5 Must-Read Analyst Questions From Amalgamated Financial’s Q4 Earnings Call

Socially responsible bank Amalgamated Financial reported Q4 CY2025 results exceeding the market’s revenue expectations, with sales up 6.5% year on year to $87.91 million. Its non-GAAP profit of $0.99 per share was 9.4% above analysts’ consensus estimates.

Amalgamated Financial (AMAL) Q4 CY2025 Highlights:

• Revenue: $87.91 million vs analyst estimates of $85.98 million (6.5% year-on-year growth, 2.2% beat)
• Adjusted EPS: $0.99 vs analyst estimates of $0.91 (9.4% beat)
• Adjusted Operating Income: $37.42 million (42.6% margin, flat year on year)
• Market Capitalization: $1.15 billion

StockStory’s Take

Amalgamated Financial’s fourth quarter results were met with a positive market reaction, reflecting management’s emphasis on robust deposit gathering and sustained loan growth. CEO Priscilla Sims Brown credited the quarter’s performance to record-breaking deposit inflows across all customer segments and a significant increase in multifamily and commercial lending. CFO Jason Darby added that improvements in net interest margin and disciplined expense management contributed to overall earnings consistency, despite isolated credit challenges in the multifamily portfolio.

Looking ahead, management believes Amalgamated’s business model is positioned to deliver reliable asset and earnings growth in 2026, underpinned by investments in technology and talent. Darby outlined goals for increased net interest income and margin expansion, citing opportunities in loan repricing and further scaling the PACE (Property Assessed Clean Energy) portfolio. Brown noted, “Our track record navigating complex environments gives us confidence in our ability to achieve bold growth targets,” while also acknowledging the importance of maintaining credit discipline as the bank expands.

Key Insights from Management’s Remarks

Management attributed the quarter’s performance to broad-based deposit growth, strategic lending expansion, and progress in revenue diversification, while noting a few isolated credit issues.

• Record deposit inflows: The bank achieved nearly $1 billion in new deposits, with strong contributions from political, not-for-profit, social, and climate-focused clients. This growth was described by Darby as “absolutely incredible,” and indicative of Amalgamated’s competitive differentiation in mission-aligned banking.
• Loan growth acceleration: Loan balances increased by $167 million, driven by multifamily, commercial real estate (CRE), and commercial and industrial (C&I) portfolios. Sam Brown highlighted that almost half of multifamily loan growth originated outside New York City, supporting improved geographic diversification.
• PACE portfolio expansion: The PACE (Property Assessed Clean Energy) lending segment experienced a $38 million increase, primarily from commercial PACE originations. Management pointed to partnerships with new originators as a key driver and expects this segment to play a larger role in future earnings.
• Net interest margin improvement: Net interest margin rose to 3.66%, benefiting from lower funding costs following Federal Reserve rate cuts and higher yields on new and repriced loans. Darby noted that further margin expansion is expected as more legacy loans reprice at current market rates.
• Credit highlights and challenges: Asset quality remained stable overall, but credit provisions were elevated due to a single stressed borrower in the DC multifamily market. Management stated reserves are adequate and total exposure to the affected program is limited, mitigating concerns about broader credit exposure.

Drivers of Future Performance

Amalgamated’s outlook focuses on continued loan growth, margin expansion, and prudent credit management as primary drivers for 2026.

• Loan and balance sheet growth: Management aims for quarterly net loan growth of 1.5% to 2%, supported by investments in lending teams and broader reach, especially on the West Coast. This growth is expected to underpin revenue and asset expansion.
• Margin expansion opportunities: The repricing of older real estate loans at higher current market rates and increasing contributions from the PACE portfolio are set to drive net interest margin improvement, which should positively impact profitability.
• Credit and expense discipline: While management expects credit provision levels to remain stable, they plan to maintain conservative provisioning given recent isolated credit events. Technology investments will increase, but overall expense growth is targeted and efficiency ratios are expected to remain favorable.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will track (1) the pace of deposit inflows across core customer segments, (2) the impact of loan repricing and expansion—particularly in multifamily, PACE, and West Coast portfolios—and (3) credit quality developments, especially within the multifamily and DC markets. Monitoring technology investment returns and further progress in revenue diversification will also be important.

