Amalgamated Financial (AMAL)


Market Price (11/6/2026): $49.4 | Market Cap: $1.5 BilSector: Financials | Industry: Regional Banks

Amalgamated Financial (AMAL)


Market Price (11/6/2026): $49.4
Market Cap: $1.5 Bil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.4%, FCF Yield is 9.5%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -49%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%

Low stock price volatility
Vol 12M is 27%

Capital ratio is >2x the minimum of 6%
Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 15%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Sustainable Finance. Themes include Online Banking & Lending, Wealth Management Technology, Show more.

Trading close to highs
Dist 52W High is -3.7%, Dist 3Y High is -3.7%

Key risks
AMAL key risks include [1] deteriorating credit quality in its volatile consumer solar loan portfolio and [2] liquidity pressure from its short-lived "political deposits."

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.4%, FCF Yield is 9.5%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -49%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%
3 Low stock price volatility
Vol 12M is 27%
4 Capital ratio is >2x the minimum of 6%
Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 15%
5 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and Sustainable Finance. Themes include Online Banking & Lending, Wealth Management Technology, Show more.
6 Trading close to highs
Dist 52W High is -3.7%, Dist 3Y High is -3.7%
7 Key risks
AMAL key risks include [1] deteriorating credit quality in its volatile consumer solar loan portfolio and [2] liquidity pressure from its short-lived "political deposits."

AMAL in ETFs

Weight = AMAL's share of each fund

VTI0.00%
ITOT0.00%
IWM0.03%
KRE0.27%
AVUV0.10%
ESML0.09%
NUSC0.07%
IWN0.06%
+8 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

Amalgamated Financial (AMAL) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Strong Q3 2026 Earnings Performance and Upbeat Guidance: Amalgamated Financial reported record core net income of $34.6 million, or $1.14 diluted earnings per share (EPS) for fiscal Q3 2026 (ended September 30, 2026), surpassing analyst estimates of $1.08 EPS. The company also reported record operating revenue of $101.7 million, exceeding the consensus of $99.26 million. Management raised its full-year 2026 guidance, projecting net interest income (NII) between $341 million and $342 million, representing 14-15% year-over-year growth, and core pre-tax, pre-provision earnings of $193 million to $194 million, a 16-17% increase. These positive results and outlook provided a floor for the stock price, leading to a 5.2% jump post-earnings, but were counterbalanced by other factors.

2. Strategic Capital Redeployment and Balance Sheet Management: The company actively managed its balance sheet by shifting capital from lower-yielding consumer loans, such as residential mortgages and consumer solar loans, into higher-margin commercial financing, specifically Commercial Property Assessed Clean Energy (C-PACE) assessments, which grew 4.0%. This strategic rotation of assets aimed to boost asset returns and maintain profitability, with on-balance-sheet deposits increasing 3.0% and commercial loans growing 2.6% during fiscal Q3 2026. Management also indicated plans to run a neutral balance sheet in fiscal Q4 to manage liquidity and mitigate NII volatility stemming from expected post-election declines in political demand deposit accounts.

Show more
Updated on 11/1/2026

Amalgamated Financial (AMAL) stock has remained largely at the same level since 7/31/2026 because of the following key factors:

1. Strong Q3 2026 Earnings Performance and Upbeat Guidance: Amalgamated Financial reported record core net income of $34.6 million, or $1.14 diluted earnings per share (EPS) for fiscal Q3 2026 (ended September 30, 2026), surpassing analyst estimates of $1.08 EPS. The company also reported record operating revenue of $101.7 million, exceeding the consensus of $99.26 million. Management raised its full-year 2026 guidance, projecting net interest income (NII) between $341 million and $342 million, representing 14-15% year-over-year growth, and core pre-tax, pre-provision earnings of $193 million to $194 million, a 16-17% increase. These positive results and outlook provided a floor for the stock price, leading to a 5.2% jump post-earnings, but were counterbalanced by other factors.

2. Strategic Capital Redeployment and Balance Sheet Management: The company actively managed its balance sheet by shifting capital from lower-yielding consumer loans, such as residential mortgages and consumer solar loans, into higher-margin commercial financing, specifically Commercial Property Assessed Clean Energy (C-PACE) assessments, which grew 4.0%. This strategic rotation of assets aimed to boost asset returns and maintain profitability, with on-balance-sheet deposits increasing 3.0% and commercial loans growing 2.6% during fiscal Q3 2026. Management also indicated plans to run a neutral balance sheet in fiscal Q4 to manage liquidity and mitigate NII volatility stemming from expected post-election declines in political demand deposit accounts.

3. Significant Insider Selling Activity: Despite the company's strong financial performance, insiders collectively sold approximately 1.72 million shares valued at roughly $83 million in the three months leading up to late October 2026. This substantial insider selling, well exceeding the $5 million threshold, likely offset some positive sentiment from the strong earnings report and could have signaled a tempered outlook from key executives, contributing to the stock's relatively flat overall trend.

