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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 a strong Q4 earnings beat, with quarterly earnings of $0.99 per share surpassing the Zacks Consensus Estimate of $0.91 per share. The company's Board of Directors also authorized a 21% increase in the quarterly dividend to $0.17 per common share, payable on February 19, 2026. Additionally, Thrivent Financial for Lutherans increased its stake in Amalgamated Financial Corp. by 13.0% in the third quarter, acquiring an additional 18,142 shares. Furthermore, Amalgamated Financial Corp. announced a partnership with Embrace Home Loans to provide home mortgages to its customers, ensuring seamless access to home financing options.

1.c. Company Highlights

2. Amalgamated Financial Corporation Delivers Strong Q4 2025 Results

Amalgamated Financial Corporation reported a robust fourth quarter 2025, with core earnings of 99¢ per diluted share, beating analyst estimates of 91¢. The company's net income was $26.6 million or $0.88 per diluted share, while core net income was $30 million or 99¢ per diluted share. Net interest income grew 1% to $77.9 million, driven by a net interest margin of 3.66%. The company's deposit gathering efforts were impressive, with nearly $1 billion of new deposits, bringing on-balance sheet deposits to $7.9 billion and off-balance sheet deposits to $1.1 billion.

Publication Date: Jan -23

📋 Highlights
  • Record Deposit Growth: Achieved $1 billion in new deposits, bringing on-balance sheet deposits to $7.9 billion and off-balance sheet deposits to $1.1 billion.
  • Net Interest Margin Expansion: NIM rose to 3.66%, driven by higher loan yields and deposit beta benefits, despite a down-rate quarter.
  • 2026 Earnings Guidance: Projects net interest income of $327–$331 million and core return on average assets growth to 1.35%.
  • Political Deposit Momentum: Political deposits surged $287 million to $1.7 billion, with expectations of growth through the election year.
  • PACE Portfolio Growth: Commercial PACE originations hit $27 million with a strategic shift to replace securities, highlighting a 7% yield advantage.

Guidance and Outlook

For 2026, the company guides for net interest income of $327 million to $331 million, core pretax pre-provision earnings of $180 million to $183 million, and core return on average assets growth to 1.35%. The company also expects core return on tangible common equity growth to 15%, balance sheet growth of approximately 5%, and annual core OpEx growth to $188 million. The provision outlook for 2026 is roughly the same as 2025, with a potential slight improvement.

Business Highlights

The company's multifamily growth was strong, with slightly under half coming from outside of New York City. The bank's PACE (Property Assessed Clean Energy) portfolio is a key growth area, with a strong yield of around 7%. The bank has a partnership that drives lower-dollar value CPaaS (Commercial PACE) but more volume. As CEO Priscilla Sims Brown stated, the bank is well-positioned for growth, with a strong platform for sustainable growth and outsized relevance as the industry continues to evolve.

Valuation

With a Price-to-Tangible Book Value (P/TBV) ratio of approximately 1.5, and a Dividend Yield of 1.46%, the stock appears reasonably valued. Analysts estimate next year's revenue growth at 7.0%. The actual EPS came out at $0.99 relative to estimates at $0.91, indicating a positive surprise. The company's strong balance sheet and sustainable growth prospects make it an attractive investment opportunity in the financial sector.

3. NewsRoom

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Principal Financial Group Inc. Cuts Holdings in Amalgamated Financial Corp. $AMAL

Feb -19

Source: defenseworld.net

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Thrivent Financial for Lutherans Buys 18,142 Shares of Amalgamated Financial Corp. $AMAL

Feb -08

Source: defenseworld.net

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Embrace Home Loans to Provide Home Mortgages to Amalgamated Bank's Customers

Feb -05

Source: globenewswire.com

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Sam Brown Sells 5,151 Shares of Amalgamated Financial (NASDAQ:AMAL) Stock

Jan -24

Source: defenseworld.net

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5 Stocks Worth Watching on Their Fresh Dividend Hikes

Jan -23

Source: zacks.com

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Amalgamated Financial Corp. (AMAL) Q4 2025 Earnings Call Transcript

Jan -22

Source: seekingalpha.com

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Amalgamated Financial (AMAL) Tops Q4 Earnings Estimates

Jan -22

Source: zacks.com

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Amalgamated Financial Corp. Announces a 21% Quarterly Dividend Increase

Jan -20

Source: businesswire.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
First Business Financial Services

A-Score: 6.5/10

Value: 7.5

Growth: 7.8

Quality: 5.9

Yield: 4.0

Momentum: 6.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Financial Institutions

A-Score: 6.3/10

Value: 6.9

Growth: 3.6

Quality: 4.7

Yield: 8.0

Momentum: 7.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Capital Bancorp

A-Score: 6.2/10

Value: 7.3

Growth: 6.3

Quality: 7.9

Yield: 3.0

Momentum: 4.5

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
TowneBank

A-Score: 6.1/10

Value: 6.1

Growth: 5.0

Quality: 7.0

Yield: 6.0

Momentum: 4.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Amalgamated Financial

A-Score: 6.0/10

Value: 7.5

Growth: 7.2

Quality: 8.1

Yield: 4.0

Momentum: 2.5

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
RBB Bank

A-Score: 5.7/10

Value: 7.8

Growth: 5.0

Quality: 5.6

Yield: 6.0

Momentum: 3.0

Volatility: 6.7

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

40.45$

Current Price

40.45$

Potential

-0.00%

Expected Cash-Flows