Amalgamated Financial recently released its 10-Q report. Amalgamated Financial Corp. is the holding company for Amalgamated Bank, which provides commercial and retail banking, investment management, and trust and custody services in the United States. Its business includes deposit products, lending, digital banking, and trust and custody operations, with headquarters in New York and roots dating to 1923.
In Item 2, management said the company had $9.17 billion in total assets at March 31, 2026, up from the prior quarter’s balance sheet date comparison period referenced in the filing, with loans net of allowance for credit losses at $4.97 billion, deposits at $8.18 billion, stockholders’ equity at $807.6 million, $37.69 billion in assets under custody, and $16.00 billion in assets under management. The company said it generated relationship deposits from commercial and consumer customers and continued to expand fee income through trust, custody, and investment management services. It also described its customer base as including advocacy-based nonprofits, labor unions, political organizations, foundations, socially responsible businesses, and other commercial clients.
For the three months ended March 31, 2026, net income was $25.2 million, or $0.84 per diluted share, compared with $25.0 million, or $0.81 per diluted share a year earlier. The increase was driven by $8.6 million more in interest and dividend income, $3.8 million more in service charges on deposit accounts, and $3.1 million more in equity investment income, partly offset by a $12.9 million increase in the provision for credit losses and a $2.4 million increase in compensation and employee benefits.
Management said net interest income remained a key earnings driver, with interest income coming mainly from loans, investment securities, and other short-term investments, and interest expense tied mainly to deposits and borrowings. The filing also said the allowance for credit losses is reviewed quarterly and is built using discounted cash flow models for most loan segments and a weighted-average remaining maturity method for consumer solar loans, with qualitative adjustments layered on top. The company said no significant changes were made to its critical accounting policies during the quarter. The market has reacted to these announcements by moving the company's shares 0.84% to a price of $40.74. If you want to know more, read the company's complete 10-Q report here.