4. Persistent Macroeconomic Headwinds and Federal Reserve Actions: The broader U.S. economy during fiscal Q3 2026 faced persistent inflation and elevated interest rates. The Federal Reserve raised its policy interest rate by 25 basis points in mid-September 2026, pushing the target range to 375-400 basis points, with markets anticipating further rate increases. These tighter financial conditions and rising financing costs created a challenging environment for the financial sector, potentially limiting significant upside for Amalgamated Financial despite its individual strengths.

5. Elevated Non-Performing Assets: Amalgamated Financial's non-performing assets remained elevated at 1.08% of total assets at the end of fiscal Q3 2026, showing little change from 1.09% in fiscal Q2 2026. This was primarily attributed to a single $67.7 million multifamily loan in the Washington, D.C. metro area that moved to non-accrual status in fiscal Q1 2026. While the company indicated adequate reserves for this loan, the sustained level of non-performing assets could have acted as a lingering concern for investors, tempering enthusiasm and contributing to the stock maintaining its level.

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Stock Movement Drivers

Fundamental Drivers

The 0.6% change in AMAL stock from 7/31/2026 to 11/5/2026 was primarily driven by a 9.8% change in the company's Total Revenues ($ Mil).
(LTM values as of)731202611052026Change
Stock Price ($)49.0549.360.6%
Change Contribution By: 
Total Revenues ($ Mil)3443789.8%
Net Income Margin (%)30.4%32.6%7.1%
P/E Multiple14.012.0-14.2%
Shares Outstanding (Mil)3030-0.2%
Cumulative Contribution0.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
AMAL0.6% 
Market (SPY)-1.9%33.7%
Sector (XLF)1.0%54.4%

Fundamental Drivers

The 22.1% change in AMAL stock from 4/30/2026 to 11/5/2026 was primarily driven by a 14.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)430202611052026Change
Stock Price ($)40.4349.3622.1%
Change Contribution By: 
Total Revenues ($ Mil)33037814.2%
Net Income Margin (%)31.6%32.6%3.1%
P/E Multiple11.612.03.5%
Shares Outstanding (Mil)30300.1%
Cumulative Contribution22.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
AMAL22.1% 
Market (SPY)2.3%22.1%
Sector (XLF)10.7%51.4%

Fundamental Drivers

The 84.8% change in AMAL stock from 10/31/2025 to 11/5/2026 was primarily driven by a 51.9% change in the company's P/E Multiple.
(LTM values as of)1031202511052026Change
Stock Price ($)26.7149.3684.8%
Change Contribution By: 
Total Revenues ($ Mil)32137817.7%
Net Income Margin (%)32.3%32.6%1.0%
P/E Multiple7.912.051.9%
Shares Outstanding (Mil)31302.3%
Cumulative Contribution84.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
AMAL84.8% 
Market (SPY)8.4%32.7%
Sector (XLF)11.1%52.7%

Fundamental Drivers

The 186.1% change in AMAL stock from 10/31/2023 to 11/5/2026 was primarily driven by a 105.7% change in the company's P/E Multiple.
(LTM values as of)1031202311052026Change
Stock Price ($)17.2549.36186.1%
Change Contribution By: 
Total Revenues ($ Mil)28937830.4%
Net Income Margin (%)31.3%32.6%4.1%
P/E Multiple5.812.0105.7%
Shares Outstanding (Mil)31302.5%
Cumulative Contribution186.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
AMAL186.1% 
Market (SPY)81.3%42.9%
Sector (XLF)85.5%59.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AMAL Return24%40%19%26%-2%56%300%
Peers Return41%-1%2%22%2%19%111%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
AMAL Win Rate50%67%50%67%58%64% 
Peers Win Rate68%43%45%45%50%56% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
AMAL Max Drawdown-29%-15%-42%-22%-30%-12% 
Peers Max Drawdown-17%-27%-37%-15%-23%-14% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ASB, FRME, IBCP, TOWN, BY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)

How Low Can It Go

EventAMALS&P 500
2025 US Tariff Shock
  % Loss-28.4%-18.8%
  % Gain to Breakeven39.7%23.1%
  Time to Breakeven288 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.4%-9.5%
  % Gain to Breakeven27.3%10.5%
  Time to Breakeven20 days24 days
2023 SVB Regional Banking Crisis
  % Loss-38.6%-6.7%
  % Gain to Breakeven62.8%7.1%
  Time to Breakeven205 days31 days
2020 COVID-19 Crash
  % Loss-55.5%-33.7%
  % Gain to Breakeven124.6%50.9%
  Time to Breakeven343 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-15.5%-19.2%
  % Gain to Breakeven18.4%23.8%
  Time to Breakeven14 days105 days

