Business Wire·Oct 22, 2026, 6:25 AM ET

Amalgamated Financial Corp. Reports Third Quarter 2026 Financial Results; Record Earnings and Profitability | 3.77% Margin

AMAL

Amalgamated Financial Corp. reported third quarter 2026 net income of $36.4 million ($1.20 per diluted share), an increase from $34.8 million in the prior quarter.
Core net income for the period was $34.6 million ($1.14 per diluted share), up from $33.1 million in the second quarter of 2026.
Total operating revenue reached a record $101.7 million, driven by net interest income growth of 2.2% to $87.9 million.
On-balance sheet deposits grew by 3.0% to $8.7 billion, while off-balance sheet deposits increased by nearly 8% to $1.1 billion.
Commercial loan balances increased by 2.6% to $3.7 billion, and PACE assessments grew by 4.0% to $1.4 billion.
Political deposits decreased by $76.5 million to $2.0 billion, reflecting typical election cycle trends.
Net interest margin decreased by 1 basis point to 3.77%, while the average cost of deposits remained flat at 146 basis points.
Provision for credit losses was $3.6 million, a decrease of $0.8 million compared to the previous quarter, driven by charge-offs and reserve increases on specific multifamily loans.
Non-interest expense increased by $1.6 million to $48.9 million, primarily due to higher occupancy costs from a new headquarters lease.
Tangible book value per share rose 0.2% to $27.54, with Tier 1 leverage at 9.31% and Common Equity Tier 1 at 14.40%.
The company repurchased approximately 137,000 shares during the quarter and paid a dividend of $0.17 per share.
Nonperforming assets increased by $2.3 million to $105.0 million, largely due to one multifamily loan placed on nonaccrual status.
Total assets expanded to $9.7 billion, though adjusted assets excluding temporary pension funding were $9.6 billion.
A conference call to discuss these results was scheduled for October 22, 2026, at 11:00 am Eastern Time.