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1. Company Snapshot

1.a. Company Description

Amalgamated Financial Corp.operates as the bank holding company for Amalgamated Bank that provides commercial and retail banking, investment management, and trust and custody services for commercial and retail customers in the United States.The company accepts various deposit products, including non-interest bearing accounts, interest-bearing demand products, savings accounts, money market accounts, NOW accounts, and certificates of deposit.


It also provides various commercial loans comprising commercial and industrial, multifamily mortgage, and commercial real estate loans; and retail loans, such as residential real estate, and consumer and other loans.In addition, the company offers online banking, bill payment, online cash management, and safe deposit box rental services; debit and ATM cards; and trust, custody, and investment management services comprising asset safekeeping, corporate actions, income collections, proxy, account transition, asset transfers, and conversion management services.Further, it provides investment products, such as equity, fixed-income, real estate, and alternative investment products; and brokerage, asset management, and insurance products.


The company operates through its three branch offices across New York City, one branch office in Washington, D.C., one branch office in San Francisco, one commercial office in Boston, and digital banking platform.Amalgamated Financial Corp.was founded in 1923 and is headquartered in New York, New York.

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1.b. Last Insights on AMAL

Amalgamated Financial Corp.'s recent performance was driven by strong Q3 earnings, beating estimates with $0.91 per share. The company's solid balance sheet and expanding margins, reaching 3.60%, also contributed positively. Institutional investors, such as American Century Companies Inc. and Geode Capital Management LLC, have increased their holdings, with 4.9% and 20.2% growth respectively. A quarterly dividend of $0.14 per share was also declared. Additionally, the company was upgraded to a Zacks Rank #2 (Buy), indicating growing optimism about its earnings prospects.

1.c. Company Highlights

2. Amalgamated Financial Corporation's Q3 2025 Earnings: A Strong Performance

Amalgamated Financial Corporation delivered a robust financial performance in the third quarter of 2025, with core earnings per share (EPS) of $0.91, beating estimates of $0.88. The company's net interest income grew by 4.9% to $76.4 million, exceeding the high end of its guidance range. The net interest margin (NIM) increased 5 basis points to 3.6%, driven by a 5 basis point rise in its cost of funds. The company's tangible book value per share rose to $25.31, representing a 4% growth.

Publication Date: Oct -28

📋 Highlights
  • Core Earnings Growth:: Q3 core EPS of $0.91 ($2.66 YTD), 3% growth despite 18% 2024 expansion.
  • Deposit Franchise Strength:: Political deposits up $235M (+19%), Climate/Sustainability deposits up $86M (+21%).
  • Loan Growth Acceleration:: $99M increase in CRE, multifamily, C&I loans; PACE assessments up $27.4M.
  • Net Interest Income Surge:: 4.9% growth to $76.4M, exceeding guidance; NIM rose 5bps to 3.6%.
  • Guidance Raised:: 2025 core pre-tax earnings now $164–165M; net interest income narrowed to $295–296M.

Deposit Franchise Strength

The company's deposit franchise demonstrated significant strength, with deposits increasing across all segments. Political deposits rose by $235 million or 19% to $1.4 billion, while Climate and Sustainability deposits grew by $86 million or 21%. Not-for-profit deposits increased by $42 million, and Labor deposits rose by $26 million. This broad-based growth in deposits underscores the company's ability to attract and retain customers across various segments.

Loan Growth and Portfolio Performance

Amalgamated Financial Corporation's loan portfolio also showed signs of acceleration, with loans growing by $99 million across its growth mode portfolios of multifamily, commercial real estate (CRE), and commercial and industrial (C&I). The PACE portfolio saw an acceleration, with total assessments growing by $27.4 million. As Priscilla Sims Brown noted, the bank's portfolio consists of projects that are already underway and have not been impacted by changes in federal capital contributions, positioning it well for continued growth.

Guidance and Outlook

The company raised its full-year 2025 core pretax pre-provision earnings guidance to $164 million to $165 million and tightened its 2025 net interest income guidance to $295 million to $296 million. The company expects its net interest margin to remain near flat relative to its Q3 mark, with a target average balance sheet size of approximately $8.65 billion in the fourth quarter of 2025. Analysts estimate next year's revenue growth at 8.0%, indicating a continued upward trajectory for the company.