Compare to ASB, FRME, IBCP, TOWN, BY

In The Past

Amalgamated Financial's stock fell -28.4% during the 2025 US Tariff Shock. Such a loss loss requires a 39.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventAMALS&P 500
2025 US Tariff Shock
  % Loss-28.4%-18.8%
  % Gain to Breakeven39.7%23.1%
  Time to Breakeven288 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.4%-9.5%
  % Gain to Breakeven27.3%10.5%
  Time to Breakeven20 days24 days
2023 SVB Regional Banking Crisis
  % Loss-38.6%-6.7%
  % Gain to Breakeven62.8%7.1%
  Time to Breakeven205 days31 days
2020 COVID-19 Crash
  % Loss-55.5%-33.7%
  % Gain to Breakeven124.6%50.9%
  Time to Breakeven343 days140 days

Compare to ASB, FRME, IBCP, TOWN, BY

In The Past

Amalgamated Financial's stock fell -28.4% during the 2025 US Tariff Shock. Such a loss loss requires a 39.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Amalgamated Financial (AMAL)

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Amalgamated Financial Corp. (AMAL) operates as a bank holding company, primarily through its subsidiary Amalgamated Bank. The company offers a comprehensive suite of financial services, catering to both commercial and retail clients across the United States. Its core business revolves around traditional banking activities, encompassing deposit-taking, lending, and a range of specialized services including investment management, trust, and custody operations.

The company's main products and services include a variety of deposit accounts such as checking, savings, money market, and certificates of deposit. On the lending side, AMAL provides commercial loans, including those for commercial and industrial businesses, multifamily mortgages, and commercial real estate. For retail customers, it offers residential real estate and other consumer loans. Beyond traditional banking, Amalgamated Financial provides online banking, cash management, safe deposit box rentals, debit/ATM cards, and a robust set of trust, custody, and investment management services, offering products across equity, fixed-income, real estate, and alternative investments, alongside brokerage and insurance products.

Amalgamated Financial primarily serves commercial and retail customers within the United States. While it leverages a digital banking platform to reach a broader audience, the company also maintains a physical presence with branch offices in key metropolitan areas including New York City, Washington, D.C., and San Francisco, as well as a commercial office in Boston. This combination of physical locations and digital capabilities allows AMAL to serve diverse financial needs across various market segments.

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AI Analysis | Feedback

  • A regional, full-service bank similar to a smaller Bank of America, but with a strong focus on investment management and trust services.
  • It's like a regional bank that also offers the comprehensive wealth management and trust services you'd expect from a firm like Charles Schwab.

AI Analysis | Feedback

Amalgamated Financial (AMAL) offers the following major products and services:

  • Deposit Accounts: Various accounts for saving and managing funds, including checking, savings, money market, and certificates of deposit.
  • Commercial Loans: Financial products provided to businesses, such as commercial and industrial, multifamily mortgage, and commercial real estate loans.
  • Retail Loans: Lending products for individual consumers, including residential real estate and other personal loans.
  • Digital Banking & Payment Services: Convenient online banking, bill payment, cash management, debit cards, and ATM access.
  • Trust & Custody Services: Professional management and safekeeping of client assets, including corporate actions and income collection.
  • Investment Management: Services offering a range of investment products such as equity, fixed-income, real estate, and alternative investments.
  • Insurance Products: Offerings designed to provide risk protection and financial security.

AI Analysis | Feedback

Amalgamated Financial (AMAL) serves a broad base of customers rather than relying on a few major entities, which is typical for a banking institution. Based on the company description, its customer base can be broadly divided into the following categories:

  1. Commercial Customers: This category includes businesses and organizations that utilize Amalgamated Financial's commercial banking services. These services encompass various deposit products, commercial loans (such as commercial and industrial, multifamily mortgage, and commercial real estate loans), online cash management, and potentially investment management and trust services.
  2. Retail Customers: This category consists of individuals and households seeking personal banking services. This includes various deposit products (non-interest bearing accounts, savings, money market, NOW, and certificates of deposit), retail loans (such as residential real estate and consumer loans), online banking, bill payment services, and debit and ATM cards. Retail customers also access investment products, brokerage, asset management, and insurance products.

AI Analysis | Feedback

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AI Analysis | Feedback

Priscilla Sims Brown, President and Chief Executive Officer

Priscilla Sims Brown was appointed President and Chief Executive Officer of Amalgamated Financial Corp. in June 2021. She guides Amalgamated Bank in championing social responsibility through values-based banking, customer-centric services, and mission-focused lending, serving individuals and organizations, including climate groups, foundations, labor unions, advocacy groups, and political campaigns. Under her leadership, over 60% of the Bank's lending and select balance sheet investments are high-impact through affordable housing, nonprofits, and climate solutions. American Banker recognized her as one of the Most Powerful Women in Banking in 2023.

Jason Darby, Senior Executive Vice President and Chief Financial Officer

Jason Darby was appointed Chief Financial Officer and Senior Executive Vice President of Amalgamated Financial Corp. in May 2021, after serving as interim Chief Financial Officer since April 2021. Prior to this, he served as Amalgamated's Executive Vice President and Chief Accounting Officer starting in February 2018, and as Senior Vice President and Controller from July 2015. Before joining Amalgamated, he was a team leader in Commercial Banking for Capital One Financial from July 2012 to June 2015 and served as Executive Vice President at Esquire Bank from 2009 to July 2012. Mr. Darby also held finance and accounting positions at Capital One, North Fork Bank, American Express, and KPMG. He is a licensed Certified Public Accountant.

