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what it is
Amalgamated runs a commercial bank, trust business, and asset-management platform for mission-driven clients.
how it gets paid
Last year Amal made $422M in revenue. net interest income was the main engine at $250M, or 59% of sales.
why it's growing
Revenue grew 5.2% last year. Latest-quarter revenue rose 187% vs. prior year to $314 million.
what just happened
AMAL posted quarterly EPS of $2.53 on $314 million of revenue, but the bigger story is that annual EPS already hit $3.44 in 2024.
At a glance
B+ balance sheet — decent shape, but not bulletproof
12.3x trailing p/e — the market's not buying it — or you found a deal
$3.42 fy2025 eps est
$3M fy2024 rev est
n/a operating margin
xvary composite: 64/100 — average
What they do
Amalgamated runs a commercial bank, trust business, and asset-management platform for mission-driven clients.
The moat is funding discipline. AMAL had $7.9 billion in deposits versus $4.9 billion in loans as of December 31, 2025. Deposits → customer cash parked at the bank → so what: you get cheap funding, and your bank does not need to beg markets for money.
How they make money
$422M
annual revenue · their business grew +5.2% last year
net interest income
$250M
trust and custody fees
$76M
asset management fees
$33M
service charges and deposit fees
$21M
other banking revenue
$42M
The products that matter
lending spread income
net interest income
$340M · 80.6% of revenue
it's the main earnings engine. $340M of net interest income means more than four-fifths of revenue still comes from the gap between what the bank earns and what it pays for funding.
core engine
fees and advisory revenue
non-interest income
$82M · 19.4% of revenue
this $82M stream gives you some diversification, but not enough to change the story. management's strategy materials point to $16.6B in assets under management, yet the bank still lives or dies on spread income.
diversifier
relationship funding base
mission-aligned deposits
$7.75B deposit base
this is the asset behind the asset. if that $7.75B stays sticky, funding stays cheaper and the bank keeps its niche economics. if it doesn't, the whole valuation argument gets simpler and worse.
the moat
Key numbers
$55.2B
client assets
That is $38.6 billion in custody plus $16.6 billion in AUM. Plain English: AMAL touches a lot more client money than its $1 billion market cap implies.
12.3x
trailing p/e
P/E → price-to-earnings ratio → so what: you are paying 12.3 times trailing profit for a bank that earned $3.44 a share in 2024.
$64M
long-term debt
That is just 5% of capital. Plain English: AMAL is lightly levered for a bank, which gives you less balance-sheet drama if credit conditions worsen.
$7.9B
total deposits
Deposits exceeded loans by $3.0 billion at year-end 2025. That gap is your cushion.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 50 / 100
- long-term debt $64M (5% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for AMAL right now.
source: institutional data · return history unavailable
What just happened
beat estimates
AMAL posted quarterly EPS of $2.53 on $314 million of revenue, but the bigger story is that annual EPS already hit $3.44 in 2024.
Latest-quarter revenue rose 187% vs. prior year to $314 million, and EPS rose 188% to $2.53, based on SEC filing data. Quarterly EPS history also shows a steadier trend underneath the spike: $0.88, $0.87, $0.90, and $0.79 in 2024 for a $3.44 full year.
$314M
revenue
$2.53
eps
+187%
revenue growth
the number that mattered
$7.9 billion of deposits matters more than the quarter's headline spike, because cheap funding is what keeps a bank's earnings durable.
source: company earnings report, 2026
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What could go wrong
the top risk is deposit pressure inside a concentrated mission-driven client base.
high
client and deposit concentration
the $7.75B deposit base is the franchise. it is also the dependency. a niche client base can stay loyal for years, then become a problem if one pocket of that community starts moving cash elsewhere at the same time.
funding pressure would hit the engine that generates $340M of net interest income, which is 80.6% of revenue.
med
interest margin compression
this is still a spread business. when deposit costs rise or loan yields stop keeping up, earnings feel it fast. fee income at $82M helps, but it does not carry the story.
because about 81% of revenue comes from net interest income, even a modest squeeze matters more here than it would at a fee-heavy bank.
med
estimate drift in a thinly covered stock
FY2025 EPS expectations already moved from $3.65 to $3.42. with only 2 analysts covering the stock, there is less public sponsorship and fewer published targets to reset sentiment gradually.
if estimates fall again, the stock can reprice before the coverage base catches up.
about 80.6% of revenue comes from net interest income, so deposit outflows or a margin squeeze would hit the main earnings engine directly.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
expected april 23, 2026. watch net interest margin, deposit growth, and whether the Q4 beat had follow-through.
metric
deposit base stability
$7.75B in deposits is the whole setup. if that number slips, the moat argument weakens before earnings do.
risk
estimate revisions
FY2025 EPS already moved from $3.65 to $3.42. one more cut would hit a stock with only 2 analysts harder than most.
trend
capital return pace
the bank bought back $8.7M in Q4 and kept the dividend at $0.14. if repurchases fade while estimates soften, management is sending a different signal.
Analyst rankings
consensus
hold
2 analysts. price target $33.50. in human-speak, the coverage that exists thinks the stock has already priced in most of the good news.
source: institutional data
Institutional activity
institutional ownership data for AMAL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$42
current price
n/a
target midpoint · n/a from current
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