Amalgamated Financial Corp. · NASDAQ:AMAL
Amalgamated Financial — Q1 2026 Earnings Presentation
30 slides from Amalgamated Financial's earnings presentation, Apr 23, 2026
Slide 1: First Quarter 2026 Earnings Presentation
Amalgamated Financial Corp. First Quarter 2026 Earnings Presentation April 23, 2026 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: 1Q26 Highlights
1Q26 Highlights 2.9% 3.0% 19.5% 4Q25 1Q26 4Q25 1Q26 4Q25 1Q26 Core Net Income1,2,3 Deposit Growth4 Net Interest Income $24.1mm $228.8mm $80.2mm 0.3% 9 bps 19.2% 4Q25 1Q26 4Q25 1Q26 4Q25 1Q26 Core EPS1,2,3 Leverage Ratio3 Net Interest Margin $0.80 9.33% 3.75% 1 GAAP Net Income and GAAP EPS for 1Q26 a
Slide 4: Non-Interest Income and Expense
Non-Interest Income and Expense CORE NON-INTEREST INCOME1,2 ($mm) 11.2 10.0 10.1 9.1 9.3 4.3 3.8 4.0 3.4 3.8 Commercial banking 4.3 Trust fee income 4.0 4.1 Core other income 4.2 3.9 2.2 1.9 2.6 1.5 1.6 1Q25 2Q25 3Q25 4Q25 1Q26 NON-INTEREST EXPENSE1 ($mm) 44.9 46.4 45.3 45.9 43.4 43.6 41.5 41.6 40.4
Slide 5: Performance Tracking
Performance Tracking TBV PER-SHARE ($) CORE ROTCE CAPITAL RATIOS 26.82 15.54% 15.41% 15.76% 14.34% 14.90% 14.65% 14.27% 14.12% 14.21% 14.23% 26.18 25.31 26.59 14.20% 24.33 9.40% 12.28% 9.36% 23.51 9.22% 9.22% 9.18% 9.33% 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 PER-
Slide 6: Deposit Portfolio
Deposit Portfolio TOTAL GAAP DEPOSITS1 TOTAL CORE DEPOSITS2 BY IMPACT SEGMENT 8.2 8.3 ($bn) 7.7 7.8 7.9 ($bn) 7.4 1.7 1.7 0.70 1.2 1.4 1.5 CML - Labor 1.1 — 0.54 2.16 — — — — — CML- Social/Philanthropy 0.85 CML - Political 6.5 6.4 6.4 6.5 6.6 $9.1bn CML - Not-for-Profit 6.3 1.13 Consumer 2.02 CML -
Slide 7: Investment Securities
Investment Securities SECURITIES – BOOK VALUE1,2,3 SECURITIES – YIELDS2,4 ($bn) 3.7 3.5 3.5 3.4 0.9 3.3 6.18% 0.9 0.9 0.8 0.8 5.82% 5.80% 5.81% 5.85% 1.3 5.09% 5.10% 5.02% 1.2 1.2 1.2 1.3 4.88% 4.89% 4.23% 4.11% 4.04% 4.10% 3.89% 1.5 1.4 1.4 1.4 1.3 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26
Slide 8: Investment Securities Composition
Investment Securities Composition AFS PORTFOLIO COMPOSITION1,2,3 VALUATION LOSS AS A % OF PORTFOLIO BALANCE2,3 ($mm) AFS: 145 679 $1,968mm 3.5% 2.9% 2.2% 2.2% 2.0% 1,143 1Q25 2Q25 3Q25 4Q25 1Q26 HTM PORTFOLIO COMPOSITION1,2,3 HTM: ($mm) 21 7.2% 6.9% 6.5% 6.6% 5.8% $467mm 226 220 1Q25 2Q25 3Q25 4Q25
Slide 9: Loans Held for Investment
Loans Held for Investment TOTAL LOANS LOAN BALANCE TREND - GROWTH PORTFOLIOS ($bn) ($bn) 5.03 3.45 4.96 3.35 Commercial & Industrial, 4.79 3.13 Multifamily, and 4.68 4.71 3.03 Commercial Real Estate 2.97 5.22% 5.18% 5.05% 5.11% 5.00% Current Quarter Growth: +$108.7mm, +3.3% 1Q25 2Q25 3Q25 4Q25 1Q26
Slide 10: Credit Quality
Credit Quality NON-PERFORMING ASSETS / TOTAL ASSETS 1Q26 HIGHLIGHTS2 • Net charge-offs of 0.27% include: ◦ $2.7 million in charge offs on consumer solar 1.08% and small business loans ◦ $0.5 million charge-off of a non-performing commercial and industrial loan 0.41% 0.41% • Pass rated loans are 97%