Sam Brown, Senior Executive Vice President and Chief Banking Officer

Sam Brown joined Amalgamated Bank in December 2014, initially as Executive Vice President for Business Development, and has since risen to Senior Executive Vice President and Chief Banking Officer. His responsibilities have included commercial banking, structured finance, and treasury management. Before his tenure at Amalgamated, he held several key political roles, including serving as the Director of the White House Business Council in the White House's Office of Public Engagement during President Obama's administration, where he acted as a liaison to the private sector on economic policies. He was also the founding Chief Operating Officer of Organizing for Action and the Finance Chief of Staff for the Obama-Biden 2012 campaign.

Lynne Fox, Chair of the Board

Lynne Fox has been a board member of Amalgamated Bank since 2000 and made history in 2016 by becoming the first woman to serve as the Bank's Chair. She currently holds the position of International President of Workers United and is the Manager of the Philadelphia Joint Board for Workers' United, where she is responsible for overseeing the budget, strategic planning, and representing approximately 75,000 members across the U.S. and Canada. Additionally, she serves as an executive board member of the Service Employees International Union (SEIU). Amalgamated Bank is majority-owned by Workers United, an SEIU Affiliate.

Tyrone Graham, Executive Vice President and Chief Human Resources Officer

Tyrone Graham joined Amalgamated Financial in 2021 as Executive Vice President and Chief Human Resources Officer. Before joining Amalgamated, he served as Senior Vice President of Talent Management at Eastern Bank. His career also includes senior HR roles at GE Capital, Sun Life Financial U.S., Bank of America, and Citizens Financial Group, and he began his HR career at USTrust Bank, Boston.

AI Analysis | Feedback

The key risks for Amalgamated Financial (AMAL) are primarily related to general economic conditions and credit quality, the rapidly evolving technological and cybersecurity landscape, and intense competition within the financial services industry.

  1. Economic Conditions, Interest Rate Environment, and Credit Quality Risks: As a bank holding company, Amalgamated Financial's business and financial performance are highly susceptible to changes in the overall economic environment, fluctuations in interest rates, and the health of the real estate and lending markets. Deterioration in economic conditions can lead to increased credit losses from borrowers, impacting the bank's profitability and financial stability. Managing credit and funding risks is a continuous and critical aspect of the bank's operations, with net interest income trends and credit quality being significant drivers of near-term performance. Unexpected credit quality issues or significant losses could negatively pressure the bank's ratings.
  2. Technological Advancements, Cybersecurity, and Operational Risks: The banking industry is undergoing rapid technological transformation. Amalgamated Financial faces the risk of operational disruptions or reduced competitiveness if it fails to keep pace with technological advancements, including those related to AI implementation. Furthermore, the company is exposed to increased losses from various forms of fraud, including check fraud, ATM skimming, social engineering, phishing attacks, and impersonation. A failure in or breach of the bank's systems or infrastructure, or those of its vendors, including cyber-attacks, could disrupt operations, lead to the disclosure of confidential information, damage its reputation, and increase costs and losses.
  3. Intense Competition: Amalgamated Financial operates in a highly competitive landscape, contending with a diverse range of financial institutions such as large national banks, regional banks, fintech companies, and other socially responsible banks. These competitors may possess greater resources and the ability to offer more aggressive pricing or a broader array of products, which could threaten Amalgamated Financial's market share and profitability. The inability to maintain lending volume due to competitors offering credit on terms that the company deems excessively risky or at unappealing interest rates could also lead to deteriorating financial performance.

AI Analysis | Feedback

The rise and increasing sophistication of digital-first financial service providers, including neobanks, specialized fintech lenders, and financial product offerings from large technology companies, threaten Amalgamated Financial's traditional banking model by offering comparable services with potentially lower overheads, enhanced digital user experiences, and broader reach.

AI Analysis | Feedback

The addressable markets for Amalgamated Financial's main products and services in the United States are sized as follows:

Commercial Banking

The U.S. commercial banking market size is estimated at USD 732.5 billion in 2025 and is projected to reach USD 915.45 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.56%. Another estimate indicates the U.S. commercial banking market size at USD 765.53 billion in 2026, on track to hit USD 954.48 billion by 2031, growing at a 4.51% CAGR. A different source reports the market size of Commercial Banking in the US was USD 1.6 trillion in 2025.

Retail Banking

The United States retail banking market stands at USD 870 billion in 2025 and is projected to reach USD 1.08 trillion by 2030, growing at a CAGR of 4.22% during the forecast period. Another analysis valued the U.S. retail banking market at USD 1.28 trillion in 2025.

