Amalgamated Financial二季度业绩超预期并上调指引

Amalgamated Financial Corp. Reports Second Quarter 2026 Financial Results; Record Profitability | Margin Rises to 3.78% | Guidance Raised
Deposit Growth of
Second Quarter 2026 Highlights
Profitability and Revenue
-
Record net income of
$34.8 million , or$1.15 per diluted share. -
Record core net income1 of
$33.1 million , or$1.10 per diluted share. -
Net revenue of
$98.4 million , or$3.26 per diluted share. -
Provision expense normalized to
$4.4 million following the reserve build recorded in the prior quarter.
Deposits and Liquidity
-
On-balance sheet deposits increased
$280.3 million , or 3.4%, to$8.5 billion . -
Off-balance sheet deposits were
$1.0 billion . -
Political deposits increased
$211.9 million , or 11.4%, to$2.1 billion , surpassing the peak achieved during the 2024 presidential election cycle. - Average cost of deposits at 146 basis points, where non-interest-bearing deposits comprised 39% of total deposits.
-
Cash, borrowing capacity, and unpledged securities totaled
$4.8 billion , or 100% of total uninsured deposits.
Margin and Assets
- Net interest margin increased 3 basis points to 3.78%.
-
Net interest income grew
$5.9 million , or 7.4%, to$86.1 million . -
Net loans receivable increased
$114.9 million , or 2.3%, to$5.1 billion . -
Net commercial loans grew
$155.1 million , or 4.5%, to$3.6 billion . -
PACE assessments grew
$40.2 million , or 3.1%, to$1.3 billion , including CPACE growth of$31.0 million .
Capital and Returns
-
Tangible book value per share1 increased
$0.88 , or 3.3%, to$27.47 . - Tier 1 leverage ratio was 9.20% and Common Equity Tier 1 ratio was 14.20%.
- Tangible common equity1 ratio was 8.74%.
- Core return on average tangible common equity1 of 16.51% and core return on average assets1 of 1.42%.
-
On
June 9, 2026 , a new$40 million share repurchase program was approved. -
Paid dividend of
$5.2 million , at$0.17 per share.
Second Quarter Earnings
Net income was
Core net income1 was
|
(in thousands) |
As of and for the Three Months Ended |
|
|
||||||||
|
Core net income |
|
|
|
|
QoQ Change |
||||||
|
Net Income (GAAP) |
$ |
34,766 |
|
|
$ |
25,223 |
|
|
$ |
9,543 |
|
|
Add: Non-core (income)/losses |
|
(2,264 |
) |
|
|
(2,086 |
) |
|
|
(178 |
) |
|
Add: Non-core expense |
|
80 |
|
|
|
622 |
|
|
|
(541 |
) |
|
Add: Tax benefit (expense) on notable items |
|
555 |
|
|
|
380 |
|
|
|
175 |
|
|
Core net income (non-GAAP) |
$ |
33,137 |
|
|
$ |
24,139 |
|
|
$ |
8,999 |
|
Net interest income was
Net interest margin was 3.78%, an increase of 3 basis points from 3.75% in the prior quarter. The increase was primarily due to interest income generated from the origination of higher-yielding commercial loans and newly purchased AFS securities. In addition, interest income recaptured from the payoff of a nonaccrual construction loan and one-time commercial prepayment fees largely offset income lost from loans moved to nonaccrual status in the prior quarter. Income from prepayment penalties had a 3 basis point impact on net interest margin in the current quarter, compared to a non-material impact in the prior quarter. Total cost of deposits remained flat.
Provision for credit losses was an expense of
Non-interest income was
Non-interest expense was
Provision for income tax expense was
Balance Sheet Quarterly Summary
Total assets expanded to
Total net loans receivable at
Total on-balance sheet deposits at
Nonperforming assets totaled
During the quarter, criticized or classified loans decreased
During the quarter, the allowance for credit losses on loans increased
Capital Quarterly Summary
As of
Tangible book value per share1 increased 3.3% to
Conference Call
As previously announced,
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of our website at https://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call.
The presentation materials for the call can be accessed on the investor relations section of our website at https://ir.amalgamatedbank.com/.
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____________________ |
|
1 Definitions are presented under “Non-GAAP Financial Measures”. Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on the Company’s website, www.amalgamatedbank.com. |
About
Non-GAAP Financial Measures
This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” “Core efficiency ratio,” “Super-core deposits,” “Tangible assets,” “Tangible book value,” and “Traditional securities.”
Management utilizes this information to compare operating performance for
The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. We strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non-GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on our website, amalgamatedbank.com.
Terminology
Certain terms used in this release are defined as follows:
“Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.
“Core net income” is defined as net income after tax excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, subdebt repurchase gain, costs related to branch closures, restructuring/severance costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. The Company believes the most directly comparable GAAP financial measure is net income.
“Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, and restructuring/severance. The Company believes the most directly comparable GAAP financial measure is total non-interest expense.
“Core non-interest income” is defined as total non-interest income excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, subdebt repurchase gain, and tax credits and accelerated depreciation on solar equity investments. The Company believes the most directly comparable GAAP financial measure is non-interest income.
“Core operating revenue” is defined as total net interest income plus “core non-interest income”. The Company believes the most directly comparable GAAP financial measure is the total of net interest income and non-interest income.
“Core return on average assets” is defined as “Core net income” divided by average total assets. The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets.
“Core return on average tangible common equity