Amalgamated Financial Corp. (AMAL) Earnings
Amalgamated Financial Corp. is expected to report next earnings on October 22, 2026 (in NaN days), with a consensus EPS estimate of $1.10. AMAL has beaten EPS estimates in 7 of its last 11 reported quarters (average surprise -1.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 23, 2026 | $1.00 | $1.10 | +10.0% | $96M | +4.3% |
| Apr 23, 2026 | $0.95 | $0.80 | -15.8% | $91M | +1.8% |
| Mar 5, 2026 | — | $0.88 | — | $115M | — |
| Oct 23, 2025 | $0.88 | $0.91 | +3.4% | $85M | -1.5% |
| Jul 24, 2025 | $0.90 | $0.88 | -2.2% | $81M | -2.0% |
| Apr 24, 2025 | $0.88 | $0.88 | +0.0% | $79M | -3.7% |
| Jan 23, 2025 | $0.87 | $0.90 | +3.4% | $78M | +0.5% |
| Oct 24, 2024 | $0.83 | $0.91 | +9.6% | $82M | +1.8% |
| Jul 25, 2024 | $0.79 | $0.85 | +7.6% | $80M | +3.4% |
| Apr 25, 2024 | $0.74 | $0.83 | +12.2% | $76M | +0.4% |
| Jan 25, 2024 | $0.72 | $0.72 | +0.0% | $73M | +2.3% |
| Oct 26, 2023 | $0.70 | $0.76 | +8.6% | $70M | -0.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 23, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Overall Quarterly Performance & Strategy * Delivered record earnings and profitability, with scalable growth built on prior investments in balance sheet strength, deposit franchises, lending capabilities, technology infrastructure, and talent * Maintains strict capital, liquidity, and credit discipline alongside growth, highlighting the high quality and resilience of the firm's expansion * Core strategic focus remains on deposit-led balance sheet growth and asset optimization, converting low-cost deposit growth into higher-yielding assets to expand earnings power and operating leverage - Balance Sheet Highlights * Record on-balance sheet deposits driven by strong growth across political, labor, and social/philanthropy deposit segments, providing unique funding flexibility * Redeployed cash from runoff of lower-yielding non-growth loan portfolios into attractive higher-yielding commercial loans, PACE assessments, and securities * Overall credit portfolio performance remains stable, with provision expense normalizing after prior quarter reserve actions - Investment Priorities * Continues targeted investment in people, organizational modernization, AI-enabled business tools, and core technology infrastructure to support long-term efficient scalable growth
Guidance
- Full-year 2026 net interest income guidance was raised from a prior high-end target of $333 million to a new range of $338 to $340 million - Full-year 2026 core pre-tax pre-provision earnings guidance was raised from a prior high-end target of $185 million to a new range of $188 to $190 million - Net loan growth is expected to track closer to the upper end of the 1.5% to 2% sequential quarterly growth range for Q3 and Q4 2026, with momentum from prior investments supporting continued balance sheet expansion into 2027 - Total operating expenses are expected to hit approximately $49 million in each of Q3 and Q4 2026, pushing full-year 2026 total expenses to around $190 million - Average balance sheet growth will be flattish (less than 1% average growth) in the back half of 2026 ahead of expected political deposit outflows following the election cycle, with growth set to resume in 2027 - Management indicates normalized net interest margin could realistically reach ~4.1% over time as asset optimization continues
Segment performance
Amalgamated Financial Corporation does not break out separate product segment financial performance in this Q2 2026 earning call. Aggregate company results for the quarter are as follows: record net income of $34.8 million, core net income of $33.1 million, total revenue of approximately $98 million, revenue per share of $3.18, core efficiency ratio of 49.15%, return on average assets above 1.4%, return on tangible common equity above 16%. On-balance sheet deposits grew to a record $8.5 billion, an increase of $280 million (3.4%) quarter-over-quarter, with political deposits at $2.1 billion (up $212 million), social and philanthropy deposits at up $55 million, and off-balance sheet deposits totaling over $1 billion. Total loans increased $115 million, while growth-mode commercial lending increased $155 million (4.5%). $39 million in cash was generated from planned runoff of non-growth loan portfolios for redeployment, classified loan balances declined $9 million, and pass-rated loans represent approximately 97% of the total loan portfolio.
Risks & headwinds
- Management noted potential balance sheet and net interest income volatility in the second half of 2026 related to expected political deposit outflows around the upcoming U.S. election cycle, requiring disciplined balance sheet management to avoid excess leverage - There is uncertainty around the exact timing of political deposit outflows, which makes precise near-term balance sheet forecasting difficult - Management is actively managing a previously identified problematic multifamily lending relationship, though the firm states existing reserves appropriately cover current assessed risk for this exposure
Analyst Q&A
Q: Analyst Justin Crowley asked for details on recent loan growth trends, including the split between originations and payoffs, and expectations for coming quarters. /
A: Management noted that 155 million in growth-mode commercial lending growth was the core positive story this quarter, with 39 million in cash harvested from lower-yielding non-growth assets and redeployed into higher-yielding opportunities. The firm expects sequential quarterly net loan growth to hit the upper end of its 1.5% to 2% target range for Q3 and Q4, with momentum from prior investments supporting continued expansion into 2027. The firm is adding national origination experts to support continued growth across commercial lending, PACE, and securities.
Q: Crowley asked how management expects net interest margin to trend in the back half of 2026, and how the balance sheet will be managed around expected political deposit outflows. /
A: Management noted Q2 margin outperformance pulled forward some NII into the current quarter, with modest margin moderation expected in the second half. The firm targets 9.6 billion in total assets by early Q3, funded by off-balance sheet deposits, and will leave excess liquidity available to cover political deposit outflows. Average balance sheet size will be flattish (less than 1% growth) in H2 2026, with off-balance sheet deposits targeting near zero by year-end, and growth resuming in 2027.
Q: Crowley asked if recent elevated compensation and technology expenses will shift lower from current run rates, or if growth will continue from current levels. /
A: Management expects expenses to grow off current levels, targeting 49 million in expenses per quarter in Q3 and Q4. Q3 will see one-time costs related to moving to a new headquarters, while Q4 will see layered recurring expenses for technology infrastructure, risk/compliance, and compensation. Management emphasized it is investing for long-term scalability while maintaining operating discipline, with no unexpected unplanned cost growth.
Q: Analyst David Conrad asked for management's outlook for clean energy lending demand. /
A: Management noted that even with market changes, overall demand for clean energy financing continues to increase. Long-term industry fundamentals remain strong: large unmet demand for renewable generation capacity exists, and renewables and storage hold a cost advantage over gas power. The firm remains bullish on the segment, and will continue to focus on carefully underwriting assets with long-term contracted revenue from investment-grade counterparties.