Amalgamated Financial Corp. · NASDAQ:AMAL
Amalgamated Financial — Q2 2026 Earnings Presentation
31 slides from Amalgamated Financial's earnings presentation, Jul 23, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Amalgamated Financial Corp. Second Quarter 2026 Earnings Presentation July 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: 2Q26 Highlights
2Q26 Highlights 37.3% 3.4% 7.4% 1Q26 2Q26 1Q26 2Q26 1Q26 2Q26 Core Net Income1,2,3 Deposit Growth4 Net Interest Income $33.1mm $280.3mm $86.1mm 37.5% 13 bps 3 bps 1Q26 2Q26 1Q26 2Q26 1Q26 2Q26 Core EPS1,2,3 Leverage Ratio Net Interest Margin $1.10 9.20% 3.78% Indicates metric is a quarterly record 1
Slide 4: Performance Tracking
Performance Tracking TBV PER-SHARE ($) CORE ROTCE CAPITAL RATIOS 27.47 16.51% 26.82 15.41% 15.76% 14.34% 14.90% 14.65% 14.12% 14.21% 14.23% 14.20% 26.18 25.31 26.59 14.20% 24.33 9.40% 12.28% 9.36% 9.22% 9.18% 9.20% 9.33% 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 PER-
Slide 5: Deposit Portfolio
Deposit Portfolio TOTAL DEPOSITS1 TOTAL CORE DEPOSITS2 BY IMPACT SEGMENT ($bn) ($bn) $9.6 0.51 $9.0 $9.3 $9.5 0.71 CML - Labor 2.19 $7.8 $8.0 $1.1 $1.1 $1.0 $1.2 CML- Social/Philanthropy $0.04 $0.3 CML - Political 1.96 $9.1bn CML - Not-for-Profit $7.7 $7.8 $7.9 $8.2 $8.5 $8.4 1.18 Consumer CML - Cli
Slide 6: Investment Securities
Investment Securities SECURITIES – BOOK VALUE1,2,3 SECURITIES – YIELDS2,4 ($bn) 3.9 3.7 3.5 3.5 1.0 3.4 0.9 6.18% 6.10% 0.9 0.9 0.8 5.80% 5.81% 5.85% 1.3 1.3 5.10% 5.09% 4.88% 4.89% 4.97% 1.2 1.2 1.3 4.23% 4.11% 4.04% 4.10% 4.08% 1.5 1.6 1.4 1.4 1.3 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26
Slide 7: Investment Securities Composition
Investment Securities Composition AFS PORTFOLIO COMPOSITION1,2,3 VALUATION LOSS AS A % OF PORTFOLIO BALANCE2,3 ($mm) AFS: 99 725 $2,076mm 2.9% 1,253 2.2% 2.2% 2.0% 2.0% 2Q25 3Q25 4Q25 1Q26 2Q26 HTM PORTFOLIO COMPOSITION1,2,3 HTM: ($mm) 21 6.9% 6.5% 6.6% 6.8% 5.8% $441mm 228 193 2Q25 3Q25 4Q25 1Q26 2
Slide 8: Loans Held for Investment
Loans Held for Investment TOTAL LOANS LOAN BALANCE TREND - GROWTH PORTFOLIOS ($bn) ($bn) 5.15 3.61 Commercial & Industrial, 4.96 5.03 3.35 3.45 Multifamily, and 4.71 4.79 3.13 Commercial Real Estate 3.03 5.22% 5.18% 5.21% 5.11% Current Quarter Growth: 5.05% +$154.5mm, +4.5% 2Q25 3Q25 4Q25 1Q26 2Q26
Slide 9: Credit Quality
Credit Quality NON-PERFORMING ASSETS / TOTAL ASSETS 2Q26 HIGHLIGHTS2,3 • Net charge-offs of 0.25% include: 1.08% 1.09% ◦ $3.0 million in charge-offs on consumer solar loans ◦ $0.2 million in charge-offs on small business commercial and industrial loans 0.41% 0.26% 0.32% • Pass rated loans are 97% of
Slide 10: Allowance for Credit Losses on Loans (ACL)
Allowance for Credit Losses on Loans (ACL) ALLOWANCE WATERFALL ACL TO TOTAL PORTFOLIO BALANCE BY LOAN TYPE ($mm) 9.83% 1.2 68.9 68.2 3.1 (0.02) 3.29% 0.90% 0.96% 0.57% 0.44% 0.07% (3.2) (0.3) C&I Multifamily CRE Land Residential Consumer Consumer Solar and Other ACL / TOTAL LOANS 1.35% 1.34% 1.25% 1
Slide 11: Non-Interest Income and Expense
Non-Interest Income and Expense % CORE NON-INTEREST INCOME1,2 % CORE NON-INTEREST EXPENSE BY CATEGORY1,2 46.0% 57.1% 58.1% 57.4% 41.9% 55.8% 55.5% 40.0% 40.6% 38.4% 42.0% 40.9% 39.6% 38.0% 38.4% 22.0% 23.2% 29.9% 29.3% 28.1% 28.6% 19.8% 26.9% 17.2% 12.0% 15.6% 14.6% 15.7% 13.6% 13.8% 2Q25 3Q25 4Q25
