Welcome to our dedicated page for Amalgamated Bank. news (Ticker: AMAL), a resource for investors and traders seeking the latest updates and insights on Amalgamated Bank. stock.
Amalgamated Bank (AMAL) maintains this comprehensive news hub for stakeholders tracking its financial developments and social impact initiatives. As a certified B Corporation and public benefit financial institution, the bank combines traditional banking updates with progress reports on its environmental and community programs.
Investors and analysts will find timely updates including quarterly earnings disclosures, leadership announcements, and strategic partnership developments. Media professionals can monitor AMAL's unique position at the intersection of commercial banking and socially responsible finance through press releases about new trust service offerings and sustainability milestones.
This resource consolidates verified information on three key areas: financial performance metrics, trust and custody service expansions, and community reinvestment initiatives. All content undergoes strict verification to ensure alignment with regulatory standards and the bank's fiduciary responsibilities.
Bookmark this page for direct access to primary source materials about AMAL's operations, including acquisition announcements and updates to its investment management strategies. Regular visitors gain advantage in tracking how the bank's progressive values translate into measurable business outcomes within the commercial banking sector.
Amalgamated Bank (Nasdaq: AMAL) will release its fourth quarter and full year 2020 financial results on January 28, 2021, before market open. A conference call for investors will follow at 10:00 a.m. ET, where details on the financial performance will be discussed. Interested participants can join via phone or listen to a live audio webcast on the company's website. The replay of the call will be available shortly after its conclusion until February 4, 2021.
On November 5, 2020, Amalgamated Bank (Nasdaq: AMAL) declared a dividend of $0.08 per share, set to be paid on December 3, 2020. Shareholders of record as of November 19, 2020 will receive this payment. Future dividends will be determined at the discretion of the Board of Directors. As of September 30, 2020, Amalgamated Bank reported total assets of $6.6 billion, net loans totaling $3.6 billion, and deposits of $6.0 billion. The trust business managed $14.3 billion in assets under management.
Amalgamated Bank (AMAL) reported a net income of $12.5 million for Q3 2020, up from $10.4 million in Q2 2020, with earnings per diluted share of $0.40. Core net income rose to $16.8 million, a significant increase from $10.6 million in the previous quarter. Deposits grew by $150.7 million to $6.0 billion, while total loans slightly decreased to $3.6 billion. The bank's net interest margin fell to 2.88%. Nonperforming assets increased to $80.6 million, or 1.22% of total assets. Total assets stood at $6.6 billion, reflecting a solid year-over-year growth.
Amalgamated Bank (Nasdaq: AMAL) announced the resignation of President and CEO Keith Mestrich, effective January 31, 2021. Mestrich will transition to a special advisor role until July 2021. The Board has formed a Search Committee to find a new CEO, engaging executive search firm Ellig Group to assist in the process. If no successor is appointed by Mestrich's departure, current Chair Lynne Fox will serve as Interim CEO. Mestrich credited the bank's strong financial position and growth during his tenure, which included significant asset expansion and a successful IPO in 2018.
Amalgamated Bank announced its preliminary unaudited financial results for Q3 2020, projecting net income between $12 million to $13 million, or $0.39 to $0.42 per diluted share. The bank reported a $6.4 million expense associated with branch closures and $4.3 million in non-interest income from solar investments. Total assets reached $6.6 billion, with an increase of $8 million in non-accrual loans. A conference call is scheduled for October 28, 2020, to discuss the results, which are subject to revision.
Amalgamated Bank (Nasdaq: AMAL) will participate in a fireside chat at the Barclays Global Financial Services Conference on September 14, 2020, at 1:15 p.m. ET. CEO Keith Mestrich and CFO Drew LaBenne will speak, with a live webcast available on the bank's Investor Relations website. The bank, founded in 1923, operates 11 branches across New York City, Washington D.C., and San Francisco, providing a range of commercial banking and trust services. As of June 30, 2020, it reported total assets of $6.5 billion and total deposits of $5.9 billion.
Amalgamated Bank (Nasdaq: AMAL) declared a regular dividend of $0.08 per share, payable on September 3, 2020, to shareholders of record on August 19, 2020. The decision regarding future dividends will be at the discretion of the Company’s Board of Directors. Established in 1923, Amalgamated Bank serves as a full-service commercial bank with total assets of $6.5 billion and total deposits of $5.9 billion as of June 30, 2020. It operates 11 branches across New York City, Washington D.C., and San Francisco.
Amalgamated Bank (AMAL) reported second-quarter 2020 net income of $10.4 million, or $0.33 per diluted share, a rise from $9.5 million in Q2 2019. Core net income was $10.6 million, or $0.34 per diluted share. Deposit growth surged by $793.8 million, equating to 62.9% annualized growth, while loans increased by $123.0 million. The net interest margin decreased to 3.10%. The bank's nonperforming assets rose to $74.3 million, 1.15% of total assets. CEO Keith Mestrich highlighted a commitment to social responsibility amidst the pandemic's challenges.
Amalgamated Bank (Nasdaq: AMAL) will release its second quarter 2020 financial results on July 28, 2020, before market opening. A conference call to discuss these results is scheduled for 10:00 a.m. Eastern Time the same day. Investors can join the call by dialing 1-877-407-9716 or via a live audio webcast on their website. A replay will be accessible within two hours post-call and will be available until August 4, 2020. As of March 31, 2020, Amalgamated's total assets were $5.8 billion, net loans were $3.5 billion, and total deposits stood at $5.1 billion.
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