Ina Narula
About Ina Narula
Ina Narula is Executive Vice President and Chief Risk Officer (CRO) at Amalgamated Financial Corp. (AMAL), serving since April 2023; she is 49 and a 20-year financial services veteran with deep risk management experience across regulatory and commercial institutions . She previously served as CRO in Supervision & Regulation at the Federal Reserve Bank of New York (2017–2023), and held risk roles at Deutsche Bank and American Express, with earlier audit/analysis roles at Procter & Gamble, Fifth Third Bank, and Federal Mogul; she holds a bachelor’s degree in business administration from the University of Delhi and is a certified public accountant . Company performance under the 2022–2024 PRSU cycle achieved top-tier outcomes: relative TSR above the 75th percentile (150% payout) and Adjusted Tangible Book Value growth of 14.27% (150% payout), indicating strong value creation against the peer group . Recent company net income rose year over year, which supports incentive plans tied to core earnings and long-term capital accretion .
Company Performance Snapshot
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Income ($USD) | $87,978,000 | $106,434,000 |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Federal Reserve Bank of New York | Chief Risk Officer, Supervision & Regulation | 2017–2023 | Strengthened supervisory risk management practices for NY State institutions |
| Deutsche Bank | Risk management positions | Not disclosed | Institutional risk management in global banking |
| American Express | Risk management positions | Not disclosed | Consumer/financial services risk expertise |
| Procter & Gamble | Audit/analysis positions | Not disclosed | Operational and analytical rigor |
| Fifth Third Bank | Audit/analysis positions | Not disclosed | Commercial banking analytics |
| Federal Mogul | Audit/analysis positions | Not disclosed | Industrial/operational analysis |
External Roles
- None disclosed .
Fixed Compensation
- Not disclosed for Ms. Narula in the NEO Summary Compensation Table; AMAL’s program emphasizes competitive fixed pay and role scope, with broader workforce investment via the Total Compensation Strategy .
Performance Compensation
| Plan | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Incentive Plan (AIP) | Core Earnings (non-GAAP) | 40% | Company-set target (see definition) | Not disclosed for CRO | Not disclosed for CRO | Annual cash based on performance |
| Annual Incentive Plan (AIP) | Adjusted Core Efficiency Ratio | 20% | Company-set target (see definition) | Not disclosed for CRO | Not disclosed for CRO | Annual cash based on performance |
| Annual Incentive Plan (AIP) | Growth of Non-Time Deposits | 20% | Company-set target | Not disclosed for CRO | Not disclosed for CRO | Annual cash based on performance |
| Annual Incentive Plan (AIP) | Nonperforming Assets / Total Assets | 20% | Company-set target | Not disclosed for CRO | Not disclosed for CRO | Annual cash based on performance |
| Long-Term Incentive Plan (LTIP) 2022–2024 PRSUs | Relative TSR vs. 2022 peer group | 50% | Target = 50th percentile | >75th percentile | 150% of target | Earned awards approved Feb 2025; PRSUs vest per program |
| Long-Term Incentive Plan (LTIP) 2022–2024 PRSUs | Adjusted TBV growth | 50% | Target = 10.25% | 14.27% | 150% of target | Earned awards approved Feb 2025; PRSUs vest per program |
| Long-Term Incentive Plan (LTIP) 2024–2027 PRSUs | Relative TSR vs. 2024 peer group | 50% | Threshold 25th; Target 50th; Max 75th percentile | Not yet measured | 50–150% schedule; capped at 100% if absolute TSR negative | Cliff vest in early 2027 after three-year measurement |
| Long-Term Incentive Plan (LTIP) 2024–2027 PRSUs | Adjusted TBV growth | 50% | Threshold 7.18%; Target 10.25%; Max 13.33% | Not yet measured | 50–150% schedule | Cliff vest in early 2027 |
| LTIP TRSUs | Time-vesting RSUs | N/A | N/A | N/A | N/A | Ratable over three years from grant; dividends accrue and pay on vest |
Notes:
- AIP definitions: “Core earnings” and “Adjusted core efficiency ratio” are defined in the proxy; metrics are designed to balance growth, efficiency, deposit franchise strength, and asset quality .
- Target compensation mix places significant “pay at risk” and equity alignment for senior executives .
Equity Ownership & Alignment
- Executive stock ownership guidelines: CEO 4× base salary; Senior EVPs 2×; other EVPs 1×; five-year compliance period from adoption (Oct 30, 2019) or role start; qualifying shares include net shares of unvested time-based RSUs and vested but unexercised options; excludes PSUs not yet earned .
- Prohibitions on hedging and pledging: no short sales, derivatives hedges, monetization strategies, margin accounts, or pledging of company securities .
- Clawback policy: mandatory recovery of incentive compensation upon restatement or misconduct compromising security/stability/operations/reputation; applies to three prior fiscal years; filed as exhibit to 10-K .
- Bonus Deferral Plan (adopted Mar 19, 2025): eligible executives may defer up to 100% of AIP bonus into DSUs; company matches 100% up to 35% of the deferred bonus in DSUs with vesting tied to age/years of service; DSUs credit dividend equivalents and settle in shares upon separation, change-of-control, or qualifying financial emergency .
Employment Terms
- Change-in-Control Plan (applies to CRO): upon involuntary termination without cause or resignation for good reason within 90 days prior to or 12 months following a change in control, benefits include accrued salary, pro-rated target bonus for the bonus period through the change-in-control date, and a lump-sum equal to 12 months’ base salary plus prior three-year average bonus; COBRA at active employee rates up to 12 months; full vesting of unvested pre-termination equity awards .
- Clawbacks, insider trading, and governance: AMAL enforces clawbacks, bans hedging/pledging, and maintains an Insider Trading Policy filed with its 10-K; Compensation Committee oversight includes risk assessment of incentives .
Performance & Track Record
- 2022–2024 PRSU outcomes: rTSR above 75th percentile versus peer group (1st out of 69 banks), earning 150% of target; Adjusted TBV growth 14.27%, earning 150% of target; earned PRSUs approved in Feb 2025 .
- Company net income grew from $87.98M in FY 2023 to $106.43M in FY 2024, supporting pay-for-performance linkage to core earnings and capital accretion frameworks .
- CRO remit: oversees all risk management practices to safeguard customers, investors, reputation, and assets; prior FRBNY role focused on safety and soundness supervision .
Compensation Structure Analysis
- Equity-heavy alignment: senior management equity via PRSUs and TRSUs with double-trigger change-in-control vesting and dividend accruals paid on vest promotes long-term alignment and retention .
- Metrics balance growth and risk: AIP ties to core earnings, efficiency, deposit growth, and nonperforming assets; LTIP ties equally to rTSR and Adjusted TBV growth, with explicit threshold/target/max and payout curves .
- Governance safeguards: clawbacks, Section 280G cutback (no excise tax gross-ups), hedging/pledging prohibitions, and Compensation Committee oversight reduce adverse incentive risk .
Investment Implications
- Retention risk appears moderate: CRO inclusion in the Change-in-Control Plan with full equity vesting on qualifying separation post-CoC, combined with multi-year TRSU and PRSU vesting, supports retention but could create event-driven selling pressure around vest dates or CoC outcomes .
- Alignment signals: strict bans on hedging/pledging and robust clawback increase alignment with shareholders, while DSU bonus deferral with matching encourages longer-term equity holding behavior among executives .
- Performance linkage: strong 2022–2024 PRSU results on rTSR and Adjusted TBV point to effective execution against long-term value creation metrics; continued AIP focus on core earnings and asset quality aligns CRO priorities with near-term profitability and risk management .