• 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.

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.

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.

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.

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.

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.

Commercial Banking

Retail Banking

Investment Management

Trust and Custody Services

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.

• 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.

• 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.

• 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.

• 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.