NEW YORK, April 29, 2024 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. ("Amalgamated" or the "Company") (NASDAQ:AMAL) today announced the mechanical completion of three community solar projects in Oregon, with commercial operations expected to commence in April and May of this year. Three additional projects are expected to be completed and commence operations by the end of the third quarter of 2024. Amalgamated financed the developments by originating a one-of-a-kind $25 million construction term facilit ...

Financial Data and Key Metrics Changes - The company reported a net income of $27.2 million or $0.89 per diluted share, with core net income increasing by 16% from the previous quarter to $25.6 million or $0.83 per diluted share [16][28] - Net interest income rose to $68 million, with a net interest margin expansion of 5 basis points to 3.49% [16][25] - Tangible book value per share increased by 5.29% to $19.73, driven primarily by quarterly earnings [17] Business Line Data and Key Metrics Changes - On-balance sheet deposits, excluding brokered CDs, increased by $373.8 million or 5.5% to $7.1 billion [18][19] - Political deposits reached approximately $1.4 billion, an increase of $250.4 million from the previous quarter [19][20] - The loan portfolio saw a slight increase of $13.8 million or 0.3%, primarily driven by multifamily loans [22] Market Data and Key Metrics Changes - Noninterest-bearing deposits represented approximately 45% of average deposits, contributing to an average cost of deposits of 146 basis points, up 11 basis points from the previous quarter [19] - The company is managing over $450 million of off-balance sheet deposits, primarily from transactional political deposits [20] Company Strategy and Development Direction - The company aims to drive organic deposit growth across core customer segments while offsetting expected political deposit outflows with lower-cost core deposits [12][29] - There is a focus on socially responsible banking, with expectations for significant investment in renewables and infrastructure over the next decade [13] - The company is cautiously expanding its loan portfolio while managing risks associated with real estate assets [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's unique business model, which is well-positioned to thrive amid economic variability [8] - The company anticipates continued deposit growth in core segments, despite expected outflows from political deposits [29] - Management is monitoring macroeconomic factors and credit quality metrics to inform future growth strategies [29] Other Important Information - The company announced a dividend increase to $0.12 per share [16] - Nonperforming assets totaled $34 million or 0.42% of total assets, with criticized assets decreasing to $100.9 million [27] Q&A Session Summary Question: Comments on sustainability initiatives and funding distribution - Management indicated that they are well-positioned to assist organizations in managing funds from sustainability initiatives, with a focus on existing relationships and expertise in renewable energy financing [32][35] Question: Impact of off-balance sheet deposits on political deposit outflows - Management confirmed that off-balance sheet deposits would likely serve as the first line of defense against expected political deposit outflows [38][40] Question: Details on multifamily loans and market conditions - Management highlighted that the growth in multifamily loans is primarily in less restricted segments, with a focus on maintaining strong credit metrics [41][66] Question: Expectations for political deposit outflows and nonpolitical deposit growth - Management anticipates needing to plug a potential $500 million to $600 million gap in deposits due to political outflows, but is optimistic about nonpolitical deposit growth [57][59] Question: Stock buyback plans as Tier 1 leverage target is approached - Management stated that stock buybacks are a consideration as they approach their Tier 1 leverage target, depending on market conditions [60]

Core Viewpoint - Amalgamated Financial (AMAL) reported strong quarterly results with revenue of $78.27 million, an 8% year-over-year increase, and an EPS of $0.83, up from $0.74 a year ago, exceeding market expectations [1] Financial Performance - Revenue of $78.27 million surpassed the Zacks Consensus Estimate of $75.77 million, resulting in a surprise of +3.30% [1] - EPS of $0.83 exceeded the consensus estimate of $0.72, delivering a surprise of +15.28% [1] - Efficiency Ratio stood at 48.8%, better than the average estimate of 51.5% from two analysts [2] - Average Balance of total interest-earning assets was $7.85 billion, slightly above the estimated $7.80 billion [2] - Annualized net charge-offs to average loans were 0.2%, lower than the average estimate of 0.3% [2] - Net Interest Margin was reported at 3.5%, matching the average estimate [2] - Net Interest Income reached $68.04 million, exceeding the average estimate of $67.21 million [2] - Service charges on deposit accounts were $6.14 million, significantly higher than the average estimate of $2.89 million [2] - Trust department fees amounted to $3.85 million, above the estimated $3.62 million [2] - Non-interest income was reported at $10.23 million, surpassing the average estimate of $8.54 million [2] Stock Performance - Shares of Amalgamated Financial have returned +0.2% over the past month, while the Zacks S&P 500 composite declined by -3% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Amalgamated Financial (AMAL) came out with quarterly earnings of $0.83 per share, beating the Zacks Consensus Estimate of $0.72 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 15.28%. A quarter ago, it was expected that this bank would post earnings of $0.73 per share when it actually produced earnings of $0.72, delivering a surprise of -1.37%.Over the last four quarters, the compa ...

NEW YORK, April 25, 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 first quarter ended March 31, 2024. First Quarter 2024 Highlights (on a linked quarter basis) Net income of $27.2 million, or $0.89 per diluted share, compared to $22.7 million, or $0.74 per diluted share.Core net income1 of $25.6 million, or $0.83 per diluted share, compared to $22.1 million, ...

Amalgamated Financial Corp. Reports First Quarter 2024 Financial Results; Stellar Deposit Growth; Net Interest Margin Rises to 3.49% Common Equity Tier 1 Capital Ratio of 13.68% | Return on Average Assets of 1.36% NEW YORK, April 25, 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 first quarter ended March 31, 2024. First Quarter 2024 Highlights (on a linke ...

NEW YORK, April 23, 2024 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. ("Amalgamated" or the "Company") (NASDAQ:AMAL) today announced that its Board of Directors has authorized a 50% increase in the Company's quarterly dividend to $0.15 per common share, payable by the Company on May 8, 2024, to stockholders of record on May 22, 2024. The amount and timing of any future dividend payments to stockholders will be subject to the discretion of the Board of Directors. About Amalgamated Financial Corp. Amalgam ...

Group 1 - Amalgamated Financial Corp. will release its first quarter 2024 financial results on April 25, 2024, before market open [1] - A conference call to discuss the financial results will be held at 11:00 a.m. Eastern Time on the same day [1] - Investors can access a live audio webcast of the conference call on the company's website [1] Group 2 - Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company [2] - The company operates through its wholly-owned subsidiary, Amalgamated Bank, which has a network of five branches across New York City, Washington D.C., and San Francisco [2] - As of December 31, 2023, Amalgamated Bank had total assets of $8.0 billion, total net loans of $4.3 billion, and total deposits of $7.0 billion [2] - The trust business of Amalgamated Bank held $41.7 billion in assets under custody and $14.8 billion in assets under management as of December 31, 2023 [2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share AMAL The Nasdaq Global Market FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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: 0 ...

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