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Amalgamated Financial Corp. (NASDAQ:AMAL), a $907 million market cap financial institution currently trading at an attractive P/E ratio of 8.5, has announced the adoption of a new Bonus Deferral And Deferred Stock Unit Program (Bonus Deferral Plan) for certain executives, as well as an amended employment agreement with its CEO, Priscilla Sims Brown. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics.
On March 19, 2025, the company’s Compensation Committee introduced the Bonus Deferral Plan, allowing eligible executives to defer up to 100% of their annual bonus in the form of deferred stock units (DSUs). These DSUs will convert to shares upon the executive’s separation from service, a change of control, or a qualifying financial emergency. Executives can choose to receive payouts in lump sums or installments over five years. This move comes as the company demonstrates solid financial performance, with revenue growing by 10.8% in the last twelve months.
The company promises to match 100% of any deferred bonus up to 35%, with additional DSUs credited to the participants’ accounts. However, while voluntary DSUs are fully vested immediately, matched DSUs are subject to vesting based on age and years of service. In the event of cash dividends, participants will receive additional DSUs as dividend equivalents.
Furthermore, on March 25, 2025, Amalgamated Financial Corp. entered into an Amended & Restated Employment Agreement with Priscilla Sims Brown, extending her term for thirty-six months, subject to renewal. Starting January 1, 2025, Ms. Brown’s base salary was set at $1,080,000, with eligibility for an annual bonus targeted at 80% of her base salary and equity-based incentive compensation with an aggregate potential value of $1,560,000.
In the event of termination, Ms. Brown is entitled to severance payments and benefits, including continuation of performance-based equity awards and COBRA health coverage premiums for 12 months. The agreement also includes confidentiality, non-competition, and non-solicitation clauses.
The details of the Bonus Deferral Plan and Ms. Brown’s Amended & Restated Employment Agreement are contained in the exhibits filed with the SEC, which provide the full terms and conditions of these arrangements. This disclosure is based on a press release statement.
In other recent news, Amalgamated Bank reported stronger-than-expected financial results for the fourth quarter of 2024, with earnings per share (EPS) reaching $0.90, surpassing the forecasted $0.78. The bank’s revenue also exceeded expectations, coming in at $77.89 million compared to the anticipated $76.92 million. Additionally, Amalgamated Financial Corp. announced a new $40 million share repurchase program, replacing the previous plan with $18.7 million remaining. This buyback initiative does not have an expiration date, offering flexibility for future repurchases. Analysts at Keefe, Bruyette & Woods maintained an Outperform rating on Amalgamated Bank, viewing the buyback as a positive move. Conversely, Piper Sandler downgraded the bank’s rating from Overweight to Neutral, citing concerns over recent policy changes and litigation under the Trump Administration. These developments have created a complex backdrop for Amalgamated Bank, known for its commitment to socially responsible banking. Investors are closely monitoring these factors, which could influence the bank’s operations and financial performance.
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