Amalgamated Financial Corp. (AMAL)

Price$49.17Cached quoteAs of 2026-09-05 14:04 UTC

AI: Fair-priced

Price checkStrong earnings support the valuation, but the shares no longer offer an obvious bargain.

At the observed close, shares cost about 12.8 times the last four reported quarters’ profit of $3.75 per share after allowing for potential new shares, and roughly 1.74 times June tangible book value of $27.47 per share. Tangible book value means shareholder assets after removing goodwill and similar items. Those are not bargain multiples, but they are reasonable for a bank earning about 16.5% on tangible shareholder capital. Credit concentration and deposit-cycle risks balance the growth case, supporting a fair-priced verdict.

Big pictureProfit and cash generation have grown, though credit costs can still cause sharp swings.

Revenue rose from $220.6 million in 2020 to $328.7 million in 2025, while net income more than doubled to $104.4 million. First-half 2026 net income reached $60.0 million, about 18% above the comparable 2025 period. Operating cash flow increased from $124.1 million in 2024 to $135.8 million in 2025, with only $1.4 million of capital spending. However, bank cash flows are distorted by deposit and loan movements, and second-quarter profit benefited from a $9.1 million drop in credit-loss expense.

Business strengthLow-cost deposits and solid capital give the bank resilience and room to reward owners.

June deposits were $8.5 billion; 39% paid no interest, helping hold the average deposit cost to 1.46%. Cash, available borrowing and unpledged securities matched all $4.8 billion of uninsured deposits. The main common-equity capital ratio was 14.20%, providing capacity to absorb losses. Shares outstanding fell 2.5% from December 2024 to June 2026 despite $6.9 million of 2025 stock compensation. Dividends and buybacks returned $49.5 million during 2025, while the refreshed $40 million repurchase authorization represents roughly 2.8% of market value if fully used.

What could change the storyStable lending spreads would support returns, while property losses or deposit runoff would weaken them.

The bull case strengthens if the 3.78% net interest margin—the bank’s interest income after funding costs, divided by earning assets—and roughly 16.5% adjusted return on tangible shareholder capital persist. The bear case centers on $78 million of multifamily loans to one borrower that indicated an expected default; nonperforming assets, meaning assets no longer paying as agreed, reached $102.7 million. Political deposits totaled $2.1 billion and may decline after election spending, an inference rather than guidance. The valuation assumes isolated credit problems and durable deposits.

AI: News

Record profit and raised guidanceRecord quarterly profit and stronger guidance showed that low-cost deposits are supporting growth.

On July 23, 2026, Amalgamated reported record quarterly net income of $34.8 million and $1.15 per diluted share, up from $25.2 million and $0.84 in the prior quarter. Net revenue reached $98.4 million, deposits grew $280.3 million and loans grew $114.9 million. Profit also benefited from $9.1 million less credit-loss expense, limiting the clean comparison. Shares closed 3.6% higher that day; the timing is consistent with a favorable response but does not prove causation.

Buyback capacity restoredThe board renewed meaningful buyback capacity, which could reduce the share count further.

On June 9, 2026, the board added $31.4 million to the existing repurchase program, bringing total unused authorization to $40 million with no expiration date. That amount could retire roughly 2.8% of shares at valuation levels near the observed market price. The authorization matters because prior purchases helped reduce shares outstanding despite employee stock awards. However, it is optional: management may delay, suspend or discontinue purchases depending on market conditions and other uses of capital.

Large borrower reserveOne troubled property borrower exposed a concentrated credit risk despite otherwise stronger results.

On April 23, 2026, first-quarter results included an additional $9.2 million reserve against $78 million of multifamily loans to one borrower that indicated an expected default. A reserve is profit set aside for expected loan losses. Quarterly net income was still $25.2 million, while the lending spread widened and management raised guidance. Shares closed 4.6% lower that day; the timing fits concern about the exposure, but does not establish causation. Another $1.1 million was reserved on three related loans in the second quarter.

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Revenue

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2018

2019

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2021

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2025

Total cash / debt

CashTotal debt

2018

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2022

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2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	$328.7M	$315.6M	$290.6M	$263.7M	$202.7M	$220.6M	$195.8M	$178.1M
Operating expenses	$172.2M	$159.8M	$151.2M	$140.6M	$132.3M	$133.9M	$127.8M	$128.0M
Net income	$104.4M	$106.4M	$88.0M	$81.5M	$52.9M	$46.2M	$47.2M	$44.7M
Net profit margin	31.77%	33.72%	30.27%	30.89%	26.12%	20.94%	24.10%	25.08%
Basic EPSper basic share	$3.44	$3.48	$2.88	$2.64	$1.70	$1.48	$1.49	$1.47
Diluted EPSper diluted share	$3.41	$3.44	$2.86	$2.61	$1.68	$1.48	$1.47	$1.46

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

11.39%of listed shares

BlackRock, Inc.3.41M shares · Jun 30, 2026

View holders

Top 20 reported holders of AMAL
Holder	% owned
BlackRock, Inc.	11.39%3.41M shares
DIMENSIONAL FUND ADVISORS LP	4.71%1.41M shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	3.78%1.13M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.78%830.2K shares
ALLIANCEBERNSTEIN L.P.	2.65%793.23K shares
AMERICAN CENTURY COMPANIES INC	2.50%747.71K shares
STATE STREET CORP	2.34%700.2K shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	1.92%575.02K shares
GEODE CAPITAL MANAGEMENT, LLC	1.79%536.6K shares
FIRST MANHATTAN CO. LLC.	1.33%396.5K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.32%396.08K shares
FEDERATED HERMES, INC.	1.11%330.8K shares
Brown Priscilla	≈1.04%311.59K shares
LSV ASSET MANAGEMENT	1.02%305.66K shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC	0.99%296.48K shares
PRICE T ROWE ASSOCIATES INC /MD/	0.74%222.64K shares
Nuveen, LLC	0.74%220.31K shares
NORTHERN TRUST CORP	0.69%205.4K shares
CONGRESS ASSET MANAGEMENT CO	0.68%204.24K shares
GOLDMAN SACHS GROUP INC	0.60%179.37K shares

Percentages use 29.9M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)115$79.10M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 11, 2026Form 4	Darby JasonSenior Executive VP and CFO	SellCommon Stock	2.5K	$43.25	$108.1K	79.3K
Jun 11, 2026Form 4	Darby JasonSenior Executive VP and CFO	SellCommon Stock	250	$43.33	$10.8K	81.8K
Jun 11, 2026Form 4	Darby JasonSenior Executive VP and CFO	SellCommon Stock	250	$43.75	$10.9K	82.1K
Jun 10, 2026Form 4/A	Bruce MaryannDirector	SellCommon Stock	2.1K	$43.72	$91.3K	19.9K
Jun 10, 2026Form 4	Bruce MaryannDirector	SellCommon Stock	2.1K	$41.39	$86.5K	19.9K

Review ownership filings at SEC.gov ↗

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Amalgamated Financial Corp. (AMAL)

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