Investment Management

The United States asset management market, in terms of Assets Under Management (AUM), was valued at USD 52.08 trillion in 2024 and is expected to reach USD 134.67 trillion by 2030, with a CAGR of 17.22%. Similarly, the U.S. asset management market size is projected at USD 70.97 trillion in 2026 and is forecast to reach USD 125.98 trillion by 2031. In terms of revenue, the U.S. asset management market generated USD 115.6 billion in 2023 and is expected to reach USD 849.2 billion by 2030.

Trust and Custody Services

The custody and trust services market in the United States was valued at USD 6.29 billion in 2026 and is projected to reach USD 12.57 billion by 2035, growing at a CAGR of 8% from 2026 to 2035. The U.S. custodial and trust services industry has an estimated combined annual revenue of about USD 16 billion. Another source indicates the US had a custody service market size of USD 10.89 billion in 2024. The revenue for custody, asset, and securities businesses in the United States reached USD 45.7 billion in 2025.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Amalgamated Financial (AMAL) over the next 2-3 years:

  1. Growth in Loan Portfolios: Amalgamated Financial anticipates continued revenue growth from the expansion of its core loan portfolios, particularly in commercial and industrial (C&I) loans, multifamily mortgages, commercial real estate (CRE) loans, and Property Assessed Clean Energy (PACE) loans. The company has explicitly focused on expanding these "growth mode portfolios."
  2. Expansion of Deposit Base, driven by Political Deposits: A significant driver of future revenue is the consistent growth in the bank's deposit base, especially its unique strength in attracting political deposits. These deposits, particularly in advance of election cycles, provide a stable and often low-cost funding source, which can then be deployed into higher-yielding loans.
  3. Net Interest Income (NII) Growth and Net Interest Margin (NIM) Expansion: Amalgamated Financial projects net interest income growth of 10-11% for 2026, targeting $327-$331 million. This growth is expected to be fueled by a combination of increasing loan volumes and favorable net interest margin expansion, partly due to strategic management of funding costs.
  4. Strategic Expansion within Mission-Aligned Niches: The company's distinct business model, focusing on providing financial services to labor unions, progressive non-profit organizations, political campaigns, and mission-aligned businesses (such as climate and sustainability segments), is a key differentiator. Deepening penetration within this ideological community attracts loyal customers and drives both deposit and lending opportunities.
  5. Investment in Technology and Digital Transformation: Amalgamated Financial is increasing technology spending by approximately 18% to support future growth and enhance operational efficiency. This investment in a fully integrated digital modernization program is expected to improve productivity, provide more customized solutions for customers, and ultimately lead to additional revenue streams.

AI Analysis | Feedback

Share Repurchases
  • On March 10, 2025, Amalgamated Financial's Board of Directors approved a new authorization for the repurchase of up to $40 million of its Class A common stock. This new authorization replaced a prior program that had approximately $18.7 million remaining as of December 31, 2024.
  • In the fourth quarter of 2025, the company repurchased approximately 309,000 shares, with $11.2 million in remaining capacity under the share repurchase program approved on March 10, 2025.
  • In the third quarter of 2025, Amalgamated Financial repurchased $10.66 million in shares.
Share Issuance
  • Over the past year (from approximately Q4 2024 to Q3 2025), share buybacks reduced the number of shares outstanding from 31 million to 30 million.
  • On March 6, 2026, the President & CEO received an award of 19,262 restricted stock units as part of compensation, with units representing a contingent right to receive shares of AMAL common stock.
Outbound Investments
  • On February 25, 2022, Amalgamated Financial Corp. withdrew its application to acquire Amalgamated Bank of Chicago due to an inability to obtain regulatory approval, thus discontinuing a planned acquisition.
  • On January 14, 2026, Amalgamated Bank provided a five-million-dollar loan to Finanta, a community development financial institution, to expand access to capital for affordable housing, healthy food providers, community development projects, and childcare and education providers.
  • As of January 22, 2026, Amalgamated had discontinued further investment in solar tax-equity investments, with the existing portfolio expected to provide declining benefits through 2026.
Capital Expenditures
  • In the third quarter of 2025, capital expenditures were minimal at $1.19 million, which is typical for a financial institution.
  • For 2026, the company plans to increase technology spending by approximately 18% to support business growth and scaling.

