Amalgamated Financial Corp. reported a net income of $25.2 million for the first quarter of 2026, reflecting a slight increase from $25.0 million in the same period last year. This translates to earnings per diluted share of $0.84, up from $0.81 in the prior year. The increase in profitability was primarily driven by an $8.6 million rise in interest and dividend income, alongside a $3.8 million increase in service charges on deposit accounts. However, these gains were partially offset by a significant increase in the provision for credit losses, which rose to $13.5 million from $0.6 million a year earlier, largely due to specific reserves established for multifamily loans.
Total assets for Amalgamated Financial Corp. reached $9.17 billion as of March 31, 2026, an increase from $8.87 billion at the end of 2025. The growth in assets was supported by a $353.5 million increase in securities and a $228.9 million rise in deposits, which totaled $8.18 billion. The company’s loan portfolio also saw a modest increase, with net loans receivable rising to $4.97 billion from $4.90 billion. The allowance for credit losses on loans increased to $68.2 million, representing 1.35% of total loans, compared to 1.16% at the end of the previous year.
In terms of operational developments, Amalgamated Financial Corp. continues to focus on its core commercial and retail banking services, with a strategic emphasis on commercial and industrial (C&I) loans, multifamily loans, and commercial real estate (CRE) lending. The multifamily loan portfolio grew by 8.1% to $1.78 billion, while C&I loans decreased by 3.1% to $1.29 billion. The company also reported a significant increase in non-interest income, which rose to $13.3 million from $6.4 million, driven by higher service charges and equity investment income.
Looking ahead, Amalgamated Financial Corp. remains committed to its mission-driven approach, focusing on socially responsible banking practices. The company is well-capitalized, meeting all regulatory capital requirements, and is positioned to leverage its strong deposit base and diversified funding sources to support future growth. The management anticipates continued challenges in the economic environment, particularly regarding credit quality, but remains optimistic about its strategic initiatives and market positioning.
About Amalgamated Financial Corp.
Amalgamated Financial Corp. is a bank holding company for Amalgamated Bank, a full-service commercial bank focused on socially responsible banking. It offers commercial and retail banking, lending, trust, custody, and investment management services primarily to mission-aligned clients such as labor unions, nonprofits, and impact businesses. Operating mainly in New York, Washington, D.C., San Francisco, and Boston, it emphasizes values-driven relationships, sustainable finance, and personalized service.
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