Amalgamated Financial Corp. Announces New $40 Million Share Repurchase Program

Core Viewpoint - Amalgamated Financial Corp. has announced a new share repurchase authorization of up to $40 million, replacing the previous authorization which had approximately$18.7 million remaining as of December 31, 2024 [1][2]. Company Overview - Amalgamated Financial Corp. is a Delaware public benefit corporation and bank holding company, operating through its wholly-owned subsidiary, Amalgamated Bank, which is a full-service commercial bank based in New York [3]. - As of December 31, 2024, Amalgamated Bank reported total assets of $8.3 billion, total net loans of$4.6 billion, and total deposits of $7.2 billion [3]. - The trust business of Amalgamated Bank held$35.0 billion in assets under custody and $14.6 billion in assets under management as of December 31, 2024 [3]. Management Commentary - The President and CEO, Priscilla Sims Brown, indicated that the bank is experiencing momentum as political deposit balances are rebuilding post-election and the business production pipeline is growing [2]. - The CEO believes the current share price does not reflect the bank's momentum and future growth opportunities, making the new repurchase authorization timely [2]. Share Repurchase Program - The new share repurchase authorization does not have an expiration date and can be modified or discontinued at the company's discretion [2]. - The timing, number, and value of shares to be repurchased will be determined by the company's management based on various factors, including stock performance and market conditions [2].