Amalgamated Financial Q1 FY26 net income rises 0.8% to $25.2 million

Amalgamated Financial Corp

Amalgamated Financial Corp

AMAL

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  • Amalgamated Financial posted net income of USD 25.2 million, or USD 0.84 per diluted share, for quarter ended March 31, 2026, versus USD 25 million, or USD 0.81 per diluted share, a year earlier.
  • Net interest income rose 13.6% to USD 80.2 million, as net interest margin widened 20 basis points to 3.75%.
  • Provision for credit losses climbed to USD 13.5 million from USD 0.6 million, driven by a USD 9.2 million increase in specific reserves on USD 78 million of multifamily loans to a single borrower after the borrower indicated an expected default.
  • Non-interest income more than doubled to USD 13.3 million, led by a USD 3.8 million increase in service charges on deposit accounts tied to higher IntraFi ICS One-Way Sell income.
  • Total deposits increased to USD 8.18 billion at March 31, 2026 from USD 7.95 billion at Dec. 31, while nonperforming assets rose to USD 98.9 million, or 1.08% of total assets, on a USD 71.5 million jump in multifamily nonaccrual loans to a single borrower.


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