Amalgamated Financial Corp. · NASDAQ:AMAL
Amalgamated Financial — Q3 2026 Earnings Presentation
31 slides from Amalgamated Financial's earnings presentation, Oct 22, 2026
Slide 1: Amalgamated Financial Corp. Third Quarter 2026 Earnings Presentation
1 Amalgamated Financial Corp. Third Quarter 2026 Earnings Presentation October 22, 2026
Slide 2: Safe Harbor Statements
2 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 Securitie
Slide 3: 3Q26 Highlights
3 $34.6mm Core Net Income1,2 $1.14 Core EPS1,2 $256.0mm Deposit Growth3 9.31% Leverage Ratio $87.9mm Net Interest Income 3.77% Net Interest Margin 3Q26 Highlights 2Q26 3Q26 2Q26 3Q26 3.4% 2Q26 3Q262Q26 3Q26 2Q26 3Q26 4.3% 2Q26 3Q26 1 bp11 bps 2.2% 1 GAAP Net Income and GAAP EPS for 3Q26 are $36.4 mi
Slide 4: Performance Tracking
4 1.41% 1.42% 1.27% 1.37% 1.10% 1.44% 3Q25 4Q25 1Q26 2Q26 3Q26 9.40% 9.18% 9.36% 9.33% 9.20% 9.31% 14.34%14.21% 14.23% 14.20% 14.20% 14.40% 3Q25 4Q25 1Q26 2Q26 3Q26 26.82 25.31 26.18 26.59 27.47 27.54 3Q25 4Q25 1Q26 2Q26 3Q26 15.76% 16.51% 14.65% 15.41% 12.28% 16.57% 3Q25 4Q25 1Q26 2Q26 3Q26 CORE RO
Slide 5: Deposit Portfolio
5 TOTAL DEPOSITS1 ($bn) Deposit Portfolio $8.0 $9.0 $9.3 $9.5 $9.8 $9.5 $7.8 $7.9 $8.2 $8.5 $8.7 $8.6 $0.3 $1.1 $1.1 $1.0 $1.1 $0.9 Off-Balance Sheet Deposits GAAP Deposits 3Q25 4Q25 1Q26 2Q26 3Q26 10/15/26 2.37 2.18 1.73 1.16 0.86 0.49 0.75 CML - Labor CML - NFP CML - Political CML-Social/Philanthr
Slide 6: Investment Securities
6 SECURITIES – BOOK VALUE1,2,3 ($bn) Investment Securities 3.5 3.4 3.7 3.9 4.0 1.4 1.3 1.5 1.6 1.6 1.2 1.3 1.3 1.3 1.4 0.9 0.8 0.9 1.0 1.0 Non-Agency PACE Agency 3Q25 4Q25 1Q26 2Q26 3Q26 1 Securities book value excludes unrealized Available for Sale (AFS) gain / loss on sale 2 Non-Agency includes co
Slide 7: Investment Securities Composition
7 7 728 1,355 71 Investment Securities Composition HTM PORTFOLIO COMPOSITION1,2,3 ($mm) 225185 21 Agency Non-Agency Corporates & Other $2,155mm $431mm VALUATION LOSS AS A % OF PORTFOLIO BALANCE2,3 AFS: AFS PORTFOLIO COMPOSITION1,2,3 ($mm) 1 Both AFS and HTM securities balances shown at amortized cos
Slide 8: Loans Held for Investment
8 Loans Held for Investment TOTAL LOANS ($bn) 4.79 4.96 5.03 5.15 5.20 5.22% 5.11% 5.18% 5.21% 5.21% Loan Yield 3Q25 4Q25 1Q26 2Q26 3Q26 3.13 3.35 3.45 3.61 3.70 3Q25 4Q25 1Q26 2Q26 3Q26 LOAN BALANCE TREND - GROWTH PORTFOLIOS ($bn) 76% 24% 81% 100% 24% 76% 19% % Mission Aligned Loans % Non-Impact Lo
Slide 9: Credit Quality
9 NON-PERFORMING ASSETS / TOTAL ASSETS Credit Quality QUARTERLY NET CHARGE-OFFS/ AVERAGE LOANS1 3Q26 HIGHLIGHTS2,3 • Net charge-offs of 0.20% include: ◦ $2.2 million in charge-offs on consumer solar loans ◦ $0.4 million in charge-offs on small business commercial and industrial loans • Pass rated lo
Slide 10: Allowance for Credit Losses on Loans (ACL)
10 Allowance for Credit Losses on Loans (ACL) ACL / TOTAL LOANS 1.18% 1.16% 1.35% 1.34% 1.35% 3Q25 4Q25 1Q26 2Q26 3Q26 68.9 (2.6) 0.9 2.5 (2.4) 3.0 70.2 6/30/26 NCO's Specific Reserves Charge Off Expense Quant(1) Qual 9/30/26 ALLOWANCE WATERFALL ($mm) 0.87% 0.98% 0.40% 0.31% 0.56% 10.46% 3.20% C&I M
Slide 11: Non-Interest Income and Expense
11 Non-Interest Income and Expense 22.0% 19.8% 23.2% 12.0% 15.0% 40.0% 40.6% 38.4% 42.0% 38.1%38.0% 39.6% 38.4% 46.0% 46.9% Commercial banking fees Trust fees Core other income 3Q25 4Q25 1Q26 2Q26 3Q26 % CORE NON-INTEREST INCOME1,2 1 See non-GAAP disclosures on pages 29-30 2 For additional relevant
Slide 12: 2026 Guidance - Raised
12 2026 Guidance - Raised PERFORMANCE TARGETS • ~ 1.29% annual core ROAA • ~ 15% annual core ROTCE • ~ 4% core non-interest income growth • ~ 3-4% positive operating leverage • ~ 18% technology spend growth • 52% core efficiency outer band • YE Balance Sheet growth ~ 8% (in $ millions) 4Q26 FY26 Imp
Slide 13: Enterprise Platforms & AI Efficiency
13 Enterprise Platforms & AI Efficiency** Middleware & Core Platforms Integration Layer Data Lake & Governance Technology-Led Scalability **AI Efficiency Insulates the ecosystem from core conversion Core Efficiency Compensation as % of Opex Technology as % of Opex Compensation per employee KEY FINAN
Slide 14: Appendix
Appendix
Slide 15: Metrics Index
15 Metrics Index DEPOSITS Metric 3Q26 2Q26 Change QoQ Total Deposits ex Brokered ($bn) 8.71 8.46 0.25 Political Deposits ($mm) 1,999 2,075 -76 Political Deposits as a % of GAAP Deposits1 22.9% 24.5% -1.6% Total Cost of Deposits1 146 bps 146 bps — bps Interest-Bearing Deposit Cost1 245 bps 244 bps 1
Slide 16: Metrics Index
16 Metrics Index Metric 3Q26 2Q26 Change QoQ Total Investment Securities Book Value1 ($bn) 4.0 3.9 0.1 AFS Yield, excl. PACE 4.81% 4.81% —% HTM Yield, excl. PACE 3.77% 3.77% —% Agency Securities as % of Total Portfolio2 24.0% 24.7% (0.7)% PACE LTV 14.6% 13.4% 1.2% % of AAA rated Non-Agency MBS/ABS S
Slide 17: Core ROAA, ROTCE and EPS with Tax Credit Impact
17 1.26% 1.40% 1.42%1.27% 1.37% 1.10% 1.42% 1.44% 3Q25 4Q25 1Q26 2Q26 3Q26 14.12% 16.30% 16.31% 14.65% 15.41% 12.28% 16.51% 16.57% Excluding Benefit from Recognized Tax Credit Core Metric 3Q25 4Q25 1Q26 2Q26 3Q26 CORE ROAA1,2 EARNINGS PER SHARE ($)1,2Impact of Tax Credit 1 Refer to Reconciliation of
Slide 18: Tangible Book Value
18 821 36 (5) (7) — 3 (28) 820 27.47 28.69 28.52 28.30 28.43 28.48 27.54 27.54 6/30/2026 Earnings Dividends @ $.17/ share Buybacks - Equity Impact Buybacks - Share count Other(1) AFS Mark 9/30/2026 3Q26 SUMMARY • TBV per share increase of 0.2% primarily driven by $36.4 million in quarterly net incom
Slide 19: Tangible Common Equity Ratio (TCE)
19 821 (25) (3) 36 (5) (5) 820 8.74 8.48 8.45 8.82 8.78 8.73 8.73 8.44 Tangible Common Equity (increase) TCE Ratio 6/30/26 OCI - Rate Impact OCI - AFS Purch/Sales Earnings Dividends @ $.17/ share Buybacks and Stock Issuance 9/30/26 Tangible Asset Growth 3Q26 SUMMARY • Tangible Common Equity Ratio wa
Slide 20: Real Estate Portfolio Composition
20 21.5% 13.3% 21.9% 14.1% 9.5% 19.7% Real Estate Portfolio Composition 17.3% 6.2% 10.4% 35.7% 1.7% 11.1% 17.6% CRE COMPOSITION BY PROPERTY TYPE1MULTIFAMILY COMPOSITION BY RENT STABILIZATION1 Category2 Weighted Avg. LTV Weighted Avg. DSCR3 Pre 1974 RS 58.3% 1.58 Section 8 65.1% 1.31 421a 56.9% 1.44
Slide 21: Selected Real Estate Risk Exposure Profile
21 Selected Real Estate Risk Exposure Profile RISK EXPOSURE PROFILE PRE-1974 RS2 AND OFFICE-ONLY LOAN DISTRIBUTION BY COUNTY1 ($mm) 53.0%39.1% 7.9% Manhattan, NY Brooklyn, NY Other, NY $456mm Portfolio Balance ($mm) LTV DSCR3 Office-Only CRE Loans 74.5 37.6% 1.91 Pre-1974 RS2 Multifamily Loans 409.5
Slide 22: Multifamily NYC Risk Exposure Profile
22 Multifamily NYC Risk Exposure Profile 1 Balances shown do not include deferred fees and costs 2 Rent-Stabilized loans defined as any real estate loan that has units subject to rent-stabilization rules 3 Weighted Avg. DSCR values shown are calculated using bank-underwritten DSCR's only RISK EXPOSU
Slide 23: Real Estate Portfolio By Maturity
23 Real Estate Portfolio By Maturity MULTIFAMILY PORTFOLIO MATURITY TIMELINE1 ($mm) $91 $349 $220 $376 $868 Pre 1974 RS Section 8 421a FHEPs Other-Stabilized Free Market 2026 2027 2028 2029 2030+ CRE PORTFOLIO MATURITY TIMELINE1 ($mm) $3 $31 $70 $156 $171 Office Office - Owner Occupied Retail Indust
Slide 24: Multifamily DC Metro Area Exposure Profile
24 Multifamily DC Metro Area Exposure Profile 1 Balances shown do not include deferred fees and costs 2 Rent-Stabilized loans defined as any real estate loan that has units subject to rent-stabilization rules 3 Weighted Avg. DSCR values shown are calculated using bank-underwritten DSCR's only 4 Tota
Slide 25: Reconciliation of Core Deposits
25 Reconciliation of Core Deposits Total Core Deposits1, $mm 9/30/2026 Total Deposits (GAAP) 8,713.7 Less: Brokered CDs — Total Deposits, excl. Brokered CDs 8,713.7 Add: Deposits held off-balance sheet 1,118.3 Less: Non-Broker Listing Service CDs (0.5) Less: Other non-core, intercompany, and transac
Slide 26: Super-Core Deposits by Impact Segment
26 SUPER-CORE DEPOSITS2 BY IMPACT SEGMENT ($bn) 3Q26 HIGHLIGHTS • Cash and borrowing potential totals $4.6 billion, or 101% of non-supercore deposits, with a total borrowings utilization rate of 0.1%, excluding subordinated debt • Total available liquidity, including cash, unpledged traditional secu
Slide 27: Mission-Aligned Loan Portfolio
271 For more detail on specific loan types included in each impact segment, see Appendix page 28 2 Balances shown do not include deferred fees and costs 3 Does not include residential or HELOC loans Mission-Aligned Loan Portfolio 1,441 1 462 CRE AND LAND LOANS BY IMPACT SEGMENT1,2 ($mm) 40 3 63 1 6
Slide 28: Loan Types Included Within Each Impact Segment
28 LOAN TYPES INCLUDED WITHIN EACH IMPACT SEGMENT Impact Segment Definitions Climate Protection • Renewable Energy • Energy Efficiency • Energy Storage Community Empowerment • Not-for-Profits • CDFI's • Labor Unions • Political Organizations Health & Wellness • Medical Facilities • Rehabilitation Ce
Slide 29: Reconciliation of Non-GAAP Financials
29 Reconciliation of Non-GAAP Financials As of and for the As of and for the Three Months Ended Nine Months Ended (in thousands) September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Core operating revenue Net Interest Income (GAAP) $ 87,940 $ 86,057 $ 76,447 $ 25
Slide 30: Reconciliation of Non-GAAP Financials
30 Reconciliation of Non-GAAP Financials As of and for the As of and for the Three Months Ended Nine Months Ended (in thousands) September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Tangible common equity Stockholders' equity (GAAP) $ 833,561 $ 834,993 $ 775,573
Slide 31: Thank You
Thank You amalgamatedbank.com Member FDIC
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