Slide 1: Second Quarter 2025 Earnings Presentation
Amalgamated Financial Corp. Second Quarter 2025 Earnings Presentation July 24, 2025 1
Slide 2: Safe Harbor Statements
Safe Harbor Statements FORWARD-LOOKING STATEMENTS Statements included in this presentation that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities
Slide 3: 2Q25 Highlights
2Q25 Highlights 3.3% 0.4% 2.8% 1Q25 2Q25 1Q25 2Q25 1Q25 2Q25 Core Net Income1,2 Deposit Growth3 Net Interest Income $27.0mm $208.9mm $72.9mm —% —% — bps 1Q25 2Q25 1Q25 2Q25 1Q25 2Q25 Core EPS1,2 Leverage Ratio Net Interest Margin $0.88 9.22% 3.55% 3 1 GAAP Net Income and GAAP EPS for 2Q25 are $26.0
Slide 4: Performance Tracking
Performance Tracking TBV PER-SHARE ($) CORE ROAE CAPITAL RATIOS 14.27% 14.13% 13.82% 13.90% 13.48% 24.33 9.22% 9.22% 23.51 16.93% 9.00% 22.60 16.66% 8.63% 22.29 8.42% 15.80% 20.61 15.23% 14.61% 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 Leverage Ratio CET1 PER-SHARE K
Slide 5: Deposit Portfolio
Deposit Portfolio TOTAL GAAP DEPOSITS1 TOTAL CORE DEPOSITS2 BY IMPACT SEGMENT ($bn) 7.6 7.7 7.7 ($bn) 7.4 7.2 7.4 0.60 1.2 1.2 CML - Labor 1.3 1.5 1.0 1.1 0.40 — — — — 2.01 0.2 0.1 CML- Social/Philanthropy 0.80 CML - Political 6.5 6.5 $7.6bn CML - Not-for-Profit 5.9 6.0 6.2 6.3 Consumer 1.47 1.10 CM
Slide 6: Investment Securities
Investment Securities SECURITIES – BOOK VALUE1,2,3 SECURITIES – YIELDS2,4 ($bn) ($bn) 3.4 3.4 3.5 3.3 3.3 0.9 0.9 0.9 0.8 0.8 5.82% 5.80% 5.53% 5.61% 1.2 5.52% 1.2 1.2 1.2 1.2 5.50% 5.49% 5.20% 5.02% 5.09% 1.4 1.4 1.3 1.4 4.15% 4.11% 1.3 4.04% 3.85% 3.89% 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25
Slide 7: Investment Securities Composition
Investment Securities Composition AFS PORTFOLIO COMPOSITION1,2,3 VALUATION LOSS AS A % OF PORTFOLIO BALANCE2,3 ($mm) AFS: 119 666 5.2% $1,763mm 4.5% 3.5% 3.5% 979 2.9% 2Q24 3Q24 4Q24 1Q25 2Q25 HTM PORTFOLIO COMPOSITION1,2,3 HTM: ($mm) 19 7.9% 7.1% 7.2% 6.9% 232 $529mm 5.0% 278 2Q24 3Q24 4Q24 1Q25 2Q
Slide 8: Loans Held for Investment
Loans Held for Investment TOTAL LOANS LOAN COMPOSITION ($bn) ($bn) 4.67 4.68 4.71 4.55 0.4 0.4 0.4 4.47 0.4 0.4 5.00% 5.00% 5.05% 0.4 0.4 0.4 0.4 0.4 4.79% 4.68% 1.2 1.2 1.2 1.0 1.1 2Q24 3Q24 4Q24 1Q25 2Q25 Loan Yield MISSION-ALIGNED LOAN COMPOSITION1,2,3 1.2 1.3 1.4 1.4 1.4 (%) 14% 17% 9% 66% 1.4 1
Slide 9: Non-Interest Income and Expense
Non-Interest Income and Expense CORE NON-INTEREST INCOME1,2 ($mm) 9.5 9.1 9.3 8.5 8.8 4.0 3.4 3.8 3.8 4.0 Retail banking Trust fee income 4.0 4.2 3.9 Core other income 3.7 3.7 1.1 1.1 1.5 1.5 1.6 2Q24 3Q24 4Q24 1Q25 2Q25 NON-INTEREST EXPENSE1 ($mm) 40.7 41.0 41.1 41.1 41.5 41.6 40.4 40.6 39.5 39.5 5
Slide 10: Credit Quality
Credit Quality NON-PERFORMING ASSETS / TOTAL ASSETS 2Q25 HIGHLIGHTS2 • Net charge-offs of 0.30% include: 0.43% ◦ $0.9 million in charge-offs on small 0.41% 0.41% business commercial & industrial loans 0.34% 0.31% ◦ $2.6 million in charge-offs on consumer solar loans • Pass rated loans are 98% of loa
Slide 11: Allowance for Credit Losses on Loans
