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 ...

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 ...

Shares of Amalgamated Financial (AMAL) have gained 3.9% over the past four weeks to close the last trading session at $28, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $35.83 indicates a potential upside of 28%.The mean estimate comprises three short-term price targets with a standard deviation of $1.44. While the lowest estimate of $35 indicates a 25% increase from the curre ...

Here are two stocks with buy rank and strong momentum characteristics for investors to consider today, August 8th:Krystal Biotech (KRYS) : This gene therapy company which is engaged in developing and commercializing novel treatments for patients suffering from dermatological diseases, has a Zacks Rank #1(Strong Buy), and witnessed the Zacks Consensus Estimate for its current year earnings increasing 3.4% over the last 60 days.Krystal Biotech’s shares gained 10.1% over the last three month compared with the ...

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 June 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 of in ...

Amalgamated Financial Corp. (NASDAQ:AMAL) Q2 2024 Earnings Conference Call July 25, 2024 11:00 AM ET Company Participants Jason Darby - Senior Executive Vice President & Chief Financial Officer Priscilla Sims Brown - President & Chief Executive Officer Conference Call Participants Janet Lee - JPMorgan Mark Fitzgibbon - Piper Sandler Chris O'Connell - KBW Operator Good morning, ladies and gentlemen, and welcome to the Amalgamated Financial Second Quarter 2024 Earnings Call. During today's presentation, all p ...