AMAL earnings analysis
What we found in AMAL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Amalgamated Financial delivered strong year-over-year earnings growth in 2Q26: revenue reached $98.4 million, net income was $34.8 million, and diluted EPS rose to $1.15 from $0.84, supported by NII growth and a 23-basis-point NIM expansion. Deposit growth and commercial real estate lending momentum support the constructive operating trend, while capital and stated liquidity coverage remain strong. The principal offset is a significant deterioration in multifamily credit quality, centered on a $78.0 million single-borrower exposure that contributed to nonperforming assets rising to $102.7 million.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue and EPS rose sharply year over year
- Second-quarter revenue (net interest income plus non-interest income) was $98.4 million, up $17.4 million, or 21.5%, from $80.9 million in 2Q25. Diluted EPS increased to $1.15 from $0.84 and net income rose $8.8 million to $34.8 million.
- NII and net interest margin expanded
- Net interest income increased 18.1% to $86.1 million. Net interest margin expanded 23 basis points to 3.78%, as the average earning-asset yield rose 7 basis points to 5.14% and the cost of interest-bearing liabilities fell 18 basis points to 2.45%.
- Fee income provided incremental growth
- Non-interest income increased to $12.3 million from $8.0 million, led by a $3.0 million increase in deposit-account service charges and a $1.0 million reduction in losses on securities and other asset sales.
- Deposit-funded loan growth continued
- Balance-sheet growth was funded by deposits: total deposits rose $509.2 million to $8.46 billion from December 31, 2025, while net loans increased $180.4 million to $5.08 billion. Multifamily loans grew 13.2% to $1.86 billion and CRE loans grew 20.1% to $436.1 million.
- Liquidity coverage supports balance-sheet growth
- Liquidity remains substantial despite cash deployment into securities: immediately available funds were $4.26 billion, plus $571.0 million of unpledged securities available within two days, covering 100% of uninsured deposits.
- Capital ratios remain comfortably above minimums
- Capital remained well above regulatory thresholds: the Bank's CET1 ratio was 14.78% and total capital ratio was 15.96% at June 30, 2026, versus well-capitalized minimums of 6.50% and 10.00%, respectively.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Single-borrower multifamily default drove NPA increase
- Asset quality deteriorated materially: nonperforming assets rose $74.0 million to $102.7 million, or 1.09% of total assets, from $28.7 million, or 0.32%, at December 31, 2025. The increase principally reflects $78.0 million of multifamily loans to a single borrower that moved to nonaccrual after an expected default.
- Credit-loss provisioning and coverage pressure
- The allowance for credit losses rose $11.4 million to $68.9 million, yet coverage of nonaccrual loans declined to 67.50% from 207.78% at year-end as nonaccrual loans increased to $102.1 million. Six-month credit-loss provision was $17.9 million versus $5.5 million a year earlier.
- Lower cash and meaningful rate sensitivity
- Cash and equivalents fell $123.4 million, or 42.4%, to $167.8 million as strategic securities purchases increased; $1.49 billion of available-for-sale securities and $2.15 billion of mortgage loans were pledged. In the modeled -400 basis-point scenario, year-one NII declines $54.9 million, or 15.8%.
- No formal risk-factor update; uninsured deposits rose
- No material changes to the risk factors disclosed in the 2025 Form 10-K were reported. However, estimated uninsured deposits increased to $4.84 billion from $4.61 billion at December 31, 2025.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.15
What they said about what is next.
The 10-Q provides no explicit quantitative revenue or EPS outlook. Management states it intends to focus organic loan growth on C&I, multifamily and CRE lending; consumer solar is in runoff mode. The filing says available liquidity sources are adequate for current and reasonably foreseeable needs, but does not provide earnings guidance.
The filing reads better than the one before it.
What came before.
- 10-Q · May 5, 2026
- Amalgamated Financial Corp. reported Q1 2026 net revenue of $93.4M, a 25.2% increase from $74.6M in Q1 2025. Despite the revenue growth, diluted EPS fell to $0.84 from $0.81 year-on-year, largely due to a substantial…
- 10-K · March 5, 2026
- Amalgamated Financial positions itself as “America’s socially responsible bank,” targeting mission-aligned commercial and retail customers and emphasizing climate goals (a SBTi-validated net zero target and a 2030…
- 10-Q · August 5, 2025
- Amalgamated Financial reported total revenue of $80,934,000 for the quarter (net interest income $72,909,000 + non-interest income $8,025,000), up $2,484,000 (+3.2%) vs. the year-ago quarter. Net income was $25,989,000…
- 10-Q · May 6, 2025
- Amalgamated reported total revenue (net interest income plus non‑interest income) of $76,983,000 and net income of $25,028,000 for the quarter ended March 31, 2025, with diluted EPS of $0.81. The quarter showed strong…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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