Amalgamated Financial Corp. AMAL
Amalgamated Financial Corp., a Delaware public benefit corporation ("we" or the "Company"), was formed on August 25, 2020 to serve as the holding company for Amalgamated Bank (the "Bank") and is a bank holding company registered with the Board of Governors of the Federal Reserve under the Bank Holding Company Act of 1956, as amended. On March 1, 2021 (the "Effective Date"), the Company acquired all of the outstanding stock of Amalgamated Bank, a New York state-chartered commercial bank in a statutory share exchange transaction (the "Reorganization") effected under New York law and in accordance with the terms of a Plan of Acquisition dated September 4, 2020. Pursuant to the Reorganization, the Bank became the sole subsidiary of the Company, the Company became the holding company for the Bank and the stockholders of the Bank became stockholders of the Company.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $422.2M | $401.3M | $358.1M | $258.5M | $180.5M | $190.5M | $186.0M | $164.0M | — |
| Interest expense | $297.8M | $282.4M | $261.3M | $239.8M | $6.2M | $10.5M | $19.3M | $14.2M | — |
| Pre-tax income | $140.2M | $145.6M | $124.7M | $108.2M | $70.7M | $61.9M | $64.2M | $50.3M | — |
| Income tax | $35.7M | $39.2M | $36.8M | $26.7M | $17.8M | $15.8M | $17.0M | $5.7M | — |
| Net income | $104.5M | $106.4M | $88.0M | $81.5M | $52.9M | $46.2M | $47.2M | $44.7M | — |
| EPS, basic | 3.44 | 3.48 | 2.88 | 2.64 | 1.70 | 1.48 | 1.49 | 1.47 | — |
| EPS, diluted | 3.41 | 3.44 | 2.86 | 2.61 | 1.68 | 1.48 | 1.47 | 1.46 | — |
| Shares, diluted (wtd. avg.) | $30.6M | $30.9M | $30.8M | $31.2M | $31.5M | $31.2M | $32.2M | $30.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $291.2M | $60.7M | $90.6M | $63.5M | $330.5M | $38.8M | $122.5M | $80.8M | $116.5M |
| Property, plant and equipment | $4.7M | $6.4M | $7.8M | $9.9M | $11.7M | $13.0M | $17.8M | — | — |
| Goodwill | $12.9M | $12.9M | $12.9M | $12.9M | $12.9M | $12.9M | $12.9M | — | — |
| Other intangibles | $913.0K | $1.5M | $2.2M | $3.1M | $4.2M | $5.4M | — | — | — |
| Total assets | $8.87B | $8.26B | $7.97B | $7.84B | $7.08B | $5.98B | $5.33B | — | — |
| Long-term debt | — | — | — | — | — | $0 | $75.0M | — | — |
| Total liabilities | $8.08B | $7.55B | $7.39B | $7.33B | $6.51B | $5.44B | $4.83B | — | — |
| Retained earnings | $567.3M | $480.1M | $388.0M | $330.3M | $260.0M | $217.2M | $181.1M | — | — |
| Total equity | $794.5M | $707.7M | $585.4M | $509.0M | $563.9M | $535.8M | $490.5M | $439.4M | $344.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $135.8M | $124.1M | $117.2M | $147.3M | $70.5M | $65.8M | $83.5M | $31.0M | — |
| Depreciation and amortisation | $6.2M | $4.7M | $5.5M | $9.3M | $3.6M | $6.2M | $4.6M | $4.2M | — |
| Stock-based compensation | $6.9M | $5.5M | $4.7M | $2.7M | $1.8M | $2.4M | $2.4M | $920.0K | — |
| Capital expenditure | $1.4M | $1.8M | $1.5M | $1.7M | $2.4M | $1.6M | $753.0K | $1.4M | — |
| Investing cash flow | -$378.0M | -$315.9M | -$134.4M | -$1.20B | -$865.4M | -$755.1M | -$545.9M | -$258.3M | — |
| Financing cash flow | $472.7M | $162.1M | $44.2M | $788.2M | $1.09B | $605.6M | $504.1M | $191.7M | — |
| Dividends paid | $17.2M | $14.2M | $12.3M | $11.2M | $10.0M | $10.0M | $8.3M | $1.9M | — |
| Buybacks | $32.3M | $1.1M | $8.3M | $12.5M | $2.9M | $7.0M | $5.8M | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001823608-26-000098.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |