Amalgamated Financial (NASDAQ:AMAL) held its 2026 annual meeting of shareholders on May 20, with investors approving all three proposals presented at the meeting, according to preliminary voting results announced by board chair Lynne Fox.
The company, the parent of Amalgamated Bank, said shareholders elected all 13 director nominees to serve until the 2027 annual meeting. Shareholders also approved, on an advisory basis, the compensation of named executive officers and ratified the appointment of Crowe LLP as the company’s independent registered public accounting firm for 2026.
Shareholders approve board slate and auditor
Mandy Tenner, executive vice president and chief legal officer, said the company had 29,850,261 shares of common stock outstanding and entitled to vote as of the March 26 record date. She said shares represented by proxy accounted for 28,439,354 votes, or approximately 95.27% of outstanding shares entitled to vote, establishing a quorum.
Fox said final vote results will be reported in a Form 8-K filing with the U.S. Securities and Exchange Commission and posted on the company’s corporate website within four business days of the meeting.
CEO highlights resilient business model
President and Chief Executive Officer Priscilla Sims Brown told shareholders that the company’s 2025 performance and first-quarter 2026 results showed resilience amid “an ever-evolving interest rate landscape and increased market volatility.” She said Amalgamated’s mission-aligned model continued to create value for clients, communities and shareholders.
Brown said the company focused on client segments, business sectors and geographies where it believes its expertise provides an advantage. She pointed to the company’s ability to expand net interest margin during a period when peers experienced compression, calling it a testament to the company’s business model and discipline.
Brown said lending efforts were concentrated on growth-model segments, particularly commercial and industrial and multifamily lending, resulting in 10% year-over-year growth. She also said the company maintained a prudent risk posture, with non-performing assets equal to 0.32% of total assets at the end of 2025. While the company experienced some credit quality headwinds in the first quarter of 2026, Brown said management believes the issue was isolated and would not affect its performance outlook.
CFO reports record 2025 earnings
Senior Executive Vice President and Chief Financial Officer Jason Darby said Amalgamated posted GAAP net income of $104.4 million, or $3.41 per diluted share, in 2025. Core net income was $111.6 million, or $3.64 per diluted share, compared with $107.8 million, or $3.48 per diluted share, in 2024.
Darby said pre-tax, pre-provision income was $156.5 million in 2025, compared with $155.9 million in 2024. Core pre-tax, pre-provision income rose to $165.9 million from $157.7 million. Net interest income increased 5.4% to $297.8 million, while net interest margin improved to 3.59% from 3.51% in 2024.
On the balance sheet, Darby said the bank ended 2025 with nearly $8.9 billion in total assets. On-balance sheet deposits increased $769 million, or 10.7%, to $7.9 billion, while off-balance sheet deposits rose by $1.1 billion. Net loans receivable increased $286.8 million, or 6.2%, to $4.9 billion.
Darby said capital ratios remained strong, with Tier 1 common equity of 16.4% and Tier 1 leverage of 9.33% at year-end. He described 2025 as “another stellar year” for the bank, citing record annual earnings and performance above capital, revenue and profitability targets.
First-quarter results show continued deposit growth
For the first quarter of 2026, Darby said net income was $25.2 million, or $0.84 per diluted share, while core net income was $24.1 million, or $0.80 per diluted share, down 19.5% from the prior quarter. Net interest income was $80.2 million, and net interest margin rose to 3.75%, a 9-basis-point increase from the fourth quarter of 2025.
Darby said core revenue per share reached $3.03 in the first quarter, exceeding $3 for the first time in the bank’s history. Total assets reached $9.2 billion at quarter-end, excluding $1.1 billion in off-balance sheet deposits.
First-quarter on-balance sheet deposits increased $228.9 million, or 2.9%, to $8.2 billion, with deposit production coming from both political and non-political segments, Darby said. Excluding brokered certificates of deposit, the average cost of deposits was 146 basis points, down 5 basis points from the prior quarter.
Brown said deposit growth was especially strong in the company’s labor, not-for-profit and sustainability segments. She also said Amalgamated adopted new technology in 2025 to better understand customer needs, improve engagement and help solve problems in real time.
The meeting concluded without stockholder questions. Fox adjourned the annual meeting after stating there was no further business to address.
About Amalgamated Financial (NASDAQ:AMAL)
Amalgamated Financial Corp. (NASDAQ: AMAL) is the bank holding company for Amalgamated Bank, a fully insured commercial bank with a historic mission of serving labor unions, progressive non-profits and mission-driven organizations. Founded in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank has grown into a national institution offering a broad suite of banking services, including deposit accounts, commercial and consumer lending, cash management, and treasury solutions tailored to organizations with social responsibility or union affiliations.
In addition to core banking, Amalgamated Financial provides wealth management and trust services, retirement plan consulting and impact investing strategies.
