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. (NASDAQ: AMAL) is the bank holding company for Amalgamated Bank, a New York-based full-service commercial bank and chartered trust company. Through its news flow, the company highlights developments in commercial banking, trust and custody services, and mission-driven finance across its national platform.
News about Amalgamated often covers quarterly and annual financial results, including earnings releases, net interest margin trends, loan and deposit growth, and capital ratios. The company regularly announces conference calls and webcasts to discuss these results, and files related Form 8-Ks to furnish earnings press releases and investor presentations.
Another recurring theme in AMAL news is its values-based and sustainable finance activity. Recent announcements describe commitments to Commercial Property Assessed Clean Energy (C-PACE) lending through partnerships such as the FASTPACE platform, as well as financing arrangements that support energy efficiency, renewable energy, and resiliency upgrades for commercial properties. The bank has also publicized financing commitments to clean energy developers and initiatives aimed at expanding access to rooftop solar and other climate-related projects.
Amalgamated’s news stream also includes items on community development and impact-oriented lending, such as loans to community development financial institutions (CDFIs) that expand access to capital in low-income communities. Dividend declarations, board changes, and other corporate governance updates are reported through press releases and accompanying SEC filings.
Investors, analysts, and other readers following AMAL news can use this page to monitor the company’s reported financial performance, its mission-driven lending activities, and its ongoing communications about strategy, capital allocation, and governance. Because Amalgamated Financial Corp. emphasizes both commercial banking performance and public benefit objectives, its news provides insight into how the institution balances financial metrics with stated social and environmental priorities.
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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