Slide 11: Allowance for Credit Losses on Loans
Allowance for Credit Losses on Loans ALLOWANCE WATERFALL ACL TO TOTAL PORTFOLIO BALANCE BY LOAN TYPE ($mm) 9.08% 9.19% 2.4 68.2 12.4 (0.9) (0.3) 3.36% 0.87% 0.95% 0.57% 0.45% 57.6 C&I Multifamily CRE Land Residential Consumer Consumer Solar and Other (3.3) ALLOWANCE FOR CREDIT LOSSES ON LOANS / TOTA
Slide 12: Multifamily DC Metro Area Exposure Profile
Multifamily DC Metro Area Exposure Profile TOTAL DC METRO AREA PORTFOLIO1 DC METRO PORTFOLIO EXCL. DELINQUENT RELATIONSHIP1 ($mm) ($mm) Weighted Weighted Weighted Weighted Category2 Category2 Avg. LTV Avg. DSCR3 Avg. LTV Avg. DSCR3 17.7% 25.5% Section 8 64.9% 1.42 Section 8 73.9% 1.22 RRh Loans4 61.
Slide 13: 2026 Guidance
2026 Guidance 2026 Outlook FY26 Implied YoY (in $ millions) 2Q26 Outlook Outlook Growth Net Interest Income $81-83 $331-333 $33 - 35 (11 - 12%) Core Pre-Tax Pre-Provision Earnings $44-45 $183-185 $17 - 19 (10 - 12%) PERFORMANCE TARGETS STATUS • ~ 1.35% annual core ROAA • Revised to ~1.26% • ~ 15% an
Slide 14: Appendix
Appendix
Slide 15: Metrics Index
Metrics Index DEPOSITS LOANS & CREDIT QUALITY Change Change Metric 1Q26 4Q25 Metric 1Q26 4Q25 QoQ QoQ Total Deposits ex Brokered ($bn) 8.18 7.95 0.23 Total Mission-Aligned Loans ($bn) 2.92 2.93 (0.01) Political Deposits ($mm) 1,864 1,731 133 Pass-Rated Loans as a % of Loan Portfolio 96.8% 97.8% (1.0
Slide 16: Metrics Index
Metrics Index SECURITIES Change Change Metric 1Q26 4Q25 Metric 1Q26 4Q25 QoQ QoQ Weighted Avg Duration5, (years) Total Investment Securities Book Value1 ($bn) 3.7 3.4 0.3 Total Securities Portfolio, excl. PACE 2.8 2.9 (0.1) AFS Yield, excl. PACE 4.77% 4.76% 0.01% AFS - total 2.5 2.6 (0.1) AFS - ex-P
Slide 17: Impact of Tax Credit
Impact of Tax Credit EARNINGS PER SHARE ($) 0.99 As of and for the Three Months ended: QoQ Change: 0.88 0.88 0.91 0.80 0.91 (in millions) March 31, 2026 December 31, 2025 0.80 1Q25 2Q25 3Q25 4Q25 1Q26 Core net income (non-GAAP)1 $ 24.1 $ 30.0 $ (5.9) CORE ROAA Less: Benefit from tax credit2 — (2.5)
Slide 18: Tangible Book Value
Tangible Book Value TANGIBLE COMMON EQUITY & TANGIBLE BOOK VALUE 1Q26 SUMMARY ($mm) 25 • TBV increase of 1.6% primarily driven by $25.2 million in — quarterly net income — (5) 794 (3) • Offset by: (5) ◦ $5.2 million equity impact of dividend issuance 781 27.02 ◦ $4.5 million worsening tax-effected m
Slide 19: Tangible Common Equity Ratio
Tangible Common Equity Ratio TANGIBLE COMMON EQUITY & TCE RATIO 1Q26 SUMMARY ($mm) • Tangible Common Equity Ratio was 8.67%, down 14bps, or 1.6% OCI Impact1 25 Operational Impact Asset from 8.81% in the prior quarter Growth 794 • TCE Ratio decrease primarily driven by $299.3 million increase in (5)
Slide 20: Real Estate Portfolio Composition
Real Estate Portfolio Composition MULTIFAMILY COMPOSITION BY RENT STABILIZATION1 CRE COMPOSITION BY PROPERTY TYPE1 Weighted Weighted Weighted Weighted Category Category Avg. LTV Avg. DSCR3 Avg. LTV Avg. DSCR3 Pre 1974 RS2 58.1% 1.53 19.1% Office-Only 40.6% 1.85 23.6% 20.6% 18.6% Office - Owner Secti