Allowance for Credit Losses on Loans ALLOWANCE WATERFALL ACL TO TOTAL PORTFOLIO BALANCE BY LOAN TYPE ($mm) 7.26% 0.9 6.33% 5.74% 3.5 59.0 (1.3) 57.7 1.42% 0.49% 0.69% 0.20% 2.4 C&I Multifamily CRE Land Residential Consumer Consumer Solar and Other (3.5) ALLOWANCE FOR CREDIT LOSSES ON (0.7) LOANS / T
Slide 12: 2025 Guidance
2025 Guidance INTEREST REVENUE AND EARNINGS OUTLOOK - UNCHANGED FROM Q1 2025 • Net Interest Income of $293 million to $297 million. • Core pre-tax pre-provision earnings of $159 million to $163 million. PERFORMANCE TARGETS • YE Balance Sheet growth ~ 3% • 9.0% Tier 1 leverage baseline • 52% core eff
Slide 13: Appendix
Appendix
Slide 14: Metrics Index
Metrics Index DEPOSITS LOANS & CREDIT QUALITY Change Change Metric 2Q25 1Q25 Metric 2Q25 1Q25 QoQ QoQ Total Deposits ex Brokered ($bn) 7.73 7.41 0.32 Total Mission-Aligned Loans ($bn) 2.70 2.68 0.02 Political Deposits ($mm) 1,209 1,072 137 Pass-Rated Loans as a % of Loan Portfolio 97.9% 98.2% (0.3)%
Slide 15: Metrics Index
Metrics Index SECURITIES Change Change Metric 2Q25 1Q25 Metric 2Q25 1Q25 QoQ QoQ Total Investment Securities Book Value1 ($bn) 3.5 3.3 0.2 Weighted Avg Duration5, (years) Total Securities Portfolio, excl. PACE 2.5 2.5 0.0 Agency Securities as % of Total Portfolio2 25.6% 23.6% 2.0% AFS - total 2.3 2.
Slide 16: Tangible Book Value
Tangible Book Value TANGIBLE COMMON EQUITY & TANGIBLE BOOK VALUE 2Q25 SUMMARY ($mm) • TBV increase of 3.5% primarily driven by: 26 ◦ $26.0 million in net income ◦ $4.3 million improvement in the tax-effected mark-to- 4 market adjustment (4) 2 — 733 • Offset by $9.7 million equity impact of share rep
Slide 17: Tangible Common Equity Ratio
Tangible Common Equity Ratio TANGIBLE COMMON EQUITY & TCE RATIO 2Q25 SUMMARY ($mm) • Tangible Common Equity Ratio was 8.60%, down 13bps, or 1.5% OCI Impact1 Operational Impact Asset from 8.73% in the prior quarter Growth 26 • TCE Ratio decrease primarily driven by $336.2 million increase in (4) 740
Slide 18: Solar Tax-Equity Investments
Solar Tax-Equity Investments OVERVIEW OF SOLAR TAX EQUITY INVESTMENTS • Metrics excluding the impact of tax credits or accelerated depreciation is a meaningful way to evaluate our performance and are adjusted in accordance with the below chart ◦ Immediate realization of tax benefits and subsequent a
Slide 19: Reconciliation of Core Deposits
Reconciliation of Core Deposits Total Core Deposits1, $mm 6/30/2025 Core Political Deposits1, $mm 6/30/2025 Total Deposits (GAAP) 7,733.3 Political Deposits (GAAP) 1,200.3 Less: Temporary Pension Funding Deposits2 (112.3) Add: Political Deposits held off-balance sheet 8.6 Less: Brokered CDs — Core P
Slide 20: Super-Core Deposits
Super-Core Deposits SUPER-CORE DEPOSITS2 BY IMPACT SEGMENT 2Q25 HIGHLIGHTS ($bn) • Super-core deposits2 make up $4.2 billion, or 55% of total core deposits Weighted Avg. Impact Sector Total Balance % of Total Account Duration ◦ Super-core deposits are minimum ($M) Core Deposits 5-years old & concent
Slide 21: Real Estate Portfolio Composition