Amalgamated Financial currently trades at $37.76, up from $36.03 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).

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What Happened?

Shares of socially responsible bank Amalgamated Financial jumped 8.9% in the afternoon session after the company reported fourth-quarter 2025 results that beat Wall Street's profit estimates, overshadowing a slight miss on revenue. 

The socially responsible bank posted an adjusted profit of $0.99 per share, comfortably surpassing analysts' consensus estimate of $0.91. Investors were also encouraged by the bank's net interest income of $77.85 million, which grew 6.5% year-over-year and also beat expectations. While total revenue of $85.2 million marked a 3.2% increase from the prior year, it narrowly missed the consensus estimate. The market's positive reaction suggests investors focused on the better-than-expected profitability and core lending performance, which are key metrics for a bank's financial health.

After the initial pop the shares cooled down to $37.76, up 4.8% from previous close.

What Is The Market Telling Us

Amalgamated Financial’s shares are not very volatile and have only had 8 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was 3 months ago when the stock dropped 6.7% on the news that disclosures from two lenders raised concerns about deteriorating loan quality across the industry. 

The drop was triggered by specific incidents that have spooked investors. Zions Bancorp announced a $50 million charge-off—a debt the bank doesn't expect to collect—on a single loan. Separately, Western Alliance Bancorp revealed it was dealing with a borrower who had failed to provide proper collateral. These events are compounding existing anxieties about the regional banking sector, which is already under pressure from elevated interest rates and declining commercial real estate values. The news heightened investor concerns that more cracks could appear in borrowers' creditworthiness, potentially leading to increased loan losses and reduced profitability for other banks in the sector.

Amalgamated Financial is up 18.2% since the beginning of the year, and at $37.76 per share, has set a new 52-week high. Investors who bought $1,000 worth of Amalgamated Financial’s shares 5 years ago would now be looking at an investment worth $2,512.

Socially responsible bank Amalgamated Financial missed Wall Street’s revenue expectations in Q4 CY2025 as sales rose 3.2% year on year to $85.2 million. Its non-GAAP profit of $0.99 per share was 9.4% above analysts’ consensus estimates.

Amalgamated Financial (AMAL) Q4 CY2025 Highlights:

• Net Interest Income: $77.85 million vs analyst estimates of $76.32 million (6.5% year-on-year growth, 2% beat)
• Net Interest Margin: 3.7% vs analyst estimates of 3.6% (7 basis point beat)
• Revenue: $85.2 million vs analyst estimates of $85.98 million (3.2% year-on-year growth, 0.9% miss)
• Efficiency Ratio: 54.5% vs analyst estimates of 51.4% (311 basis point miss)
• Adjusted EPS: $0.99 vs analyst estimates of $0.91 (9.4% beat)
• Tangible Book Value per Share: $26.18 vs analyst estimates of $26.16 (15.8% year-on-year growth, in line)
• Market Capitalization: $1.08 billion

Priscilla Sims Brown, President and Chief Executive Officer, commented, “We had a record breaking quarter for deposit gathering, generating nearly $1 billion of new deposits across all of our customer segments. This demonstrates the mission-aligned, differentiated competitive advantage that only Amalgamated possesses. We now look forward to driving the next phase of Amalgamated’s growth, and building on this solid foundation.”

Company Overview

Founded in 1923 by labor unions seeking a financial institution aligned with worker values, Amalgamated Financial (NASDAQGM:AMAL) operates a values-oriented bank that provides commercial banking, trust services, and investment management to socially responsible organizations and individuals.

Sales Growth

In general, banks make money from two primary sources. The first is net interest income, which is interest earned on loans, mortgages, and investments in securities minus interest paid out on deposits. The second source is non-interest income, which can come from bank account, credit card, wealth management, investing banking, and trading fees. Regrettably, Amalgamated Financial’s revenue grew at a mediocre 10% compounded annual growth rate over the last five years. This wasn’t a great result compared to the rest of the banking sector, but there are still things to like about Amalgamated Financial.

We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. Amalgamated Financial’s recent performance shows its demand has slowed as its annualized revenue growth of 6.6% over the last two years was below its five-year trend.

