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…
Earnings analysis · 10-Q
AMAL earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.15
What stood out
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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.
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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%.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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%.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.