Amalgamated Financial Raises 2026 NII Guidance After 9.7% Revenue Growth
Amalgamated grew net revenue 9.7% to $93.4M and net interest margin 9bps to 3.75%, while deposits rose $229M, lifting noninterest-bearing share to 41%. A $9.2M provision cut EPS by $0.23, yet guidance rose to $333M net interest income and $183M core pre-provision earnings for 2026.
1. Strong Q1 Financial Performance
Amalgamated reported net revenue of $93.4 million in Q1, up 9.7% year-over-year, driven by higher-yielding commercial loan originations and a repositioned securities portfolio. Net interest margin expanded nine basis points to 3.75%, while deposit balances increased by $229 million, improving the noninterest-bearing ratio to 41%.
2. Provision for Single Multifamily Borrower
The bank recorded a $9.2 million provision tied to a single multifamily borrower relationship that moved to nonaccrual, reducing earnings per share by $0.23. Management emphasized that this was an isolated event and reserves are designed to limit future volatility on the portfolio.
3. Raised 2026 Financial Targets
Amalgamated raised its full-year 2026 net interest income target to $333 million and core pre-provision earnings goal to $183 million, reflecting confidence in continued balance sheet growth. The bank projects a year-end balance sheet of $9.6 billion and sequential loan growth of 1.5% to 2%, driven by mission-aligned lending.