The end of the earnings season is always a good time to take a step back and see who shined (and who didn’t). Let’s take a look at how regional banks stocks fared in Q3, starting with Amalgamated Financial (NASDAQ: AMAL).
Regional banks, financial institutions operating within specific geographic areas, serve as intermediaries between local depositors and borrowers. They benefit from rising interest rates that improve net interest margins (the difference between loan yields and deposit costs), digital transformation reducing operational expenses, and local economic growth driving loan demand. However, these banks face headwinds from fintech competition, deposit outflows to higher-yielding alternatives, credit deterioration (increasing loan defaults) during economic slowdowns, and regulatory compliance costs. Recent concerns about regional bank stability following high-profile failures and significant commercial real estate exposure present additional challenges.
The 87 regional banks stocks we track reported a softer Q3. As a group, revenues were in line with analysts’ consensus estimates.
In light of this news, share prices of the companies have held steady as they are up 3% on average since the latest earnings results.
Amalgamated Financial (NASDAQ: AMAL)
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.
Amalgamated Financial reported revenues of $99.17 million, up 14.8% year on year. This print exceeded analysts’ expectations by 1.7%. Despite the top-line beat, it was still a mixed quarter for the company with a narrow beat of analysts’ net interest income estimates but a miss of analysts’ tangible book value per share estimates.
Priscilla Sims Brown, President and Chief Executive Officer, commented, “The story this quarter is not simply about delivering outstanding results. It is about demonstrating that the earnings power we have built is long-lasting and supported by multiple strengths across the bank.”
Interestingly, the stock is up 5.7% since reporting and currently trades at $50.56.
Is now the time to buy Amalgamated Financial? Access our full analysis of the earnings results here, it’s free.
Best Q3: Merchants Bancorp (NASDAQ: MBIN)
With a strategic focus on low-risk, government-backed lending programs, Merchants Bancorp (NASDAQCM:MBIN) is an Indiana-based bank holding company specializing in multi-family mortgage banking, mortgage warehousing, and traditional banking services.
Merchants Bancorp reported revenues of $224.9 million, up 31.5% year on year, outperforming analysts’ expectations by 22.3%. The business had a favorable quarter with a beat of analysts’ EPS estimates and a narrow beat of analysts’ tangible book value per share estimates.
Merchants Bancorp scored the biggest analyst estimate beat of the whole group. The market seems happy with the results as the stock is up 8.6% since reporting. It currently trades at $53.35.
Is now the time to buy Merchants Bancorp? Access our full analysis of the earnings results here, it’s free.
Weakest Q3: National Bank Holdings (NYSE: NBHC)
Operating under familiar local brands like Community Banks of Colorado, Bank Midwest, and Bank of Jackson Hole, National Bank Holdings (NYSE: NBHC) operates regional banks across Colorado, Kansas, Missouri, Wyoming, Texas, and other western states, offering commercial, business, and consumer banking services.
National Bank Holdings reported revenues of $128.5 million, up 21.8% year on year, falling short of analysts’ expectations by 2.1%. It was an underwhelming quarter as it posted a significant miss of analysts’ net interest income estimates and a significant miss of analysts’ EPS estimates.
As expected, the stock is down 4.7% since the results and currently trades at $37.13.
Read our full analysis of National Bank Holdings’s results here.
Pinnacle Financial Partners (NASDAQ: PNFP)
Founded in 2000 with a focus on delivering big-bank capabilities with community bank personalization, Pinnacle Financial Partners (NASDAQ: PNFP) is a Tennessee-based financial holding company that provides banking, investment, trust, mortgage, and insurance services to businesses and individuals.
Pinnacle Financial Partners reported revenues of $1.32 billion, up 135% year on year. This print topped analysts’ expectations by 2.6%. Aside from that, it was a softer quarter as it produced a miss of analysts’ tangible book value per share estimates and a narrow beat of analysts’ EPS estimates.
Pinnacle Financial Partners achieved the fastest revenue growth among its peers. The stock is up 4.9% since reporting and currently trades at $103.
Read our full, actionable report on Pinnacle Financial Partners here, it’s free.
Independent Bank (NASDAQ: INDB)
Tracing its roots back to 1907 and serving as a financial cornerstone in New England for over a century, Independent Bank Corp. (NASDAQ: INDB) operates as the holding company for Rockland Trust, providing banking, investment, and financial services across Eastern Massachusetts and Rhode Island.
Independent Bank reported revenues of $261.8 million, up 7.4% year on year. This number beat analysts’ expectations by 0.6%. Zooming out, it was a mixed quarter as it also logged a narrow beat of analysts’ net interest income estimates but a miss of analysts’ tangible book value per share estimates.
The stock is up 10.6% since reporting and currently trades at $85.28.
Read our full, actionable report on Independent Bank here, it’s free.
Market update
Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.
Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.
By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.
Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.
