Amalgamated Financial Corp.AMAL

Amalgamated Financial Corp. filed second-quarter results for the three months ended June 30, 2026, showing net income attributable to the parent of $25.2 million and diluted earnings per share of $0.84 on 30.1 million diluted shares. The bank’s balance sheet clocks in at $9.17 billion in assets against $8.36 billion in liabilities, while cash and cash equivalents sit at $179.7 million. Operating cash flow for the quarter was $56.8 million, and the company spent $6.1 million on property, plant, and equipment-numbers that don’t quite square with the platform’s green-lending glow.

Amalgamated Bank markets itself as a values-driven lender with $250 million committed to the FASTPACE C-PACE platform, $25 million to Redball Energy for rooftop solar, and a suite of custody, advisory, and retirement products aimed at politically active clients, non-profits, and public-sector plans. The website’s banner images feature earnest handshakes and families gazing optimistically at charts, but the SEC filings quietly note that the bank’s customer deposits tied to politically active organisations-campaigns, PACs, advocacy groups, and party committees-rose by $211.9 million to $2.1 billion during the quarter, a cohort that can be as fickle as the weather.

The company’s 10-Q for the quarter ending March 31, 2026, confirms net income of $25.2 million, diluted EPS of $0.84 on 30.1 million shares, assets of $9.17 billion, liabilities of $8.36 billion, cash and cash equivalents of $179.7 million, operating cash flow of $56.8 million, and capex of $6.1 million. The bank also disclosed that deposits held by politically active customers totalled $2.1 billion as of June 30, up $211.9 million from the prior quarter. The July 23 press release announcing the quarter’s results includes a replay link for the earnings call held that day at 11:00 am Eastern.

For context on Amalgamated’s lines of business, the custody services page highlights four decades of institutional custody for Taft-Hartley and public-sector plans, while the small business banking page promises products designed to drive growth and align values. Amalgamated’s investment advisory page touts socially responsible options, and the retirement products page pitches IRAs, annuities, and mutual funds-all while the filings show the bank’s cash position is tighter than a trustee’s ledger. The source images on these pages-handshakes, families, and tablet charts-are stock photos that imply warmth but do not explain how $179.7 million in cash sits behind $8.36 billion in liabilities.

What changed this week: on July 23, Amalgamated filed an 8-K confirming its second-quarter results and hosting an earnings call; on July 21, an 8-K disclosed insider share transactions; on July 2, a Form 144 indicated proposed sales of restricted shares; and on June 15 and June 11, Forms 4 showed director purchases and sales. The bank’s 10-Q for March 31, 2026, remains the most recent filed financial statement and includes the figures above. The SEC’s EDGAR index for Amalgamated lists these filings under CIK 1823608, and the companyfacts JSON provides XBRL-tagged data points used in this report.

What remains unproven: Amalgamated does not break out segment-level profitability for its C-PACE, solar, custody, advisory, or retirement businesses in the 10-Q, so it is impossible to verify the returns on the $250 million FASTPACE commitment or the $25 million Redball Energy allocation. The bank’s website does not disclose fee margins on custody or advisory lines, nor does it quantify the risk weight of politically active deposits. The diluted share count has crept upward over the last year, yet the filings do not state whether any of the insider share purchases since June 11 were offset by new issuance or option exercises, so dilution risk lingers. The bank’s capex of $6.1 million feels modest for an institution of its size, but the 10-Q does not explain whether this reflects deferred maintenance, technology upgrades, or branch rationalisation.