Peer Outperformance in Regional Banks

AMAL has outperformed 98% of its 262 Regional Banks peers over 5Y. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
Share of Regional Banks constituents that AMAL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
98%
of 281 industry peers · 79.4% return
3Y
94%
of 273 industry peers · 167.6% return
5Y
98%
of 262 industry peers · 188.6% return
No Regional Banks peer with a comparable growth profile has beaten AMAL by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is AMAL's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
Regional Banks ← 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
Asset Management & Custody Banks 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

AMALASBFRMEIBCPTOWNBYMedian
NameAmalgama.Associat.First Me.Independ.Towne Ba.Byline B. 
Mkt Price49.4030.5441.0636.3336.6238.0637.34
Mkt Cap1.55.72.60.83.41.72.1
Rev LTM3781,681724243945457591
Op Inc LTM-------
FCF LTM14085230644-162162
FCF 3Y Avg12560128055-149149
CFO LTM16689030656-165166
CFO 3Y Avg13564428064-153153

Growth & Margins

AMALASBFRMEIBCPTOWNBYMedian
NameAmalgama.Associat.First Me.Independ.Towne Ba.Byline B. 
Rev Chg LTM16.6%45.8%11.8%9.4%27.6%9.9%14.2%
Rev Chg 3Y Avg9.9%11.3%3.0%6.2%10.4%9.8%9.9%
Rev Chg Q19.4%20.1%19.8%23.6%24.3%6.6%20.0%
QoQ Delta Rev Chg LTM4.6%4.8%4.8%5.7%5.6%1.6%4.8%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM43.9%53.0%42.2%23.2%-36.0%42.2%
CFO/Rev 3Y Avg39.6%48.5%42.1%29.1%-35.9%39.6%
FCF/Rev LTM37.2%50.7%42.2%18.0%-35.5%37.2%
FCF/Rev 3Y Avg36.9%45.0%42.1%25.1%-35.0%36.9%

Valuation

AMALASBFRMEIBCPTOWNBYMedian
NameAmalgama.Associat.First Me.Independ.Towne Ba.Byline B. 
Mkt Cap1.55.72.60.83.41.72.1
P/S3.93.43.53.33.63.73.6
P/Op Inc-------
P/EBIT-------
P/E12.010.812.911.216.311.411.7
P/CFO8.96.48.414.3-10.38.9
Total Yield9.7%12.2%11.3%11.8%8.0%10.0%10.6%
Dividend Yield1.3%3.0%3.5%2.9%1.9%1.2%2.4%
FCF Yield 3Y Avg12.1%13.7%12.4%8.0%-11.2%12.1%
D/E0.10.80.40.10.10.30.2
Net D/E-0.5-0.60.1-0.5-0.4-0.6-0.5

Returns

AMALASBFRMEIBCPTOWNBYMedian
NameAmalgama.Associat.First Me.Independ.Towne Ba.Byline B. 
1M Rtn4.0%5.7%3.5%2.3%3.4%2.3%3.5%
3M Rtn-1.2%-1.2%-3.2%-4.9%-2.2%-2.8%-2.5%
6M Rtn18.6%9.0%3.2%8.6%6.8%14.9%8.8%
12M Rtn79.6%24.5%18.0%21.6%17.7%42.2%23.0%
3Y Rtn167.8%96.3%56.0%88.3%60.2%97.0%92.3%
1M Excs Rtn7.7%8.9%6.0%4.4%6.1%5.9%6.0%
3M Excs Rtn0.4%-0.7%-1.8%-2.9%-0.6%-0.8%-0.7%
6M Excs Rtn13.9%4.3%-1.6%3.8%2.0%10.1%4.0%
12M Excs Rtn70.4%12.7%5.9%10.3%4.8%30.1%11.5%
3Y Excs Rtn102.9%27.9%-14.9%19.8%-11.6%27.3%23.6%

Comparison Analyses

null

FDIC Bank Data

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Banking operations330316286267203
Total330316286267203


Price Behavior

Price Behavior
Market Price$49.36 
Market Cap ($ Bil)1.5 
First Trading Date08/09/2018 
Distance from 52W High-3.7% 
   50 Days200 Days
DMA Price$48.07$43.89
DMA Trendindeterminateup
Distance from DMA2.7%12.5%
 3M1YR
Volatility21.8%27.2%
Downside Capture34.6244.44
Upside Capture51.10113.17
Correlation (S&P 500)22.0%31.3%
AMAL Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.040.440.390.290.650.88
Up Beta-1.680.410.520.010.470.86
Down Beta0.090.150.21-0.070.250.86
Up Capture47%70%42%66%126%104%
Bmk +ve Days12182862130427
Stock +ve Days13233268138381
Down Capture-35%33%39%28%59%93%
Bmk -ve Days10253664121325
Stock -ve Days9203258113365

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AMAL
AMAL84.3%27.2%2.21-
Sector ETF (XLF)11.1%15.2%0.4752.9%
Equity (SPY)9.5%13.6%0.4132.6%
Gold (GLD)3.6%28.7%0.119.5%
Commodities (DBC)37.7%21.2%1.40-22.4%
Real Estate (VNQ)12.0%14.2%0.5536.3%
Bitcoin (BTCUSD)-20.8%43.3%-0.4212.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AMAL
AMAL23.4%33.3%0.68-
Sector ETF (XLF)9.1%18.4%0.3653.0%
Equity (SPY)11.3%17.3%0.4837.3%
Gold (GLD)17.5%19.1%0.740.4%
Commodities (DBC)8.0%19.6%0.295.0%
Real Estate (VNQ)1.2%18.9%-0.0533.3%
Bitcoin (BTCUSD)5.9%51.5%0.2917.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AMAL
AMAL13.3%39.3%0.51-
Sector ETF (XLF)13.3%22.1%0.5456.4%
Equity (SPY)14.9%18.0%0.7042.1%
Gold (GLD)12.0%16.5%0.59-4.5%
Commodities (DBC)7.6%18.1%0.3313.6%
Real Estate (VNQ)5.7%20.7%0.2341.1%
Bitcoin (BTCUSD)61.3%66.2%1.0114.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity1.7 Mil
Short Interest: % Change Since 930202620.7%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest8.1 days
Basic Shares Quantity29.9 Mil
Short % of Basic Shares5.7%

