Q2 2026 Amalgamated Financial Corp Earnings Call Transcript
Key Points
- Amalgamated Financial Corp (AMAL) reported record net income of $34.8 million and core net income of $33.1 million, showcasing strong profitability.
- The company's return on average assets exceeded 1.4%, and return on tangible common equity surpassed 16%, indicating robust financial performance.
- On-balance sheet deposits increased by $280 million, reaching a record $8.5 billion, highlighting the strength of their deposit-gathering franchise.
- Total loans grew by approximately $115 million, with commercial lending increasing by $155 million, demonstrating effective asset optimization.
- Amalgamated Financial Corp (AMAL) raised its full-year 2026 guidance, reflecting confidence in continued growth and earnings potential.
- There may be potential margin compression in the fourth quarter due to mixed shifts in deposits and political deposit outflows.
- Expenses are expected to increase in Q3 and Q4, with a target of $49 million per quarter, impacting overall cost management.
- The company anticipates modest growth in average balance sheet size, with potential volatility due to election cycle deposit outflows.
- Non-accrual recovery had a limited impact on the margin, indicating reliance on external factors for margin improvement.
- The company is preparing for potential challenges related to scaling and technology investments, which may affect short-term financials.
Thank you. Good morning, ladies and gentlemen, and welcome to the Amalgamated Financial Corporation second quarter 2026 earnings conference call. (Operator Instructions)
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.
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 look forward to your questions and try to limit repeating details you've already reviewed in the earnings materials, and I'll now turnover to Priscilla.
Good morning, everyone. This quarter showcases the power of the franchise we've built, the
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