Business Wire·Jul 23, 2026, 6:25 AM ET

Amalgamated Financial Corp. Reports Second Quarter 2026 Financial Results; Record Profitability | Margin Rises to 3.78% | Guidance Raised

AMAL

Amalgamated Financial Corp. reported record second quarter 2026 net income of $34.8 million, or $1.15 per diluted share.
Core net income for the quarter reached $33.1 million, or $1.10 per diluted share.
Net revenue totaled $98.4 million, driven by a $5.9 million increase in net interest income.
On-balance sheet deposits grew by $280.3 million, or 3.4%, to reach $8.5 billion.
Political deposits increased by $211.9 million, or 11.4%, to $2.1 billion, surpassing the 2024 election cycle peak.
Net loans receivable increased by $114.9 million, or 2.3%, to $5.1 billion.
Net commercial loans grew by $155.1 million, or 4.5%, to $3.6 billion.
PACE assessments increased by $40.2 million, or 3.1%, to $1.3 billion.
Net interest margin expanded 3 basis points to 3.78%.
Provision for credit losses normalized to $4.4 million, down from $13.5 million in the prior quarter.
Tangible book value per share increased 3.3% to $27.47.
Common Equity Tier 1 ratio stood at 14.20% with a Tier 1 leverage ratio of 9.20%.
A new $40 million share repurchase program was approved on June 9, 2026.
The company paid a dividend of $5.2 million, equivalent to $0.17 per share.
Non-interest expense increased by $1.4 million to $47.3 million, primarily due to higher compensation costs.
Non-interest income decreased by $1.0 million to $12.3 million, partly due to lower solar tax equity income.
Nonperforming assets rose by $3.8 million to $102.7 million, driven by a multifamily loan placed on nonaccrual status.
The allowance for credit losses increased by $0.7 million to $68.9 million.
Total assets expanded to $9.4 billion, an increase of $240.6 million from the prior quarter.
Average cost of deposits remained flat at 146 basis points.