Amalgamated Financial Corporation Reports Strong Q1 2026 Earnings, Exceeds Expectations
Amalgamated Financial Corporation has reported a strong first quarter for 2026, with net revenue growth of 9.7% to $93.4 million.
The company's President and Chief Executive Officer, Priscilla Sims Brown, highlighted the strength of their balance sheet and purpose-driven model in her opening remarks during the quarterly earnings conference call.
Amalgamated Financial Corporation's deposit franchise performed exceptionally well, with broad-based growth across core segments. Political deposits increased by $133 million to $1.9 billion as the midterm elections approach, while the labor franchise generated $106 million of growth and not-for-profit deposits grew $115 million.
The company also saw strong loan growth, led by commercial real estate lending production, with net loans up approximately $66 million or 1.3%. Loans in their growth mode categories, including C&I, commercial real estate, and multifamily, grew $109 million or 3.3%.
PACE portfolio assessments also expanded, increasing by $15.8 million or 1.2% to approximately $1.3 billion.
A small provision of $9.2 million was taken in the quarter, tied to a single borrower multifamily relationship that moved to non-accrual during the period. However, this did not impact their overall performance outlook and only resulted in an earnings per share decrease of $0.23.
With solid core earnings of $0.80 per share delivered despite this provision, the company's momentum is expected to drive execution and delivery on revenue and earnings targets over the balance of the year.
According to Priscilla Sims Brown, their strategy focuses on being a mission-focused partner for customers who seek confidence that their capital is responsibly aligned with Amalgamated Financial Corporation. This focus has resonated nationally, enabling relationship-based banking and efficient growth within their model.
The company aims to expand thoughtfully and consolidate market share in core segments as they continue investing in people, infrastructure, and technology to support disciplined and profitable growth, including progressing past $10 billion in assets.
