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 Financial Corp. reports news as a Delaware public benefit corporation and bank holding company for Amalgamated Bank, a New York-based full-service commercial bank and chartered trust company. Company updates focus on commercial and retail banking, trust and custody services, investment management, deposit gathering, loan growth, net interest margin, capital ratios, and liquidity.
Recurring announcements include quarterly financial results, earnings conference calls, common-stock dividends, and balance-sheet trends across commercial and industrial, commercial real estate, multifamily, retail banking, and political deposits. News also covers mission-aligned banking activity, including community development lending through Amalgamated Bank, and references the bank's national trust services, branch network in New York City, Washington, D.C., and San Francisco, and commercial office in Boston.
Amalgamated Financial Corp. (Nasdaq: AMAL) will release its second quarter 2021 financial results on July 29, 2021, before market open. A conference call to discuss these results is scheduled for 11:00 a.m. Eastern Time the same day. Investors can join the call by dialing 1-877-407-9716. A live audio webcast will also be available online. The replay of the call will be accessible within two hours after its conclusion and available until August 5, 2021. As of March 31, 2021, Amalgamated held total assets of $6.4 billion and has a strong trust business with $37.5 billion in assets under custody.
Amalgamated Financial Corp. (Nasdaq: AMAL) has appointed Jason Darby as Chief Financial Officer and Senior Executive Vice President, effective immediately. Darby has been serving as interim CFO since April 2021. This leadership change follows the recent appointment of Priscilla Sims Brown as President and CEO, effective June 1, 2021. Board Chair Lynne Fox expressed confidence in Darby’s leadership and expertise, expecting him to drive value for shareholders. As of March 31, 2021, Amalgamated reported total assets of $6.4 billion, total net loans of $3.2 billion, and total deposits of $5.7 billion.
Amalgamated Financial Corp. has appointed Priscilla Sims Brown as its new President and CEO, effective June 1, 2021. With over 30 years in financial services, Brown aims to enhance the bank's growth strategy and reinforce its commitment as America’s socially responsible bank. She previously held senior roles at Commonwealth Bank of Australia and other major firms. Amalgamated aims to broaden its market share within a $90 billion sector focused on social responsibility. The bank holds $6.4 billion in total assets and serves thousands of socially conscious clients.
Amalgamated Financial Corp. (Nasdaq: AMAL) has declared a regular dividend of $0.08 per share for common stockholders. The dividend is payable on June 1, 2021 to stockholders of record as of May 14, 2021. Future dividend payments will be determined at the discretion of the Board of Directors. As of March 31, 2021, the company reported total assets of $6.4 billion, net loans of $3.2 billion, and deposits of $5.7 billion.
Amalgamated Financial Corp. (AMAL) reported a first-quarter 2021 net income of $12.2 million, or $0.39 per diluted share, down from $13.8 million in Q4 2020. Core net income was $13.0 million, reflecting adjustments for severance expenses. Deposits increased by $381.4 million to $5.7 billion, while loans decreased by $224.5 million to $3.2 billion due to high prepayment activity. The net interest margin dropped to 2.85%, a decline from both prior quarters. Nonperforming assets slightly decreased to $81 million, representing 1.27% of total assets.
Amalgamated Bank is now a founding member of the Net Zero Banking Alliance, aimed at aligning the banking sector with climate goals set by the Paris Agreement. The alliance was launched in conjunction with the Biden Administration’s Climate Summit, marking a pivotal moment for climate finance. With 25% of U.S. bank assets participating, Amalgamated's leadership in this initiative underscores its commitment to sustainable finance, having previously pledged to not lend to fossil fuel companies. The bank has also aligned with global standards for climate target setting through initiatives like the Partnership for Carbon Accounting Financials (PCAF).
Amalgamated Financial Corp. (AMAL) will release its first quarter 2021 financial results on April 22, 2021, before market open. A conference call is scheduled for 10:00 a.m. Eastern Time the same day for discussions on these results. Interested parties can join the call by dialing specified numbers or accessing a live audio webcast on the company's investor relations website. Amalgamated operates as a socially responsible bank with total assets of $6.0 billion and a trust business managing $15.4 billion in assets, emphasizing its mission-driven approach to finance.
Amalgamated Financial Corp. (Nasdaq: AMAL) announced that Chief Financial Officer Drew LaBenne will leave the company in late April 2021 to pursue a new opportunity outside the banking sector. Jason Darby, the current Chief Accounting Officer, will step in as Interim CFO. LaBenne expressed pride in the company's achievements during his six-year tenure and highlighted its strong financial position. The press release also provided preliminary first-quarter results, noting a $233 million increase in total deposits but a $224 million decrease in total loans.
Amalgamated Bank (NASDAQ: AMAL) has endorsed H.R. 40, urging the Federal Government to establish a commission to study the effects of slavery and explore reparations for African Americans. This makes Amalgamated the first major U.S. bank to support such legislation. The initiative aims to foster a more equitable economy and address historical injustices linked to racism. The bank emphasizes the need for tangible remedies for African Americans and acknowledges its role in advancing social justice throughout its history.
Amalgamated Financial Corp. (NASDAQ: AMAL) announced its transition to a parent bank holding company for Amalgamated Bank as of March 1, 2021. This reorganization marks the Company as the first publicly traded financial institution to register as a public benefit corporation. This status emphasizes their commitment to social and environmental responsibility alongside stockholder returns. With assets totaling $6.0 billion and a trust business holding $36.8 billion in assets, Amalgamated positions itself as a leader in socially responsible banking.