Amalgamated Financial Corp (NAS:AMAL)

Q1 2026 Amalgamated Financial Corp Earnings Call Transcript

Apr 23, 2026 / 03:00PM GMT

Release Date Price: $40.37 (-4.59%)

Transcript 10-Q8-K

Key Points

Positve

Amalgamated Financial Corp (AMAL) reported a strong first quarter with net revenue growth of 9.7% to $93.4 million.
Net interest margin expanded by 9 basis points to 3.75%, indicating improved profitability.
The company saw significant growth in deposits, with political deposits increasing by $133 million and labor franchise deposits by $106 million.
Loan growth was solid, with net loans up approximately $66 million, driven by strong commercial real estate lending.
Amalgamated Financial Corp (AMAL) raised its net interest income target to $333 million and core pretax preprovision earnings target to $183 million for 2026, reflecting confidence in future performance.

Negative

The company took an additional $9.2 million provision tied to a single borrower multifamily relationship that moved to nonaccrual, impacting earnings per share by $0.23.
Nonperforming assets rose to $99.3 million or 1.08% of total assets, primarily due to issues with a single borrower.
Criticized and classified loans increased by $51.6 million, indicating potential credit quality concerns.
Net interest margin is expected to moderately decline in the second quarter due to balance sheet growth.
The company faces challenges in resolving the borrower issue, which may include foreclosure or note sales, potentially impacting future financial performance.

Operator

Good morning, ladies and gentlemen, and welcome to the Amalgamated Financial Corporation first-quarter 2026 earnings conference call. (Operator Instructions) A replay of the call and the accompanying slides are available on our Investor Relations website. Please review the forward-looking statements and non-GAAP disclosures on slide 2. As a reminder, this conference call is being recorded.

I would now like to turn the call over to Mr. Jason Darby, Chief Financial Officer. Please go ahead, sir.

Jason Darby

Amalgamated Financial Corp - Senior Executive Vice President, Chief Financial Officer

Thank you, operator, and good morning, everyone. We appreciate your participation in our earnings call. With me today is Priscilla Sims Brown, our President and Chief Executive Officer. Additionally, Sam Brown, our Chief Banking Officer, is here for the Q&A portion of today's call. We'll look forward to your questions and try to limit repeating details you've already reviewed in the earnings materials.

I'll now turn the call over to Priscilla.

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