Amalgamated Financial Q1 core EPS misses on higher provisions

Amalgamated Financial

23/04/2026 11:35

Overview

U.S. commercial bank's Q1 net revenue rose 9.7% yr/yr, net interest margin up to 3.75%

Core EPS for Q1 fell to $0.80, with net income down from prior quarter

Higher provision for credit losses tied to single multifamily borrower impacted results

Outlook

Company says recent credit event is isolated and does not change performance outlook

Amalgamated says it is focused on delivering revenue and earnings targets over the year

Result Drivers

CREDIT LOSS PROVISION - Q1 results were impacted by an $8 mln increase in provision for credit losses, mainly due to a $9.2 mln reserve tied to a single multifamily borrower placed on nonaccrual

NET INTEREST MARGIN - Net interest margin rose 9 basis points to 3.75%, primarily due to higher yields on new commercial loans and a greater proportion of non-interest-bearing deposits

DEPOSIT GROWTH - On-balance sheet deposits increased by $229 mln, with political deposits up $133 mln, contributing to lower average deposit costs

Company press release: ID:nBw5Z1hH3a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Core EPS
Miss
$0.80
$0.95 (2 Analysts)
Q1 EPS
$0.84
Q1 Core Net Income
$24.1 mln
Q1 Net Income
$25.22 mln
Q1 Net Interest Income
$80.16 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the banks peer group is "buy"

Wall Street's median 12-month price target for Amalgamated Financial Corp is $42.00, about 0.7% below its April 22 closing price of $42.31

The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 8 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)