Valuation and Dividend Yield

With a Price-to-Tangible Book Value (P/TBV) ratio of approximately 1.14, Amalgamated Financial Corporation's valuation appears reasonable. The company's dividend yield stands at 1.92%, providing a relatively attractive return for income-seeking investors. As the company continues to navigate the regulatory environment and focus on risk management and solid performance, its strong core deposit growth and solid returns are likely to support its stock performance.

3. NewsRoom

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American Century Companies Inc. Acquires 26,041 Shares of Amalgamated Financial Corp. $AMAL

Dec -03

Source: defenseworld.net

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Amalgamated Financial Corp. $AMAL Shares Sold by Intech Investment Management LLC

Dec -01

Source: defenseworld.net

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Geode Capital Management LLC Has $18.99 Million Stock Position in Amalgamated Financial Corp. $AMAL

Dec -01

Source: defenseworld.net

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Bailard Inc. Has $452,000 Stock Holdings in Amalgamated Financial Corp. $AMAL

Nov -15

Source: defenseworld.net

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Amalgamated Financial Corp. $AMAL Shares Sold by Ethic Inc.

Oct -31

Source: defenseworld.net

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Amalgamated Financial (AMAL) Moves to Buy: Rationale Behind the Upgrade

Oct -24

Source: zacks.com

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Amalgamated Financial Corp. (AMAL) Q3 2025 Earnings Call Transcript

Oct -23

Source: seekingalpha.com

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Amalgamated Financial (AMAL) Q3 Earnings and Revenues Surpass Estimates

Oct -23

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.00%)

6. Segments

Banking and Related Activities

Expected Growth: 9.0%

Amalgamated Financial Corp's 9.0% growth in Banking and Related Activities is driven by increasing demand for digital banking services, strategic expansion into new markets, and a strong focus on customer acquisition and retention. Additionally, the corporation's investment in technology and process efficiencies has improved operational scalability, further contributing to its growth momentum.

7. Detailed Products

Retail Banking

Personal and commercial banking services for individuals and businesses

Commercial Lending

Loans and credit facilities for businesses to finance operations and growth

Wealth Management

Investment and wealth management services for high net worth individuals

Mortgage Banking

Residential and commercial mortgage lending services

Treasury Services

Cash management and treasury services for businesses

Investment Banking

Advisory and capital raising services for corporations and governments

Markets and Securities

Trading and market-making services for institutional clients

8. Amalgamated Financial Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Amalgamated Financial Corp. is medium due to the presence of alternative financial institutions and digital payment platforms.

Bargaining Power Of Customers

The bargaining power of customers is high due to the availability of multiple financial institutions and the ease of switching between them.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's large scale of operations and its ability to negotiate favorable terms.

Threat Of New Entrants

The threat of new entrants is medium due to the regulatory barriers and the need for significant capital investment to enter the financial services industry.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of multiple established players in the financial services industry, leading to a highly competitive market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 35.08%
Debt Cost 6.61%
Equity Weight 64.92%
Equity Cost 8.51%
WACC 7.84%
Leverage 54.04%

11. Quality Control: Amalgamated Financial Corp. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Capital Bancorp

A-Score: 6.5/10

Value: 6.8

Growth: 6.3

Quality: 7.0

Yield: 3.0

Momentum: 8.0

Volatility: 8.0

1-Year Total Return ->

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First Business Financial Services

A-Score: 6.5/10

Value: 7.1

Growth: 7.9

Quality: 5.3

Yield: 4.0

Momentum: 7.0

Volatility: 7.7

1-Year Total Return ->

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TowneBank

A-Score: 6.1/10

Value: 5.2

Growth: 5.2

Quality: 7.0

Yield: 6.0

Momentum: 5.0

Volatility: 8.3

1-Year Total Return ->

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Amalgamated Financial

A-Score: 6.0/10

Value: 7.6

Growth: 7.2

Quality: 8.2

Yield: 4.0

Momentum: 2.0

Volatility: 6.7

1-Year Total Return ->

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Financial Institutions

A-Score: 5.9/10

Value: 6.4

Growth: 3.6

Quality: 3.8

Yield: 9.0

Momentum: 6.0

Volatility: 6.7

1-Year Total Return ->

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RBB Bank

A-Score: 5.5/10

Value: 8.4

Growth: 5.0

Quality: 5.6

Yield: 6.0

Momentum: 2.0

Volatility: 6.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

30.78$

Current Price

30.79$

Potential

-0.00%

Expected Cash-Flows