This quarter, Amalgamated Financial’s revenue grew by 3.2% year on year to $85.2 million, falling short of Wall Street’s estimates.

Net interest income made up 88.6% of the company’s total revenue during the last five years, meaning Amalgamated Financial barely relies on non-interest income to drive its overall growth.

Our experience and research show the market cares primarily about a bank’s net interest income growth as non-interest income is considered a lower-quality and non-recurring revenue source.

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Tangible Book Value Per Share (TBVPS)

The balance sheet drives banking profitability since earnings flow from the spread between borrowing and lending rates. As such, valuations for these companies concentrate on capital strength and sustainable equity accumulation potential.

This is why we consider tangible book value per share (TBVPS) the most important metric to track for banks. TBVPS represents the real, liquid net worth per share of a bank, excluding intangible assets that have debatable value upon liquidation. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.

Amalgamated Financial’s TBVPS grew at an exceptional 9.5% annual clip over the last five years. TBVPS growth has also accelerated recently, growing by 18.2% annually over the last two years from $18.74 to $26.18 per share.

Over the next 12 months, Consensus estimates call for Amalgamated Financial’s TBVPS to grow by 14.3% to $29.92, decent growth rate.

Key Takeaways from Amalgamated Financial’s Q4 Results

It was encouraging to see Amalgamated Financial beat analysts’ net interest income expectations this quarter. We were also glad its EPS outperformed Wall Street’s estimates. On the other hand, its revenue slightly missed. Zooming out, we think this was a mixed quarter. The stock remained flat at $36.03 immediately after reporting.

Big picture, is Amalgamated Financial a buy here and now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).

Socially responsible bank Amalgamated Financial will be announcing earnings results tomorrow before market hours. Here’s what to look for.

Amalgamated Financial beat analysts’ revenue expectations by 3.4% last quarter, reporting revenues of $86.41 million, up 6.8% year on year. It was a strong quarter for the company, with a solid beat of analysts’ revenue estimates and an impressive beat of analysts’ net interest income estimates.

Is Amalgamated Financial a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Amalgamated Financial’s revenue to grow 4.1% year on year to $85.98 million, slowing from the 8.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.91 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Amalgamated Financial has missed Wall Street’s revenue estimates three times over the last two years.

Looking at Amalgamated Financial’s peers in the regional banks segment, some have already reported their Q4 results, giving us a hint as to what we can expect. ServisFirst Bancshares delivered year-on-year revenue growth of 22.9%, beating analysts’ expectations by 6.8%, and Simmons First National reported revenues up 17.2%, topping estimates by 5.3%.

Read our full analysis of ServisFirst Bancshares’s results here and Simmons First National’s results here.

Investors in the regional banks segment have had steady hands going into earnings, with share prices flat over the last month. Amalgamated Financial is up 2.4% during the same time and is heading into earnings with an average analyst price target of $34.50 (compared to the current share price of $33.68).

Socially responsible bank Amalgamated Financial will be announcing earnings results this Thursday before market hours. Here’s what investors should know.

Amalgamated Financial beat analysts’ revenue expectations by 3.4% last quarter, reporting revenues of $86.41 million, up 6.8% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ revenue estimates and a solid beat of analysts’ net interest income estimates.

Is Amalgamated Financial a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Amalgamated Financial’s revenue to grow 4.1% year on year to $85.98 million, slowing from the 8.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.91 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Amalgamated Financial has missed Wall Street’s revenue estimates three times over the last two years.

Looking at Amalgamated Financial’s peers in the regional banks segment, some have already reported their Q4 results, giving us a hint as to what we can expect. ServisFirst Bancshares delivered year-on-year revenue growth of 22.9%, beating analysts’ expectations by 6.8%, and Simmons First National reported revenues up 15.9%, topping estimates by 4.1%.

Read our full analysis of ServisFirst Bancshares’s results here and Simmons First National’s results here.

Investors in the regional banks segment have had steady hands going into earnings, with share prices flat over the last month. Amalgamated Financial is up 2.5% during the same time and is heading into earnings with an average analyst price target of $34.50 (compared to the current share price of $33.85).