approximately 25,000 shares, or $0.8 million of common stock in Q4 2024 under the $40 million share repurchase program [4] - $18.7 million of remaining capacity under the share repurchase program as of Q4 2024 [4] - Paid $3.7 million in dividends at $0.12 per outstanding share in Q4 2024 [24]

Core Viewpoint - Amalgamated Financial Corp. has announced a 17% increase in its quarterly dividend, raising it to $0.14 per common share, payable on February 27, 2025, to stockholders of record on February 11, 2025 [1]. Company Overview - Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank [2]. - Amalgamated Bank, established in 1923, operates as a full-service commercial bank and chartered trust company with five branches across New York City, Washington D.C., and San Francisco, along with a commercial office in Boston [2]. - As of September 30, 2024, Amalgamated Bank reported total assets of $8.4 billion, total net loans of $4.5 billion, and total deposits of $7.6 billion [2]. - The trust business of Amalgamated Bank held $35.4 billion in assets under custody and $14.6 billion in assets under management as of September 30, 2024 [2].

Company Announcements - Amalgamated Financial Corp will release its Q4 and full year 2024 financial results before market open on January 23, 2025 [2] - The company will host a conference call at 11:00 a m Eastern Time on January 23, 2025 to discuss the financial results [2] - A replay of the conference call will be available within two hours after the call and accessible online or by phone until January 30, 2025 [1] Company Overview - Amalgamated Financial Corp is a Delaware public benefit corporation and bank holding company engaged in commercial banking and financial services through its subsidiary Amalgamated Bank [3] - Amalgamated Bank is a New York-based full-service commercial bank and chartered trust company with 5 branches across New York City, Washington D C, and San Francisco, plus a commercial office in Boston [3] - The bank was founded in 1923 by the Amalgamated Clothing Workers of America and provides commercial banking and trust services nationally [3] - As of September 30, 2024, the company had total assets of $8 4 billion, total net loans of $4 5 billion, and total deposits of $7 6 billion [3] - The trust business held $35 4 billion in assets under custody and $14 6 billion in assets under management as of September 30, 2024 [3] Investor Relations - Investors and analysts can participate in the conference call by dialing 1-877-407-9716 (international callers dial 1-201-493-6779) 10 minutes prior to the call [4] - A live audio webcast of the conference call will be available on the company's investor relations website [4] - Investor contact information is provided for Jamie Lillis at Solebury Strategic Communications [5]

Back in May of this year, I wrote my first-ever article about Amalgamated Financial (NASDAQ: AMAL ). Like any bank, it engages in traditional banking activities for its customers. However, it is an enterprise that has specificCrude Value Insights offers you an investing service and community focused on oil and natural gas. We focus on cash flow and the companies that generate it, leading to value and growth prospects with real potential.Subscribers get to use a 50+ stock model account, in-depth cash flow an ...

For those looking to find strong Finance stocks, it is prudent to search for companies in the group that are outperforming their peers. Amalgamated Financial (AMAL) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Finance sector should help us answer this question.Amalgamated Financial is one of 871 companies in the Finance group. ...

Group 1 - Amalgamated Financial (AMAL) has outperformed its Finance sector peers with a year-to-date performance increase of approximately 36.1%, compared to the sector average gain of about 23.9% [4] - The Zacks Consensus Estimate for AMAL's full-year earnings has increased by 5.2% over the past quarter, indicating stronger analyst sentiment and an improving earnings outlook [4] - Amalgamated Financial holds a Zacks Rank of 2 (Buy), reflecting its potential to outperform the market in the near term [3] Group 2 - Amalgamated Financial is part of the Financial - SBIC & Commercial Industry, which consists of 36 individual stocks and currently ranks 150 in the Zacks Industry Rank [6] - Stocks in the Financial - SBIC & Commercial Industry have gained about 6.1% year-to-date, indicating that AMAL is performing better than its immediate industry peers [6] - Jackson Financial (JXN), another Finance stock, has also outperformed the sector with a year-to-date increase of 111.3% and holds a Zacks Rank of 1 (Strong Buy) [5][7]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Summary: Amalgamated Financial (AMAL) - AMAL currently holds a Momentum Style Score of B, indicating a positive momentum outlook [2] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [3] - Over the past week, AMAL shares increased by 8.65%, significantly outperforming the Zacks Financial - SBIC & Commercial Industry, which rose by 1.51% [5] - In the last month, AMAL's shares rose by 9.38%, while the industry only saw a 0.26% increase [5] - Over the past quarter, AMAL shares have risen by 20.7%, and over the last year, they have surged by 87.07%, compared to the S&P 500's increases of 12.69% and 37.58%, respectively [6] - The average 20-day trading volume for AMAL is 220,431 shares, indicating a bullish trend as the stock is rising with above-average volume [7] Earnings Outlook - In the past two months, one earnings estimate for AMAL has increased, while none have decreased, raising the consensus estimate from $3.29 to $3.46 [9] - For the next fiscal year, one estimate has also moved upwards with no downward revisions, reinforcing the positive earnings outlook for AMAL [9] - These factors contribute to AMAL's status as a 2 (Buy) stock with a Momentum Score of B, making it a strong candidate for near-term investment [9]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number: 001-40136 Amalgamated Financial Corp. (Exact name of registrant as specified in its charter) Delaware 85-2757101 (State or other jurisdiction ...