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 ...

Core Viewpoint - Amalgamated Financial (AMAL) is experiencing solid improvements in earnings estimates, which is likely to drive its stock price higher due to positive short-term price momentum [1][2]. Earnings Estimates - Analysts are increasingly optimistic about Amalgamated Financial's earnings prospects, leading to higher estimates that correlate with stock price movements [2]. - The Zacks Rank system indicates strong agreement among analysts in revising earnings estimates upward, resulting in significant improvements for the next quarter and full year [3]. Current Quarter Estimates - For the current quarter, Amalgamated Financial is expected to earn $0.87 per share, reflecting a +20.83% change from the previous year's reported number [4]. - Over the last 30 days, the Zacks Consensus Estimate has increased by 10.83%, with one estimate moving higher and no negative revisions [4]. Current Year Estimates - The company is projected to earn $3.46 per share for the full year, representing a +17.69% change from the prior year [5]. - The consensus estimate for the current year has increased by 5.65%, with one estimate moving higher and no negative revisions [5]. Zacks Rank - Amalgamated Financial has achieved a Zacks Rank 2 (Buy), indicating promising estimate revisions that can help investors make informed decisions [5]. - Stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) have historically outperformed the S&P 500 [6]. Stock Performance - The stock has gained 10.1% over the past four weeks, driven by solid estimate revisions and positive earnings growth prospects [7].

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 ...

Company Performance - Amalgamated Financial reported quarterly earnings of $0.91 per share, exceeding the Zacks Consensus Estimate of $0.83 per share, and up from $0.76 per share a year ago, representing an earnings surprise of 9.64% [1] - The company achieved revenues of $81.05 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.95%, compared to $70.51 million in the same quarter last year [1] - Over the last four quarters, Amalgamated Financial has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [1] Stock Performance - Amalgamated Financial shares have increased approximately 26.1% since the beginning of the year, outperforming the S&P 500's gain of 21.5% [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.81 on revenues of $78.8 million, and for the current fiscal year, it is $3.33 on revenues of $312.3 million [4] - The estimate revisions trend for Amalgamated Financial is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [4] Industry Context - The Financial - SBIC & Commercial Industry, to which Amalgamated Financial belongs, is currently ranked in the bottom 13% of over 250 Zacks industries, suggesting potential challenges ahead [5] - Another company in the same industry, Fidus Investment, is expected to report quarterly earnings of $0.57 per share, reflecting a year-over-year decline of 16.2% [5]

Core Insights - Amalgamated Financial Corp. reported a net income of $27.9 million for Q3 2024, an increase from $26.8 million in Q2 2024, driven by growth in non-core income and net interest income [2][6][9] - The company achieved a core net income of $28.0 million, or $0.91 per diluted share, compared to $26.2 million, or $0.85 per diluted share in the previous quarter [2][8] Deposits and Liquidity - Total deposits rose by $145.6 million, or 2.0%, to $7.6 billion, with a notable increase in political deposits by $231.9 million, or 13%, reaching $2.0 billion [3][14] - On-balance sheet deposits, excluding Brokered CDs, increased by $196.9 million, or 2.7%, to $7.5 billion [3][14] - The average cost of deposits, excluding Brokered CDs, increased by 3 basis points to 151 basis points, with non-interest-bearing deposits comprising 51% of total deposits [3][14] Assets and Margin - Net loans receivable increased by $78.0 million, or 1.8%, to $4.5 billion, with significant growth in multifamily, commercial and industrial, and commercial real estate loans [4][13] - Net interest income grew by $2.9 million, or 4.2%, to $72.1 million, with a net interest margin of 3.51%, up 5 basis points from the previous quarter [4][10] Capital and Returns - The Tier 1 leverage ratio improved to 8.63%, and the Common Equity Tier 1 ratio reached 13.82% [5][17] - Tangible book value per share increased by $1.69, or 8.2%, to $22.29, marking a 27.9% increase since September 2023 [5][17] Non-Interest Income and Expenses - Non-interest income for Q3 2024 was $8.9 million, a slight decrease from $9.3 million in Q2 2024, while core non-interest income rose to $8.8 million [11] - Non-interest expense increased by $1.5 million to $41.0 million, primarily due to higher compensation and employee benefits expenses [11] Tax and Balance Sheet Summary - The provision for income tax expense was $10.3 million, with an effective tax rate of 26.9% for Q3 2024 [12] - Total assets grew to $8.4 billion, with significant increases in cash and cash equivalents and net loans receivable [12][32]

Core Viewpoint - Amalgamated Financial Corp. is set to release its third quarter 2024 financial results on October 24, 2024, and will host a conference call to discuss these results [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 operates as a full-service commercial bank with five branches located in New York City, Washington D.C., and San Francisco, along with a commercial office in Boston [2] - The bank was established in 1923 by the Amalgamated Clothing Workers of America and provides a full range of banking and trust services to both commercial and retail customers [2] - As of June 30, 2024, Amalgamated Financial Corp. reported total assets of $8.3 billion, total net loans of $4.4 billion, and total deposits of $7.4 billion [2] - The trust business of Amalgamated Bank held $34.6 billion in assets under custody and $14.0 billion in assets under management as of June 30, 2024 [2]

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 ...