The raised FY2026 guidance (NII $341-342M, core PTPP $193-194M) with implied 14-17% YoY growth is the key catalyst. Monitor Q4 for continued commercial loan repricing and resolution of the $78M multifamily relationship — a charge-off or workout could pressure credit costs. The declining TCE ratio (8.44%) from AFS losses bears watching if rates continue to rise.
Price Chart
Executive Summary
Amalgamated Financial Corp. reported record Q3 2026 net income of $36.4M ($1.20 GAAP diluted EPS; $1.14 core diluted EPS), beating consensus EPS of $1.06 by 7.9%. Net interest income grew 2.2% QoQ to a record $87.9M, while deposits rose 3.0% and commercial loans grew 2.6%. The company raised full-year 2026 guidance for net interest income to $341-342M and core pre-tax pre-provision earnings to $193-194M, implying 14-15% and 16-17% YoY growth respectively, signaling sustained earnings momentum.
Key Financial Metrics
Key Facts
- Record GAAP net income of $36.4M ($1.20/diluted share) vs $34.8M ($1.15) in Q2 2026
- Core net income of $34.6M ($1.14/diluted share) beat consensus $1.06 by 7.9%
- Net interest income rose 2.2% QoQ to a record $87.9M; NIM was 3.77% (down 1bp QoQ)
- On-balance sheet deposits grew $256M (+3.0%) to $8.7B; commercial loans +2.6% QoQ
- Raised FY2026 guidance: NII $341-342M, core PTPP earnings $193-194M, core ROAA >1.30%, core ROTCE >15%
- Repurchased ~137K shares in Q3; $33.5M remaining under buyback program
- Nonperforming assets rose to $105.0M (1.08% of assets) from $102.7M; criticized loans increased to $159.5M
- TCE ratio declined to 8.44% from 8.74% due to AFS mark-to-market losses and asset growth
Financial Impact
Record quarterly net income of $36.4M; raised FY2026 NII guidance by ~$2M to $341-342M; core PTPP guidance raised to $193-194M (+16-17% YoY)
Risk Factors
- Nonperforming assets increased to $105.0M (1.08% of assets); criticized loans rose to $159.5M
- Post-quarter $3.8M DC multifamily loan resolved via discounted payoff resulting in $2.5M charge-off
- TCE ratio fell 30bps to 8.44% due to $28M AFS mark-to-market loss from rising long-term rates
- Political deposits declined $76.5M (-3.7%) in keeping with election cycle; could pressure low-cost funding
- Occupancy costs rose $1.2M due to double rent on new HQ; restoration/exit costs expected in Q4
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001823608-26-000212 |
| Document: a202609earningsdeckfinal.htm | 0001823608-26-000212 |
| Document: amal-20261022.htm | 0001823608-26-000212 |
| Document: 0001823608-26-000212-index-headers.html | 0001823608-26-000212 |
| Document: 0001823608-26-000212-index.html | 0001823608-26-000212 |
| Document: 0001823608-26-000212.txt | 0001823608-26-000212 |
| 8-K Data (Synthetic) | 0001823608-26-000212 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $50.31 | awaiting T+20 | — | $50.88 (+1.13%) |
Oct 20, 2026 6d ago | 8-K | $47.82 | awaiting T+20 | — | $50.88 (+6.40%) |
Sep 17, 2026 5w ago | Insider Cluster | $47.40 $47.13 | ▲ +0.57% | ▲ +0.77% | $50.88 (−7.34%) |
Sep 15, 2026 5w ago | Insider Cluster | $46.62 $46.52 | ▲ +0.21% | ▲ +2.28% | $50.88 (−9.14%) |
Sep 11, 2026 6w ago | Insider Cluster | $47.78 $46.88 | ▼ −1.88% | ▼ −4.15% | $50.88 (+6.49%) |
Sep 11, 2026 6w ago | Insider Cluster | $47.78 $46.88 | ▲ +1.88% | ▲ +4.15% | $50.88 (−6.49%) |
Sep 10, 2026 6w ago | Insider Cluster | $47.87 $46.58 | ▲ +2.69% | ▲ +4.56% | $50.88 (−6.29%) |
Sep 8, 2026 6w ago | Insider Cluster | $47.83 $46.63 | ▲ +2.51% | ▲ +4.45% | $50.88 (−6.38%) |
Sep 2, 2026 7w ago | Insider Cluster | $49.04 $48.19 | ▼ −1.73% | ▼ −0.55% | $50.88 (+3.75%) |
Sep 2, 2026 7w ago | Insider Cluster | $49.04 $48.19 | ▼ −1.73% | ▼ −0.55% | $50.88 (+3.75%) |
US Market Status
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