Amalgamated Financial continues to deliver strong balance sheet growth, outperforming the S&P 500 since my initial ‘buy' rating. AMAL's deposit base surged to $7.95B, driven by volatile political deposits, but uninsured deposits now comprise 58%, elevating risk. Valuation is less attractive than before, with a P/E of 10.5 and price-to-book multiples above most peers, yet asset quality remains robust.