Earnings Returns History

Updated 11/1/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/22/20265.2%6.9% 
7/23/20263.6%4.9%4.4%
4/23/2026-4.6%-4.6%-1.8%
1/22/2026-1.1%1.6%1.0%
10/23/20252.9%2.2%4.8%
7/24/2025-8.2%-11.8%-14.2%
4/24/2025-1.4%0.2%5.9%
1/23/20251.5%-1.9%-7.7%
...
SUMMARY STATS   
# Positive111211
# Negative111010
Median Positive3.6%4.6%5.1%
Median Negative-1.8%-3.3%-6.1%
Max Positive5.2%16.0%33.5%
Max Negative-8.2%-11.8%-14.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/22/20265.2%6.9% 
7/23/20263.6%4.9%4.4%
4/23/2026-4.6%-4.6%-1.8%
1/22/2026-1.1%1.6%1.0%
10/23/20252.9%2.2%4.8%
7/24/2025-8.2%-11.8%-14.2%
4/24/2025-1.4%0.2%5.9%
1/23/20251.5%-1.9%-7.7%
10/24/2024-1.3%-1.4%6.4%
7/25/2024-1.8%-0.2%-2.2%
4/25/2024-0.4%3.8%5.1%
1/25/20242.6%1.7%-7.7%
10/26/20233.8%16.0%33.5%
7/27/2023-7.0%-5.0%-13.5%
4/27/20230.2%-9.0%-11.0%
1/26/2023-5.3%-3.6%-1.8%
10/27/20224.1%9.3%15.4%
7/28/20223.6%7.9%4.7%
4/28/20224.9%12.8%12.9%
1/27/2022-4.1%-2.6%1.5%
10/28/20215.2%4.3%-4.5%
7/29/2021-0.5%-2.9%-1.4%
SUMMARY STATS   
# Positive111211
# Negative111010
Median Positive3.6%4.6%5.1%
Median Negative-1.8%-3.3%-6.1%
Max Positive5.2%16.0%33.5%
Max Negative-8.2%-11.8%-14.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/03/202610-Q
06/30/202608/04/202610-Q
03/31/202605/05/202610-Q
12/31/202503/05/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202403/06/202510-K
09/30/202411/05/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202303/07/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/09/202310-Q
12/31/202203/09/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/03/202610-Q
06/30/202608/04/202610-Q
03/31/202605/05/202610-Q
12/31/202503/05/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202403/06/202510-K
09/30/202411/05/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202303/07/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/09/202310-Q
12/31/202203/09/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202103/11/202210-K
09/30/202111/09/202110-Q
06/30/202108/06/202110-Q
03/31/202105/05/202110-Q
12/31/202003/15/202110-K
09/30/202011/06/202010-Q

