Amalgamated Financial Corp.
- Open
- 45.93
- Day high
- 47.90
- Day low
- 45.93
- Prev close
- 45.90
- Volume
- 75K
- Mkt cap
- $1.4B
- P/E (TTM)
- 13.6
- EPS (TTM)
- $3.48
- P/B
- 1.7
- P/S
- 3.0
- Yield
- 1.31%
- Per share
- $0.62
- ▼Insiders net selling -$661K over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions mixed (13F)
Amalgamated Financial Corp. (AMAL) is a Financial Services company listed on NASDAQ. The stock is up 43% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4).
Amalgamated Financial Corp. (AMAL) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AMAL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.95 | $0.80 | -15.8% | $91M | +1.8% |
| Mar 5, 2026 | — | $0.88 | — | $115M | — |
| Oct 23, 2025 | $0.88 | $0.91 | +3.4% | $85M | -1.5% |
| Jul 24, 2025 | $0.90 | $0.88 | -2.2% | $81M | -2.0% |
| Apr 24, 2025 | $0.88 | $0.88 | +0.0% | $79M | -3.7% |
| Jan 23, 2025 | $0.87 | $0.90 | +3.4% | $78M | +0.5% |
| Oct 24, 2024 | $0.83 | $0.91 | +9.6% | $82M | +1.8% |
| Jul 25, 2024 | $0.79 | $0.85 | +7.6% | $80M | +3.4% |
| Apr 25, 2024 | $0.74 | $0.83 | +12.2% | $76M | +0.4% |
| Jan 25, 2024 | $0.72 | $0.72 | +0.0% | $73M | +2.3% |
| Oct 26, 2023 | $0.70 | $0.76 | +8.6% | $70M | -0.1% |
| Jul 27, 2023 | $0.74 | $0.72 | -2.7% | $70M | -0.9% |
AMAL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Darby Jasonofficer: Senior Executive VP and CFO | Sell | 250 | $43.75 |
| Jun 15, 2026 | Darby Jasonofficer: Senior Executive VP and CFO | Sell | 2,500 | $43.25 |
| Jun 12, 2026 | Bruce Maryanndirector | Sell | 2,089 | $43.72 |
| Jun 11, 2026 | Bruce Maryanndirector | Sell | 2,089 | $41.39 |
| Jun 11, 2026 | VELUSWAMY LESLIEofficer: EVP & Chief Accounting Officer | Sell | 2,500 | $43.51 |
| May 22, 2026 | Ross Julietadirector | Grant | 1,623 | $40.05 |
| May 22, 2026 | Fox Lynne P.director | Grant | 1,623 | $40.05 |
| May 22, 2026 | Kelly Juliedirector | Grant | 1,623 | $40.05 |
| May 22, 2026 | Bruce Maryanndirector | Grant | 1,623 | $40.05 |
| May 22, 2026 | Jackson Darrell B.director | Grant | 1,623 | $40.05 |
| May 22, 2026 | Mark Finserdirector | Grant | 1,623 | $40.05 |
| May 22, 2026 | Stoll Scottdirector | Grant | 1,623 | $40.05 |
| May 22, 2026 | Wells Royce A.director | Grant | 1,623 | $40.05 |
| May 22, 2026 | Lilek JoAnn Sdirector | Grant | 1,623 | $40.05 |
| May 22, 2026 | Romney Edgardirector | Grant | 1,623 | $40.05 |
Source: AMAL SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full AMAL insider & 13F page →Amalgamated Financial Corp. company profile
Overview
Amalgamated Financial Corp. (NASDAQ:AMAL) is a New York-based bank holding company founded in 1923 that operates as the parent company of Amalgamated Bank. The company went public in August 2018 and has established itself as a mission-driven financial institution focused on serving socially responsible organizations, political campaigns, labor unions, and nonprofits. With approximately $8.3 billion in total assets as of 2024, Amalgamated positions itself as a leader in sustainable banking and impact investing, operating through a limited branch network across major metropolitan areas including New York City, Washington D.C., San Francisco, and Boston, supplemented by a robust digital banking platform.
