Amalgamated Bank. Stock Price, News & Analysis

Amalgamated Financial Corp. (AMAL) reported strong fourth quarter 2022 results with net income of $24.8 million, or $0.80 per diluted share, versus $22.9 million in Q3 2022. Core net income was $27.2 million, up from $24.8 million. Full-year net income reached $81.5 million, a significant increase from $52.9 million in 2021. Total loans rose by $784.6 million (23.9%) to $4.1 billion. However, total deposits decreased by $565.3 million (7.9%) to $6.6 billion, primarily due to the end of political campaign deposits. The net interest margin improved to 3.56%. The company maintains robust capital ratios above regulatory standards.

Amalgamated Financial Corp. (Nasdaq: AMAL) announced a regular dividend of $0.10 per share for common stockholders. This dividend is payable on February 20, 2023, to stockholders of record by February 6, 2023. Future dividends will be determined at the discretion of the Board of Directors. As of September 30, 2022, Amalgamated Financial reported total assets of $7.9 billion, total net loans of $3.8 billion, and total deposits of $7.2 billion, showcasing solid financial standings in the commercial banking sector.

Amalgamated Financial Corp. (Nasdaq: AMAL) will release its fourth quarter and full year 2022 financial results on January 26, 2023, before market open. A conference call is scheduled for 11:00 a.m. ET the same day, where investors and analysts can participate by dialing 1-877-407-9716 (or 1-201-493-6779 internationally). A live audio webcast will also be available on their website. A replay of the conference call will be accessible within two hours, lasting until February 2, 2023.

Amalgamated Financial Corp. (Nasdaq: AMAL) reported a record earnings of $22.9 million or $0.74 per diluted share for Q3 2022, up from $19.6 million or $0.63 in the previous quarter. Core net income, excluding solar tax impacts, rose to $24.8 million ($0.80 per diluted share). Average deposits increased by $191.1 million (2.7%) to $7.3 billion. Net interest income grew $11.1 million (19.6%) to $67.6 million. Nonperforming assets decreased to 0.69% of total assets. The company's capital ratios remain strong, with a Common Equity Tier 1 Ratio of 11.91%.

Amalgamated Financial Corp. (Nasdaq: AMAL) announced a regular dividend of $0.10 per share for common stockholders, payable on November 28, 2022, to stockholders of record as of November 9, 2022. The timing and amount of future dividends will be at the Board's discretion. As of June 30, 2022, the bank's total assets were $7.9 billion, with total net loans of $3.6 billion and deposits of $7.3 billion.

Amalgamated Financial Corp. (Nasdaq: AMAL) will release its third quarter 2022 financial results before the market opens on October 27, 2022. A conference call to discuss these results is set for 11:00 a.m. ET on the same day. Interested investors can join the call by dialing 1-877-407-9716 or through a live audio webcast available on the company's website. A replay of the conference call will be available shortly after its conclusion and can be accessed until November 3, 2022.

Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (NASDAQ: AMAL), announced a $15 million loan to Inclusive Prosperity Capital, Inc. (IPC) for funding climate initiatives aimed at underserved communities. This aligns with the bank's commitment to affordable banking services and climate goals, including a 49% portfolio reduction target by 2030 and net zero emissions by 2045. IPC will utilize this funding to enhance decarbonization efforts and provide essential capital to neglected markets, supported by a $10 million guarantee from the Kresge Foundation.

Amalgamated Financial Corp. (AMAL) reported record earnings of $19.6 million, or $0.63 per diluted share for Q2 2022, up from $14.2 million or $0.45 in Q1 2022. Core net income reached $20.9 million, driven by increased net interest income of $56.5 million, a 16.7% increase. Deposits rose by $317.7 million to $7.3 billion. Loan growth was notable, with a 5.1% increase to $3.6 billion. The bank maintains a strong capital position with regulatory capital ratios above required standards.

Amalgamated Financial Corp. (Nasdaq: AMAL) has announced a dividend increase of 25%, raising the per-share payout from $0.08 to $0.10. This dividend is set to be paid on August 29, 2022, to shareholders on record as of August 10, 2022. The Board of Directors retains discretion over future dividend payments. As of March 31, 2022, Amalgamated's total assets were $7.7 billion, with net loans of $3.4 billion and deposits of $7.0 billion, reflecting a solid financial standing.