Barclays analyst Matthew Keating started Amalgamated Bank with an Overweight rating and $20 price target. The company is one of the few financial institutions focused on serving labor unions, advocacy-based non-profits, political organizations, and socially responsible businesses, Keating tells investors in a research note. The analyst looks for Amalgamated's "conservative" deposit-led growth strategy to allow it to allocate its excess liquidity to assets that maximize its returns.

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."