Slide 21: Selected Real Estate Risk Exposure Profile
Selected Real Estate Risk Exposure Profile MULTIFAMILY GEOGRAPHIC DISTRIBUTION1 PRE-1974 RS2 AND OFFICE-ONLY LOAN DISTRIBUTION BY COUNTY1 ($mm) ($mm) 11.8% 8.5% NY 3.0% 1.2% Brooklyn (Kings), NY 5.4% DC Manhattan, NY 10.4% $1,778mm CA $437mm 37.7% 52.6% Queens, NY NJ 69.4% Other, NY Other CRE GEOGRA
Slide 22: Multifamily NYC Risk Exposure Profile
Multifamily NYC Risk Exposure Profile MULTIFAMILY NEW YORK CITY LOAN DISTRIBUTION1 MULTIFAMILY NEW YORK CITY-ONLY LOANS BY SEGMENT1 ($mm) ($mm) 15.5% Pre 1974 RS (2) 17.5% Manhattan 33.5% 31.0% 421a Brooklyn 3.5% 2.6% FHEPs $1,778mm Queens $1,181mm 29.5% Other Bronx 18.4% Section 8 14.1% Non-NYC 29.
Slide 23: Real Estate Portfolio By Maturity
Real Estate Portfolio By Maturity MULTIFAMILY PORTFOLIO MATURITY TIMELINE1 CRE PORTFOLIO MATURITY TIMELINE1 ($mm) LTV DSCR2 ($mm) LTV DSCR2 2026 $145 50.7% 1.40 2026 $11 37.0% 2.03 2027 $350 57.1% 1.43 2027 $31 50.1% 1.76 2028 $231 58.2% 1.40 2028 $69 42.7% 1.76 2029 $325 55.2% 1.52 2029 $144 40.6%
Slide 24: Reconciliation of Core Deposits
Reconciliation of Core Deposits Total Core Deposits1, $mm 3/31/2026 Core Political Deposits1, $mm 3/31/2026 Total Deposits (GAAP) 8,178.1 Political Deposits (GAAP) 1,614.9 Less: Brokered CDs — Add: Political Deposits held off-balance sheet 248.7 Total Deposits, excl. Brokered CDs 8,178.1 Total Polit
Slide 25: Super-Core Deposits
Super-Core Deposits SUPER-CORE DEPOSITS2 BY IMPACT SEGMENT 1Q26 HIGHLIGHTS ($bn) • Super-core deposits2 make up $4.8 billion, or 53% of total core deposits Weighted Avg. Impact Sector Total Balance % of Total Account Duration ◦ Super-core deposits are minimum ($M) Core Deposits 5-years old & concent
Slide 26: Mission-Aligned Loan Portfolio
Mission-Aligned Loan Portfolio MULTIFAMILY LOANS BY IMPACT SEGMENT1,2 C&I LOANS BY IMPACT SEGMENT1,2 ($mm) ($mm) 26 C&I Climate Protection Detail 239 Solar: 2 11 $656mm Alternative Energy: 205 $91mm 818 Other: $71mm 16 CRE AND LAND LOANS BY IMPACT SEGMENT1,2 CONSUMER AND OTHER LOANS BY IMPACT SEGMEN
Slide 27: 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 28: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials As of and for the Three Months Ended (in thousands) March 31, 2026 December 31, 2025 March 31, 2025 Core operating revenue Net Interest Income (GAAP) $ 80,156 $ 77,852 $ 70,577 Non-interest income (GAAP) 13,286 7,348 6,406 Add: Loss on Sale of Securities and Oth
Slide 29: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials As of and for the Three Months Ended (in thousands) March 31, 2026 December 31, 2025 March 31, 2025 Tangible common equity Stockholders' equity (GAAP) $ 807,574 $ 794,464 $ 735,996 Less: Goodwill (12,936) (12,936) (12,936) Less: Core deposit intangible (808) (91
Slide 30: Thank You
Thank You amalgamatedbank.com Member FDIC
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