Sandler O'Neill started Amalgamated Bank with a Buy rating and $21 price target.

Q1 net interest margin expanded 5 basis points to 3.49% from 3.44% in 4Q23. Tangible book value per share increased $0.99, or 5.3%, to $19.73. Q1 provision for credit losses was $1.6M vs. $3.8M in 4Q23. Common Equity Tier 1 Capital ratio was 13.68%, Total Risk-Based Capital ratio was 16.35%, and Tier-1 Leverage Capital ratio was 8.29%, vs. 12.98%, 15.64% and 8.07%, respectively, as of December 31, 2023. CEO Priscilla Sims Brown commented, "Our first quarter results show Amalgamated as a banking industry leader and we proved once again that our unique and valuable business model is well positioned to thrive in varying economic conditions. This clearly separates Amalgamated from our peers and affirms my incredible optimism for the future."