Amalgamated Financial Corp's stock plummeted 9.60% during the intraday trading session on Thursday, following the release of its first-quarter 2026 financial results.

The sharp decline came after the company reported adjusted earnings of $0.80 per share, which missed the analyst consensus estimate of $0.95 by approximately 16%. The earnings shortfall was primarily driven by a significant increase in the provision for credit losses, which rose to $13.5 million. This included a $9.2 million reserve build tied to a single multifamily borrower relationship that was moved to nonaccrual status.

Despite reporting a 9.7% increase in revenue to $93.4 million and an improved net interest margin of 3.75%, the substantial earnings miss and specific credit concerns appear to have weighed heavily on investor sentiment during the trading session.