Real Estate Portfolio Composition MULTIFAMILY COMPOSITION BY RENT STABILIZATION1 CRE COMPOSITION BY PROPERTY TYPE1 Weighted Weighted Weighted Weighted Category Category Avg. LTV Avg. DSCR3 Avg. LTV Avg. DSCR3 Pre 1974 RS2 53.5% 1.52 16.5% Office-Only 32.0% 1.57 22.8% 14.0% 30.3% Office - Owner Secti
Slide 22: Real Estate Portfolio By Maturity
Real Estate Portfolio By Maturity MULTIFAMILY PORTFOLIO MATURITY TIMELINE1 CRE PORTFOLIO MATURITY TIMELINE1 ($mm) LTV DSCR2 ($mm) LTV DSCR2 2025 $89 53.8% 1.56 2025 $86 43.5% 1.45 2026 $152 49.3% 1.43 2026 $16 40.2% 1.38 2027 $362 57.8% 1.46 2027 $20 45.4% 1.8 2028 $188 57.6% 1.4 2028 $72 40.8% 1.81
Slide 23: Selected Real Estate Risk Exposure Profile
Selected Real Estate Risk Exposure Profile MULTIFAMILY GEOGRAPHIC DISTRIBUTION1 PRE-1974 RS2 AND OFFICE-ONLY LOAN DISTRIBUTION BY COUNTY1 ($mm) ($mm) 11.4% 8.4% 1.7% NY Manhattan, NY 1.7% 4.0% DC 9.0% Brooklyn (Kings), NY 10.5% $1,406mm CA $379mm Queens, NY 50.7% MA Ocean, NJ 72.4% 30.2% Other Other
Slide 24: Mission-Aligned Loan Portfolio
Mission-Aligned Loan Portfolio MULTIFAMILY LOANS BY IMPACT SEGMENT1,2 C&I LOANS BY IMPACT SEGMENT1,2 ($mm) ($mm) 35 C&I Climate Protection Detail 1 200 208 Solar: 3 10 $585mm Alternative Energy: 217 $83mm 729 Other: $60mm 1,205 CRE AND LAND LOANS BY IMPACT SEGMENT1,2 CONSUMER AND OTHER LOANS BY IMPA
Slide 25: Impact Segment Definitions
Impact Segment Definitions LOAN TYPES INCLUDED WITHIN EACH IMPACT SEGMENT Housing Climate Protection Community Empowerment • Low/Middle Income Housing • Renewable Energy • Not-for-Profits • Workforce Housing • Energy Efficiency • CDFI's • Energy Storage • Labor Unions • Political Organizations Susta
Slide 26: Not-for-Profit Deposits
Not-for-Profit Deposits TOTAL NOT-FOR-PROFIT DEPOSITS NOT-FOR-PROFIT CUSTOMERS ($bn) • Tax exempt (501c3) institutions intended to 1.47 provide a service to their members and serve the 1.37 mission of their specific organization 1.30 1.27 1.26 • Includes advocacy organizations, social service provid
Slide 27: Not-for-Profit Loan Composition - 501(c)(3)
Not-for-Profit Loan Composition - 501(c)(3) TOTAL NOT-FOR-PROFIT LOANS NOT-FOR-PROFIT LOAN DELINQUENCY SNAPSHOT ($mm) Current Balance: $ % of NFP Portfolio Total NFP Loan Balance 127.1 100.0% Non-Performing 0.7 0.6% 5.5% 4.9% Criticized/Classified 4.9 3.9% 30-89 DPD — —% Education & Community Empowe
Slide 28: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials As of and for the As of and for the Three Months Ended Six Months Ended (in thousands) June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Core operating revenue Net Interest Income (GAAP) $ 72,909 $ 70,577 $ 69,192 $ 143,486 $ 137,229 Non-int
Slide 29: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials As of and for the As of and for the Three Months Ended Six Months Ended (in thousands) June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Tangible common equity Stockholders' equity (GAAP) $ 753,984 $ 735,996 $ 646,112 $ 753,984 $ 646,112 Les
Slide 30: Thank You
Thank You amalgamatedbank.com Member FDIC