Oct 22, 2026 earnings call — Quarterly results, deposits and PACE growth
Management raised full-year NII outlook to $341 to $342 million and core PTPP to $193 to $194 million.
Revenue $0.1B (est $0.1B) · EPS $1.14 (est $1.08)
Key quotes
"On balance sheet deposits increased $256 million during the quarter to $8.7 billion while off balance sheet deposits totaled $1.1 billion"
"Core net income increased to a record $34.6 million or $1.14 per diluted share."
"At the same time, lower yielding residential mortgages and consumer solar balances declined through planned runoff, allowing us to redeploy that capital into higher performing assets."
Analyst Q&A 3
Net interest income, profit, and PACE growth
Q (David Konrad · KBW): Analyst asked for more detail on the fourth-quarter guide: NII looks flat next quarter and PPNR down — is that seasonal? He also asked about deposit betas after the Fed move and whether C-PACE growth can be accelerated in 2027.
A: Management said Q4 will follow the normal election-related cycle and NII will likely be similar to Q3 because DDA balances decline after the election and they plan to keep a neutral balance sheet. They expect PPNR to be modestly lower given conservative NII assumptions, steady expenses, and this quarter's outsized noninterest income from a valuation adjustment. Leadership said they want to move capital into PACE and see opportunity to grow C-PACE origination going forward.
"So the fourth quarter is going to follow the natural cyclicality pattern that Amalgamated has just as election cycles conclude and the NII probably will look very similar to the amount that we had in the third quarter." — Jason Darby (CFO)
Loan growth, multifamily credit, margins
Q (Steve Moss · Raymond James): Analyst asked how rate volatility affects loan growth and whether higher rates are hurting multifamily or other commercial borrowers. He also asked about the DC borrower update and how margins and PACE yields may trend beyond near-term compression.
A: Management said they are managing multifamily refinance risk by keeping credit standards tight and focusing on lower leverage deals, and they see a high-quality, diversified pipeline. On the DC borrower, the relationship is working through resolution, there was no recordable disposal activity this quarter, and they expect a provision expense in the range of $5 million or $5.5 million for Q4 while working to preserve value. For PACE, they brought new originations on around 7% this quarter, expect yields maybe up to 7.75% and potentially near 8% in 2027, and expect some margin compression in Q4 before potential margin expansion next year.
"I would still think a $5 million or a $5.5 million number for Q4 from a provision expense perspective is appropriate." — Jason Darby (CFO)
Deposit flows, expenses, and buybacks
Q (Justin Crowley · Piper Sandler): Analyst asked about deposit customer behavior during the political spend-down and how flows might rebuild, then about expense items (double rent) and timing of when that falls out, and finally about the buyback / capital return approach.
A: Management said deposits ended the quarter at $2 billion (flat from prior quarter) and by 10/15 had come down to about 1.7, noting good diversification in nonprofit and labor segments and over $1 billion off-balance-sheet liquidity. On expenses, they expect continued double-rent and move/restoration costs in Q4 but planned for them and do not expect a material spike; as those run off they will be replaced by deferred technology and talent investments while keeping focus on positive operating leverage. On buybacks, repurchases are part of the capital-return mix; they increased repurchase authorization availability to $40 million before Q3 and have bought shares when they see value, but have no fixed program.
"So we were really pleased with the fact that we did end the quarter $2 billion which was flat from the prior quarter, which was the record for us." — Sam D. Brown