Insider Activity

Updated 11/6/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Western, States Regional Joint Board, Workers UnitedDirectSell1106202650.8692,8094,720,656343,201,456Form
2Western, States Regional Joint Board, Workers UnitedDirectSell1103202650.0216,000800,262342,122,976Form
3Workers, UnitedDirectSell1103202650.0216,000800,262342,122,976Form
4Western, States Regional Joint Board, Workers UnitedDirectSell1103202650.8130,0001,524,405348,388,328Form
5Workers, UnitedDirectSell1103202650.8130,0001,524,405348,388,328Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Western, States Regional Joint Board, Workers UnitedDirectSell1106202650.8692,8094,720,656343,201,456Form
2Western, States Regional Joint Board, Workers UnitedDirectSell1103202650.0216,000800,262342,122,976Form
3Workers, UnitedDirectSell1103202650.0216,000800,262342,122,976Form
4Western, States Regional Joint Board, Workers UnitedDirectSell1103202650.8130,0001,524,405348,388,328Form
5Workers, UnitedDirectSell1103202650.8130,0001,524,405348,388,328Form
6Western, States Regional Joint Board, Workers UnitedDirectSell1103202649.9730,0001,499,073344,098,012Form
7Workers, UnitedDirectSell1103202649.9730,0001,499,073344,098,012Form
8Brown, Sam DSEVP, Chief Banking OfficerDirectSell1005202646.531486,8861,197,029Form
9Searby, SeanEVP Chief Info. & Ops. OfficerDirectSell917202647.753,314158,231833,935Form
10Western, States Regional Joint Board, Workers UnitedDirectSell915202647.6982,4123,930,006329,343,512Form
11Western, States Regional Joint Board, Workers UnitedDirectSell915202647.92145,8726,990,62317,876,332Form
12Workers, UnitedDirectSell915202647.6982,4123,930,006329,343,512Form
13Workers, UnitedDirectSell915202647.92145,8726,990,62317,876,332Form
14Western, States Regional Joint Board, Workers UnitedDirectSell915202647.88234,12811,210,29619,131,690Form
15Workers, UnitedDirectSell915202647.88234,12811,210,29619,131,690Form
16Darby, JasonSenior Executive VP and CFODirectSell911202648.1019,995961,8272,590,411Form
17Romney, Edgar JRChief Strategy & Admin OfficerDirectSell911202647.465,992284,3641,062,693Form
18Western, States Regional Joint Board, Workers UnitedDirectSell911202647.9179,6493,816,1595,707,922Form
19Workers, UnitedDirectSell911202647.9179,6493,816,1595,707,922Form
20Brown, Sam DSEVP, Chief Banking OfficerDirectSell910202647.6173534,9931,231,862Form
21Tenner, MandyEVP, Chief Legal OfficerDirectSell910202648.732,920142,298753,980Form
22Brown, Sam DSEVP, Chief Banking OfficerDirectSell910202648.4230,0001,452,5911,288,398Form
23Western, States Regional Joint Board, Workers UnitedDirectSell908202648.5642,9102,083,6899,652,756Form
24Workers, UnitedDirectSell908202648.5642,9102,083,6899,652,756Form
25Western, States Regional Joint Board, Workers UnitedDirectSell908202649.2068,7833,383,94511,250,164Form
26Workers, UnitedDirectSell908202649.2068,7833,383,94511,250,164Form
27Western, States Regional Joint Board, Workers UnitedDirectSell908202649.4344,6582,207,47213,567,462Form
28Workers, UnitedDirectSell908202649.4344,6582,207,47213,567,462Form
29Darby, JasonSenior Executive VP and CFODirectSell903202648.201663,559,372Form
30Brown, Sam DSEVP, Chief Banking OfficerDirectSell90320260.004  Form
31Western, States Regional Joint Board, Workers UnitedDirectSell902202648.1944,2442,132,079336,780,461Form
32Workers, UnitedDirectSell902202648.1944,2442,132,079336,780,461Form
33Western, States Regional Joint Board, Workers UnitedDirectSell902202647.2815,000709,264332,549,107Form
34Workers, UnitedDirectSell902202647.2815,000709,264332,549,107Form
35Western, States Regional Joint Board, Workers UnitedDirectSell902202648.1273,5353,538,460339,144,132Form
36Workers, UnitedDirectSell902202648.1273,5353,538,460339,144,132Form
37Mark, Finser DirectSell811202649.8580039,880968,735Form
38Wells, Royce A DirectSell805202650.0078739,350134,700Form
39Bruce, Maryann DirectSell803202649.552,138105,943882,227Form
40Darby, JasonSenior Executive VP and CFODirectSell615202643.303,000129,8953,435,416Form
41Bruce, Maryann DirectSell611202641.392,08986,464825,399Form
42Veluswamy, LeslieEVP & Chief Accounting OfficerDirectSell611202643.512,500108,783618,542Form
43Tenner, MandyEVP, Chief Legal OfficerDirectSell409202640.0274729,895788,642Form
44Searby, SeanEVP Chief Info. & Ops. OfficerDirectSell409202640.0274829,935892,737Form
45Searby, SeanEVP Chief Info. & Ops. OfficerDirectSell403202639.424,948195,048908,829Form
46Tenner, MandyEVP, Chief Legal OfficerDirectSell312202637.8877629,395786,055Form
47Graham, TyroneEVP, Chief HR OfficerDirectSell306202638.8850119,479604,139Form
48Tenner, MandyEVP, Chief Legal OfficerDirectSell227202638.502,02978,113734,680Form
49Tenner, MandyEVP, Chief Legal OfficerDirectSell224202638.6360723,448815,577Form
50Graham, TyroneEVP, Chief HR OfficerDirectSell223202639.912,28591,194536,499Form
51Tenner, MandyEVP, Chief Legal OfficerDirectSell223202640.441,36054,998878,338Form
52Brown, Sam DSEVP, Chief Banking OfficerDirectSell122202635.505,151182,8601,889,750Form
53Tenner, MandyEVP, Chief Legal OfficerDirectSell1114202527.763,42595,078578,689Form
54Fox, Lynne PDirectSell1103202527.348,949244,624608,923Form
55Kelly, Julie DirectSell1103202527.346,697183,107458,327Form
56Romney, Edgar DirectSell1103202527.346,697183,112458,341Form
57Fox, Lynne PDirectSell1103202527.493008,247602,416Form
Core Cache Last Updated: 11/5/2026