Amalgamated Financial Corp. reported financial results for the third quarter ended September 30, 2026, achieving record net income and profitability metrics. The company reported net income of $36.4 million, or $1.20 per diluted share, compared to $34.8 million, or $1.15 per diluted share, in the prior quarter. This quarter-over-quarter increase of $1.6 million was primarily driven by a $1.9 million increase in net interest income and a $1.5 million increase in non-interest income.
On the balance sheet, total assets expanded to $9.7 billion, a $322.1 million increase from the previous quarter. This growth was supported by a $256.0 million increase in on-balance sheet deposits, bringing total deposits to $8.7 billion. The average cost of deposits remained flat at 146 basis points. Net loans receivable increased by $50.8 million to $5.1 billion, with commercial loans growing by $93.5 million and PACE assessments growing by $53.0 million.
The company’s capital ratios remained strong. As of September 30, 2026, the Common Equity Tier 1 Capital ratio was 14.40%, the Total Risk-Based Capital ratio was 16.45%, and the Tier 1 Leverage Capital ratio was 9.31%. Tangible book value per share was reported at $27.54. During the quarter, the company repurchased approximately 137,000 shares and paid a dividend of $5.1 million, or $0.17 per share.
Amalgamated Financial Corp. will host an earnings conference call and webcast today, October 22, 2026, at 11:00 a.m. Eastern Time to discuss these results. The press release and slide presentation are available on the company’s website.