Business
Amalgamated Financial operates in the regional banking sector, providing a comprehensive suite of commercial and retail banking services with a distinctive focus on mission-aligned banking. The company's core business revolves around three primary segments that reflect its unique market positioning. The commercial banking segment represents the largest revenue driver, offering traditional commercial loans including commercial and industrial (C&I) loans, multifamily mortgage loans, and commercial real estate financing. What distinguishes Amalgamated is its specialization in sustainable lending, particularly in renewable energy projects, energy efficiency improvements, and climate-related financing through programs like PACE (Property Assessed Clean Energy) lending. PACE financing allows property owners to fund energy efficiency and renewable energy improvements through assessments on their property tax bills, creating a unique lending niche. The deposit services segment focuses on gathering deposits from politically active organizations, labor unions, nonprofits, and social advocacy groups. This creates a distinctive deposit base that includes significant political deposits from campaign organizations, which can fluctuate dramatically based on election cycles. These political deposits have ranged from $643 million to over $2 billion depending on the political calendar, representing a substantial but volatile funding source. The trust and investment management segment provides custody services, asset management, and fiduciary services primarily to institutional clients aligned with the bank's mission-driven approach. This segment offers asset safekeeping, corporate actions processing, and investment management services, though it represents a smaller portion of total revenues compared to traditional banking operations. The company operates through a limited physical footprint of six branches but leverages technology to serve clients nationally, particularly in the political and nonprofit sectors where geographic proximity is less critical than mission alignment and specialized expertise.
Revenue model
Amalgamated Financial generates revenue through traditional banking activities but with a specialized focus that creates both opportunities and risks. The company's primary revenue streams include net interest income from the spread between interest earned on loans and paid on deposits, which represented approximately 75-80% of total revenue in recent years. The bank's lending business focuses heavily on commercial real estate, particularly multifamily housing with social impact components like affordable housing and Section 8 properties. Commercial and industrial lending targets businesses in sustainable industries, renewable energy projects, and organizations aligned with the bank's values. The company has developed expertise in PACE lending, which typically yields higher margins than traditional commercial loans due to the specialized nature and lower competition in this niche. Deposit gathering represents both a strength and vulnerability in the business model. The bank attracts deposits from politically active organizations, labor unions, and nonprofits, often paying below-market rates due to the mission alignment and specialized services provided. However, political deposits create significant volatility, with balances swinging by over $1 billion based on election cycles. Several factors significantly impact the company's profitability margins. Interest rate cycles affect net interest margins, with the bank generally benefiting from rising rates due to its asset-sensitive balance sheet structure. Political cycles create dramatic swings in deposit levels, requiring careful liquidity management and potentially forcing the bank to rely on more expensive wholesale funding during political off-seasons. Competition in sustainable lending could compress the premium margins currently earned on specialized climate and renewable energy financing. Regulatory changes around climate finance and political banking could either enhance opportunities or create compliance burdens. The bank's geographic concentration in high-cost metropolitan markets affects both operational expenses and credit risk profiles, while its mission-driven focus limits the potential customer base but creates loyalty and pricing power within its target segments.
