Amalgamated Financial Corp. (NASDAQ: AMAL) posts record profit as deposits rise

Posted by Amy Steele on Oct 22nd, 2026

What happened

Amalgamated Financial Corp. (NASDAQ: AMAL) reported record third-quarter 2026 net income and operating revenue on October 22, 2026. Net income was $36.4 million, or $1.20 per diluted share. Operating revenue was $101.7 million, or $3.36 per diluted share. Record core net income was $34.6 million, or $1.14 per diluted share.

Net interest income also hit a record $87.9 million, up $1.9 million from the prior quarter. On-balance sheet deposits rose $256.0 million, or 3.0%, to $8.7 billion. Non-interest-bearing deposits were 42% of total deposits. Average deposit cost was 146 basis points, unchanged from the prior quarter.

Off-balance sheet deposits were $1.1 billion. Cash, borrowing capacity and unpledged securities totaled $5.0 billion, or 98% of total uninsured deposits. Priscilla Sims Brown, president and chief executive officer, said the quarter showed earnings power supported by multiple strengths across the bank.

Key numbers

Metric	Latest	Change	Source
Net income	$36.4 million	from $26.8 million, +36.0%	SEC 8-K earnings release
Operating revenue	$101.7 million		SEC 8-K earnings release
Net interest income	$87.9 million	from $76.4 million, +15.0%	SEC 8-K earnings release
On-balance sheet deposits	$8.7 billion	from $7.9 billion, +9.6%	SEC 8-K earnings release
Net loans receivable	$5.1 billion	from $4.7 billion, +8.4%	SEC 8-K earnings release
PACE assessments	$1.4 billion	from $1.2 billion, +11.8%	SEC 8-K earnings release

Why it matters

OptimistFi's case is that AMAL works if its public-benefit, mission-aligned banking franchise proves to be a real funding and relationship advantage. This quarter supports that view. Net income rose 36.0% from $26.8 million a year earlier, and loan interest income increased $1.4 million as average loan balances rose $57.2 million.

Net commercial loans grew $93.5 million, or 2.6%, to $3.7 billion. PACE assessments grew $53.0 million, or 4.0%, to $1.4 billion. Total assets reached $9.7 billion. Tangible book value per share was $27.54, and capital ratios stayed above 14% for CET1.

The company also repurchased about 137,000 shares and had $33.5 million left under its repurchase program. But the quarter was not clean. Net interest margin slipped 1 basis point to 3.77%, nonperforming assets rose to $105.0 million, and criticized or classified loans increased $7.4 million. That keeps the read mixed.

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What's next

The company was scheduled to discuss third-quarter 2026 results on a conference call at 11:00 am Eastern Time on October 22, 2026. A telephonic replay will be available until October 29, 2026.

Management comments on deposit growth, commercial loan originations, PACE balances, margin and credit trends will matter next. Steady updates would support the case. Weaker comments on margin or credit would hurt it.