Amalgamated Bank. Stock Price, News & Analysis

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.

Amalgamated Financial Corp. (Nasdaq: AMAL) has appointed Meredith Miller as an independent director to its Board of Directors, effective immediately. With over 30 years of experience, Miller is recognized for her leadership in corporate governance and diversity advocacy. Her focus on Environmental, Social, and Governance (ESG) issues aligns with Amalgamated's mission to be America’s most socially responsible bank. President Priscilla Sims Brown expressed optimism about Miller's contributions to enhancing profitability and expanding the brand. As of March 31, 2022, the bank reported total assets of $7.7 billion.

Amalgamated Financial Corp. (Nasdaq: AMAL) will release its second quarter 2022 financial results on July 28, 2022, before market open. A conference call to discuss these results will occur at 11:00 a.m. Eastern Time on the same day. Interested participants can join the call by dialing 1-877-407-9716, with a live audio webcast available on their website. A replay of the call will be accessible within two hours after its conclusion until August 4, 2022.

The bank, founded in 1923, reported total assets of $7.7 billion as of March 31, 2022.

Amalgamated Financial Corp. (Nasdaq: AMAL) reported a net income of $14.2 million ($0.45 per diluted share) for Q1 2022, down from $15.9 million ($0.50 per diluted share) in Q4 2021. Core net income was $14.3 million, reflecting a 4.8% increase in loans to $3.4 billion and deposits rising by $617.2 million to $7.0 billion. Despite a slight decrease in net interest margin to 2.76%, the bank remains well-capitalized with a Common Equity Tier 1 Capital Ratio of 12.36%. The CEO anticipates high-single-digit loan growth for 2022.

Amalgamated Financial Corp. (AMAL) has declared a $0.08 per share dividend for common stockholders, payable on May 25, 2022, to stockholders of record as of May 11, 2022. This decision underscores the company's commitment to return value to its investors. Future dividend payments will depend on the discretion of the Board of Directors. As of December 31, 2021, Amalgamated Financial reported total assets of approximately $7.1 billion, net loans of about $3.3 billion, and total deposits of roughly $6.4 billion.

Amalgamated Financial Corp. (Nasdaq: AMAL) will release its first quarter 2022 financial results on April 28, 2022, before market open. A conference call is scheduled for the same day at 11:00 a.m. ET to discuss the results. Interested participants can join by calling 1-877-407-9716 or via a live audio webcast available on their investor relations website. A replay will be accessible shortly after the call concludes and will remain available until May 5, 2022.

Amalgamated Financial Corp. (Nasdaq: AMAL) has withdrawn its application to acquire Amalgamated Bank of Chicago due to regulatory approval challenges. The company reiterated its 2022 standalone guidance, targeting core pre-tax pre-provision earnings of $75–85 million and net interest income of $184–192 million, with an expected 5% balance sheet growth. Additionally, AMAL's Board approved an increase in its share repurchase program to $40 million, contingent on economic factors and capital position.