Amalgamated Financial Q2 2026 Earnings Call: Complete Transcript

Amalgamated Financial (NASDAQ: AMAL ) held its second-quarter earnings conference call on Thursday.

Below is the complete transcript from the call.

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View the webcast at Summary Amalgamated Financial Corporation reported record net income of $34.8 million with revenue nearing $100 million, leading to raised full-year 2026 guidance.

The company achieved a 3.4% increase in on-balance-sheet deposits, reaching $8.5 billion, and total loans increased by $115 million, reflecting successful asset optimization strategies.

Amalgamated continues to invest in technology and AI, positioning for scalable growth, and maintains a positive outlook with raised guidance for net interest income and core pre-tax earnings.

Full Transcript OPERATOR Good morning, ladies and gentlemen, and welcome to the Amalgamated Financial Corporation second quarter 2026 earnings conference call.

During today's presentation, all parties will be in a listen-only mode with Q&A to follow.

A replay of the call and the accompanying slides are available on our investor relations website.

Please review the forward-looking statements and non-GAAP disclosures on slide 2.

As a reminder, this conference call is being recorded.

I would now like to turn the call over to Mr.

Jason Darby, Chief Financial Officer.

Please go ahead, sir.

Jason Darby, Chief Financial Officer Good morning, Operator, and good morning, everyone.

We appreciate your participation in our earnings call.

With me today is Priscilla Sims Brown, our President and Chief Executive Officer.

Additionally, Sam Brown, our Chief Banking Officer, is here for the Q&A portion of today's call.

We'll look forward to your questions and try to limit repeating details you've already reviewed in the earnings materials.

And I'll now turn the call over to Priscilla.

Priscilla Sims Brown, President and Chief Executive Officer Good morning, everyone.

This quarter showcases the power of the franchise we've built.

With the strongest balance sheet in our history and one of the most differentiated deposit franchises in banking, we're successfully converting balance sheet growth into record earnings, record profitability, and a scalable platform that bodes well for future top performance.

The bank has delivered outstanding results this quarter, including record net income of $34.8 million, core net income of $33.1 million, and profitability metrics that rank among the strongest in our history.

Return on average assets exceeded 1.4%, return on tangible common equity exceeded 16%, and our core efficiency ratio remained below 50%, clear evidence that we are harvesting the earnings power of the franchise and creating a lasting platform for continued growth.

Revenue approached $100 million and revenue per share exceeded $3 for the second consecutive quarter.

These results supported our decision to raise full year 2026 guidance.

Over the past several years, we've strengthened the balance sheet, we've expanded our deposit franchise, built lending capabilities, enhanced our technology infrastructure, and invested in the people, processes, and systems needed to support growth.

This quarter demonstrates that those investments are translating into greater earnings capacity, stronger profitability, increasing operating leverage, and ultimately shareholder value well into the future.

Importantly, we achieved this growth while maintaining strong capital, liquidity, and credit discipline.

Our portfolio continues to perform well, and we remain focused on disciplined risk management as we grow.

These results reflect not only the growth of the franchise, but the quality and the resilience of that growth.

On-balance-sheet deposits increased $280 million, or 3.4%, during the quarter to a record $8.5 billion, highlighting the continued and differentiated performance of our deposit gathering franchise.

Political deposits increased approximately $212 million to $2.1 billion, labor increased $30 million, social and philanthropy deposits increased $55 million, and off-balance-sheet deposits were over $1 billion.

This deposit-led growth strategy provides unparalleled flexibility to shape our balance sheet.