Competitive moat
Amalgamated Financial's competitive moat is moderately strong but narrow, built primarily around its unique positioning in mission-driven banking and specialized expertise in sustainable finance. The company has established itself as the go-to bank for politically active organizations, labor unions, and nonprofits, creating significant customer loyalty and switching costs within these segments. The bank's primary moat stems from its specialized knowledge and relationships in political banking, where understanding complex campaign finance regulations, managing volatile cash flows, and providing rapid account setup during election cycles creates barriers to entry. Few traditional banks want to navigate the regulatory complexity and reputational risks associated with political banking, giving Amalgamated a relatively protected niche. In sustainable lending, particularly PACE financing, the company has developed specialized underwriting capabilities and regulatory expertise that creates some competitive advantages. However, this moat is potentially vulnerable as larger banks increasingly focus on ESG (Environmental, Social, and Governance) lending and climate finance becomes more mainstream. The company's deposit franchise benefits from mission alignment, where customers choose Amalgamated not just for financial services but for values alignment. This creates some pricing power and customer loyalty, though it also limits the addressable market. However, the moat faces several potential threats. Larger banks with significantly more resources could target the same customer segments, particularly as sustainable finance becomes more profitable and mainstream. Fintech companies could unbundle specific services like political campaign banking or sustainable lending. The bank's small scale relative to major competitors limits its ability to invest in technology and compete on product breadth. Additionally, regulatory changes could either strengthen or weaken the specialized advantages that currently protect the bank's market position. Overall, while Amalgamated has carved out a defensible niche, the moat is relatively narrow and could be challenged by well-resourced competitors or technological disruption, making continued innovation and relationship deepening critical for maintaining competitive advantages.
Risks & safety
Amalgamated Financial demonstrates a moderate to strong margin of safety from a balance sheet perspective but faces earnings volatility due to its specialized business model. • Capital Position: The bank maintains a robust capital position with a CET1 ratio of 13.9% and Tier 1 leverage ratio approaching 9%, both well above regulatory minimums and providing substantial buffer for potential losses. • Liquidity and Cash: Cash and short-term investments of $61 million represent a modest liquidity position, but the bank maintains access to off-balance sheet deposits and wholesale funding markets. The volatile nature of political deposits requires careful liquidity management. • Debt Levels: Debt-to-equity ratio of 0.47 indicates moderate leverage, typical for regional banks. The bank has demonstrated ability to manage funding costs effectively. • Valuation Metrics: Trading at a P/E ratio of 10.5x and price-to-book ratio of 1.45x, the stock appears reasonably valued relative to earnings and book value, though not deeply discounted. • Asset Quality: Nonaccrual loans at 0.5% of total loans indicate strong credit quality, though the concentration in commercial real estate and specialized lending creates some portfolio risk. • Earnings Volatility: The significant fluctuation in political deposits creates earnings volatility and requires active balance sheet management, potentially impacting predictable cash generation. • Scale Limitations: With $8.3 billion in assets, the bank lacks the scale advantages of larger competitors, potentially limiting efficiency and technology investment capabilities.
Recent development
Over the past several years, Amalgamated Financial has executed a strategic transformation focused on sustainable banking leadership and operational efficiency improvements. The company has significantly expanded its sustainable lending capabilities, particularly in PACE financing where it has built specialized expertise in both residential and commercial energy efficiency projects. Management has set ambitious targets for climate-related lending, aiming for $150-185 million in climate loans and positioning the bank to capitalize on opportunities from the Inflation Reduction Act and the $27 billion Greenhouse Gas Reduction Fund. The bank has made substantial technology investments to support its digital transformation, recognizing that its geographically dispersed customer base requires robust online and mobile banking capabilities. These investments are expected to drive revenue growth and operational efficiency improvements in 2026, though they are currently pressuring near-term expense ratios. Trust business transformation represents another key strategic initiative, with management investing in new talent and digital capabilities to enhance this fee-income generating segment. The company has brought in new trust officers and is focusing on improving revenue quality and sales capacity in this area. Amalgamated has also demonstrated active capital management, with management targeting specific leverage ratios and considering share buyback programs as the bank approaches its 9% Tier 1 leverage ratio target. The company has shown discipline in managing its volatile political deposit base, using off-balance sheet deposits as a buffer and maintaining a neutral balance sheet strategy during periods of deposit uncertainty. The bank's loan portfolio strategy has evolved toward higher-yielding commercial and industrial loans while maintaining its focus on mission-aligned lending. Management is targeting 2% quarterly loan growth with an emphasis on sustainable lending and commercial real estate projects that align with the bank's social impact mission.
AMAL company profile · for informational purposes only — not investment advice.
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