Amalgamated Financial Corp. (AMAL)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$362.6M

Revenue growth

14.4%

Net income, last twelve months

$113.4M

Earnings per share

$3.75

Net margin

31.3%

Return on equity

13.6%

Market value

$1.5B

Price to earnings

13.6x

Dividend yield

0.6%

Cash

$167.8M

Debt

$69.8M

Debt to equity

0.08

Shares outstanding

29.9M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 22 October 2026.

• Record net income and core earnings. Net income was $36.4 million, or $1.20 per diluted share, against $34.8 million, or $1.15, in the prior quarter. Core net income was $34.6 million, or $1.14 per diluted share.
• Net income rose $1.6 million. Higher net interest income and non-interest income outweighed higher non-interest expense and income tax expense in the quarter.
• Record operating revenue reported. Operating revenue, the sum of net interest income and non-interest income, was $101.7 million, or $3.36 per diluted share.
• Core returns on capital and assets. Core return on average tangible common equity was 16.57%, and core return on average assets was 1.44%, both non-GAAP measures.
• Deposit expense rose on volume and rates. Interest-earning asset yields held at 5.14%, while interest-bearing deposit expense rose on higher average balances and market rates.
• Prepayment penalties added 3 basis points. Prepayment penalty income added 3 basis points to the margin, the same as in the prior quarter. Higher-yielding commercial loans, CPACE and AFS purchases lifted asset yields.
• Loan yields flat after prior recapture. Loan yields held flat because the prior quarter included a 5 basis point benefit from income recaptured on a paid-off nonaccrual construction loan.
• Commercial lending drove loan growth. Commercial and industrial and multifamily loans led growth, partly offset by lower commercial real estate balances. Net commercial loans grew 2.6%.
• Residential and solar runoff funded growth. Planned runoff in residential and consumer solar loans generated cash that was redeployed.
• CPACE drove PACE growth. Commercial PACE accounted for the increase, while residential PACE assessments were roughly flat across the available-for-sale and held-to-maturity books.
• Total assets expanded on securities growth. Traditional securities rose $37.1 million and net loans rose $50.8 million, funded by deposit growth in the quarter.
• On-balance deposits grew on labor and not-for-profit. Average total deposits grew, reflecting labor and not-for-profit segments, the company said.
• Temporary pension deposits withdrawn. Quarter-end total assets included $120.4 million of pension funding deposits withdrawn within a week, and the company also gave an adjusted figure.
• Off-balance sheet deposits rose. Off-balance sheet deposits rose $89.0 million in the quarter, the base for ICS One-Way Sell fee income.

Company events

The newest 8-K filings of 90 held.

Every filing

The newest filings with the SEC of 139 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

207 funds held it at 30 Jun 2026: 91 added and 68 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Bank of Nova Scotia (BNS): revenue $27.0B, market value $116.9B
• Bank of New York Mellon Corp. (BNY): revenue $21.4B, market value $100.9B
• Itaú Unibanco Holding S.A. (ITUB): revenue $30.1B, market value $81.6B
• Fifth Third Bancorp (FITB): revenue $10.7B, market value $48.5B
• State Street Corp. (STT): revenue $15.5B, market value $47.4B
• M&T Bank Corp. (MTB): revenue $10.0B, market value $31.8B
• Northern Trust Corp. (NTRS): revenue $9.1B, market value $31.4B
• Banco Bradesco S.A. (BBD): revenue –, market value $28.9B
• Citizens Financial Group Inc. (CFG): revenue $8.9B, market value $27.5B
• First Citizens Bancshares Inc. (FCNCA): revenue $9.6B, market value $26.9B

What the company does

Amalgamated Financial Corp. is a Delaware public benefit corporation that serves as the holding company for Amalgamated Bank, a New York state-chartered commercial bank. The bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country's oldest labor unions. The company states its mission as being America's socially responsible bank. It runs three branch offices in New York City, one in Washington, D.C., one in San Francisco, one commercial office in Boston and a digital banking platform, with 450 employees. Workers United, the successor to the Amalgamated Clothing Workers of America, held approximately 38% of the company's equity as of 31 December 2025.

How the business is organised

The corporate divisions are Commercial Banking, Trust and Investment Management and Consumer Banking. The bank is supervised by the New York State Department of Financial Services (NYDFS) and the FDIC, and the holding company is a bank holding company registered with the Federal Reserve. The bank holds B Corporation certification from B Labs USA.

What it sells

The bank offers commercial and consumer deposit products: non-interest-bearing accounts, interest-bearing demand products, savings accounts, money market accounts and certificates of deposit. It also offers online banking, bill payment, online cash management and safe deposit boxes. Its loan products are commercial and industrial loans, commercial real estate loans, multifamily loans, residential mortgages and consumer loans, predominantly residential solar. Since February 2026 it refers residential mortgage customers to Embrace Home Loans under a marketing services agreement. Retail customers can buy investment, brokerage and insurance products through a third-party broker dealer.

The trust business has provided institutional trust, custody and investment management services since 1973. At 31 December 2025 it had over 1,000 custody accounts with $38.63 billion in assets under custody. It also had approximately 500 investment management accounts with $16.63 billion in assets under management. Most of this business is institutional, such as multi-employer pension funds and Taft-Hartley funds. About one-third of trust and investment management clients also use the bank's deposit products. The LongView family of funds launched in 1992, and Invesco is the principal investment sub-adviser.

Who it sells to

The target customers are values-based organisations and individuals. They include advocacy-based non-profits, social welfare organisations, national labor unions, political organisations, foundations and socially responsible businesses. Bankers are organised by region and client segment, and the bank also holds political deposits from campaigns, political action committees and party committees. These deposits vary with election cycles. Core deposits were 97% of total deposits, and 41% of the deposit base was non-interest-bearing accounts.

How it lends and invests

The bank says its target customers have limited credit needs, so it has historically held excess liquidity. That liquidity goes into loans and securities. Its specialty lending includes owner-occupied union facilities, affordable housing construction funds, commercial solar and other renewable energy projects, and loans to political organisations.

The multifamily portfolio is mostly in New York, predominantly rent-stabilized buildings. About 81% of those loans are to buildings with at least one rent regulated unit, and the average current loan-to-value ratio is approximately 56%. Commercial real estate exposure is mainly in the New York metropolitan area, with an average current loan-to-value ratio of 45%.

The securities portfolio, including FHLBNY stock, was 38.7% of total interest-earning assets. It consists mostly of mortgage-backed securities and other asset-backed securities, along with Property Assessed Clean Energy (PACE) investments. Of the non-agency securities, approximately 86.2% carry AAA ratings. A Management Credit Committee generally meets weekly to approve credits. Larger loans go to the Credit Policy Committee of the Board.

How it competes

The filing names five groups of competitors: - local and regional banks - large banks - national direct banks - fintech non-banks - other socially responsible banks and credit unions

In custody it mainly competes with larger institutions such as State Street and BNY Mellon. In index investing it competes with firms such as State Street, BlackRock and Vanguard. The bank says it relies on its socially responsible banking model to attract mission-aligned customers. It describes its market share in New York City, Washington, D.C., Boston and San Francisco as small.

Its people

Approximately 21% of the 450 employees are covered by a collective bargaining agreement. Average employee tenure is approximately six years, and the bank is certified as a Living Wage Employer.

*From Amalgamated Financial Corp.'s annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1823608/000182360826000048/amal-20251231.htm)*

From the company's 10-K.