Investors might want to bet on Amalgamated Financial (AMAL) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook. Analysts' growing optimism on the earnings prospects of this bank is driving estimates higher, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estima ...

Financial Data and Key Metrics Changes - Net income for Q3 2024 was $27.9 million, or $0.90 per diluted share, with core net income at $28 million, or $0.91 per diluted share, reflecting improved earnings [13] - Total deposits increased by $145.6 million to $7.6 billion, with on-balance sheet deposits (excluding Brokered CDs) rising by $196.9 million, or 2.7% [18] - The tangible book value per share increased by $1.69, or 8.2%, to $22.29, supported by strong earnings [16] Business Line Data and Key Metrics Changes - The deposit franchise saw $311 million in new deposits, with significant growth in social, philanthropy, and sustainable customer segments [6] - Loan growth accelerated to 2.7% in Q3, with a balanced contribution from commercial and industrial, real estate, and sustainable lending [8][20] - Non-performing assets decreased by $7.1 million to $28.6 million, representing 0.34% of total assets [22] Market Data and Key Metrics Changes - Political deposit balances grew by 13% to $2 billion, surpassing previous peaks, with expectations for a trough between $850 million and $875 million by year-end [7][27] - The sustainable lending segment is projected to grow significantly, with an estimated $3 trillion needed for climate finance over the next decade [10] Company Strategy and Development Direction - The company is focused on sustainable banking and plans to enhance its trust business by investing in sales capacity and digital acceleration [26] - A new tagline, "Bank on Impact," reflects the company's commitment to socially responsible banking and aligns with customer values [5] - The company aims to achieve a Tier 1 leverage ratio of 9% by early to mid-2025, prioritizing capital build and regulatory compliance [46][47] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities, particularly in sustainable lending and the transition to a clean economy [10][12] - The company anticipates continued deposit strength and flexibility in structuring its balance sheet for sustainable profitability [15] - Management acknowledged potential challenges in the political deposit segment but expects a rebuild in the first quarter of 2025 [28][29] Other Important Information - The company has made strategic IT investments and added to its sustainable lending team to support growth initiatives [9][11] - The effective paydowns in the commercial and industrial segment were less than expected, allowing for a steady loan pipeline [8] Q&A Session Summary Question: What strategic changes are being made in the trust business? - The company is enhancing revenue quality in the trust business and plans to invest in sales capacity and digital acceleration [25][26] Question: What is the expected year-end level for political deposits? - Political deposits are expected to trough between $850 million and $875 million by year-end [27] Question: Will there be additional runoff in the first quarter? - It is expected that political deposits will flatten out and begin to rebuild towards the end of the first quarter [28][29] Question: Can you clarify the charge-off in the consumer solar space? - The charge-off was related to a traditional consumer solar portfolio, not PACE loans, with a small reserve coverage [30][31] Question: What is the outlook for expense growth? - Expenses are expected to remain in the range of $40 million to $40.5 million for Q4, with some elevated costs being one-time in nature [33] Question: Can you provide insight into the loan pipeline? - The company is optimistic about the loan pipeline, expecting growth in the range of 1% to 2% for Q4, with strong yields in the commercial and industrial space [35][36] Question: What is the updated read on Tier 1 leverage? - The company aims to reach a 9% Tier 1 leverage ratio by early to mid-2025, with plans for a return of capital strategy to be discussed in Q4 [46][47]

Amalgamated Financial Corp. Third Quarter 2024 Earnings Presentation October 24, 2024 1 Safe Harbor Statements FORWARD-LOOKING STATEMENTS Statements included in this presentation that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forwardlooking statements are not statements of historical or current fact nor are they as ...

Amalgamated Financial (AMAL) came out with quarterly earnings of $0.91 per share, beating the Zacks Consensus Estimate of $0.83 per share. This compares to earnings of $0.76 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 9.64%. A quarter ago, it was expected that this bank would post earnings of $0.79 per share when it actually produced earnings of $0.85, delivering a surprise of 7.59%.Over the last four quarters, the company ...

NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the third quarter ended September 30, 2024. Third Quarter 2024 Highlights (on a linked quarter basis) Net income of $27.9 million, or $0.90 per diluted share, compared to $26.8 million, or $0.87 per diluted share.Core net income1 of $28.0 million, or $0.91 per diluted share, compared to $26.2 mill ...

NEW YORK, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (“Amalgamated” or the “Company”) (Nasdaq: AMAL) today announced that its third quarter 2024 financial results will be released before market open on Thursday, October 24, 2024. The Company will host a conference call at 11:00 a.m. Eastern Time on the same day to discuss the financial results. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-677 ...

Earnings of Amalgamated Financial Corp. (NASDAQ: AMAL ) will likely surge this year, partly because of political deposits. Next year, earnings will likely remain stable as organic loan growth will make up for margin pressure. Overall, I’m expecting the companyAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am ...

NEW YORK, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), today announced the publication of its 2023 Environmental, Social and Governance (“ESG”) Report. The annual report provides a comprehensive overview of Amalgamated Bank’s performance in its approach to addressing ESG risk as a part of delivering value for clients and investors. “Amalgamated Bank’s unwavering commitment to operating with the best interest of our clients in mind is a corn ...

The Finance group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Amalgamated Financial (AMAL) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.Amalgamated Financial is one of 860 companies in the Finance group. The Finance group currently sits at #1 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individ ...

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, August 16th:Amalgamated Financial Corp. (AMAL) : This bank holding company for Amalgamated Bank has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 5.1% over the last 60 days.Amalgamated Financial’s shares gained 14.7% over the last three months compared with the S&P 500’s advance of 4.6%. The company possesses a Momentum Score  of B.SharkNinja, Inc. (S ...