Amalgamated Financial Reports Record $36.4 Million Net Income as Deposits Reach $8.7 Billion

Amalgamated Financial Corp. reported record net income of $36.4 million, or $1.20 per diluted share, for the third quarter of 2026, up $1.6 million from the prior quarter. The holding company for Amalgamated Bank said deposits grew 3.0% to $8.7 billion, according to Business Wire.

Amalgamated Bank's Record Quarter in Detail

Amalgamated Financial is the holding company for Amalgamated Bank, a New York-based commercial bank and chartered trust company founded in 1923 that provides commercial banking and trust services through branches in New York City, Washington, D.C., Northern California and Boston.

On-balance sheet deposits increased $256.0 million, or 3.0%, to $8.7 billion, while off-balance sheet deposits were $1.1 billion, nearly 8% higher than the prior quarter. Political deposits decreased $76.5 million, or 3.7%, to $2.0 billion, in keeping with the election cycle. Net interest income grew $1.9 million, or 2.2%, to a record $87.9 million, and net interest margin decreased 1 basis point to 3.77%.

Priscilla Sims Brown, President and Chief Executive Officer, said, "The story this quarter is not simply about delivering outstanding results. It is about demonstrating that the earnings power we have built is long-lasting and supported by multiple strengths across the bank."

Net commercial loans grew $93.5 million, or 2.6%, to $3.7 billion, and PACE assessments grew $53.0 million, or 4.0%, to $1.4 billion. Provision for credit losses was an expense of $3.6 million, a decrease of $0.8 million from the prior quarter. Nonperforming assets totaled $105.0 million, or 1.08% of period-end total assets.

Amalgamated Bank's Recent Partnerships

Amalgamated Bank and BMO became the first design-partner adopters of the FIS/Anthropic Financial Crimes AI Agent in May 2026, compressing AML investigation time from hours to minutes ahead of a broader commercial rollout in the second half of 2026, according to akta.pro company records. In February 2026, the bank signed an exclusive partnership with Embrace Home Loans to originate and service residential mortgages for its customers. In October 2025, it committed up to $250 million of capital to the FASTPACE C-PACE lending platform operated by Allectrify.

Amalgamated Financial's Path to the Quarter

Amalgamated Financial reported second quarter revenues of $96.1 million, up 16.9% year on year, exceeding analyst expectations by 4.4% on net interest income and earnings per share, with CEO Priscilla Sims Brown citing the strongest balance sheet in company history, according to Yahoo. The company declared a regular quarterly dividend of $0.17 per share on October 20, 2026, payable November 19, 2026, to stockholders of record on November 3, 2026, according to FinancialContent Business Page. Amalgamated Financial said on October 8, 2026, that it would release its third quarter results before market open on October 22, 2026, and host a conference call at 11:00 a.m. Eastern Time, according to Stock Titan.

Amalgamated Bank's Next Steps

Amalgamated Financial said the restoration work and exit of its previous headquarters office is expected to be completed in the fourth quarter of 2026. The company said a telephonic replay of its October 22, 2026 earnings call will be available until October 29, 2026.