Slide 12: 2026 Guidance - Raised
2026 Guidance - Raised Implied YoY (in $ millions) 3Q26 FY26 Growth Net Interest Income $86-88 $338-340 $40 - 42 (13 - 14%) Core Pre-Tax Pre-Provision Earnings $46-48 $188-190 $22 - 24 (13 - 14%) PERFORMANCE TARGETS STATUS • ~ 1.35% annual core ROAA • Revised to ~1.29% • ~ 15% annual core ROTCE • On
Slide 13: AI and Technology Investments
AI and Technology Investments AI Adoption and Utilization Agentification and AI Tools Key Technology Deployment Key measures of success: Agentification built on Revitalization of sales process, – Speed to deployment interconnected application including enriched, data-driven environment across enterp
Slide 14: Appendix
Appendix
Slide 15: Metrics Index
Metrics Index DEPOSITS LOANS & CREDIT QUALITY Change Change Metric 2Q26 1Q26 Metric 2Q26 1Q26 QoQ QoQ Total Deposits ex Brokered ($bn) 8.46 8.18 0.28 Total Mission-Aligned Loans ($bn) 2.93 2.92 0.01 Political Deposits ($mm) 2,075 1,864 211 Pass-Rated Loans as a % of Loan Portfolio 97.0% 96.8% 0.2% P
Slide 16: Metrics Index
Metrics Index SECURITIES Change Change Metric 2Q26 1Q26 Metric 2Q26 1Q26 QoQ QoQ Weighted Avg Duration5, (years) Total Investment Securities Book Value1 ($bn) 3.9 3.7 0.2 Total Securities Portfolio, excl. PACE 2.75 2.75 0.00 AFS Yield, excl. PACE 4.81% 4.77% 0.04% AFS - total 2.54 2.53 0.01 AFS - ex
Slide 17: Impact of Tax Credit
Impact of Tax Credit EARNINGS PER SHARE ($) 1.10 0.99 As of and for the Three Months ended: QoQ Change: 0.88 0.91 1.08 0.80 0.91 June 30, March 31, December 31, (in thousands) 2026 2026 2025 2Q25 3Q25 4Q25 1Q26 2Q26 Core net income (non-GAAP)1 $ 33,137 $ 24,139 $ 29,965 $ 8,998 CORE ROAA 1.42% Less:
Slide 18: Tangible Book Value (TBV)
Tangible Book Value (TBV) TANGIBLE COMMON EQUITY & TANGIBLE BOOK VALUE 2Q26 SUMMARY ($mm) 35 • TBV per share increase of 3.3% primarily driven by $34.8 2 — — 821 million in quarterly net income (5) (4) • Offset by: ◦ $5.2 million equity impact of dividend payment 27.75 ◦ $4.2 million worsening tax-e
Slide 19: Tangible Common Equity Ratio (TCE)
Tangible Common Equity Ratio (TCE) TANGIBLE COMMON EQUITY & TCE RATIO 2Q26 SUMMARY ($mm) • Tangible Common Equity Ratio was 8.74%, up 7bps, or 0.8% from OCI Impact1 Operational Impact Asset 8.67% in the prior quarter 35 2 821 Growth (5) • TCE Ratio increase primarily driven by $27.5 million increase
Slide 20: Real Estate Portfolio Composition
Real Estate Portfolio Composition MULTIFAMILY COMPOSITION BY RENT STABILIZATION1 CRE COMPOSITION BY PROPERTY TYPE1 Weighted Weighted Weighted Weighted Category Category Avg. LTV Avg. DSCR3 Avg. LTV Avg. DSCR3 20.6% Pre 1974 RS2 58.0% 1.59 17.0% Office-Only 42.7% 1.94 21.3% 18.3% Office - Owner Secti
Slide 21: Selected Real Estate Risk Exposure Profile
Selected Real Estate Risk Exposure Profile MULTIFAMILY GEOGRAPHIC DISTRIBUTION1 PRE-1974 RS2 AND OFFICE-ONLY LOAN DISTRIBUTION BY COUNTY1 ($mm) ($mm) 11.4% 7.6% NY 2.7% 1.1% Manhattan, NY 5.2% DC Brooklyn, NY 9.9% $1,862mm CA $476mm 39.4% 51.9% Queens, NY NJ 70.8% Other, NY Other CRE GEOGRAPHIC DIST
Slide 22: Multifamily NYC Risk Exposure Profile
Multifamily NYC Risk Exposure Profile MULTIFAMILY NEW YORK CITY LOAN DISTRIBUTION1 MULTIFAMILY NEW YORK CITY-ONLY LOANS BY SEGMENT1 ($mm) ($mm) 12.4% Pre 1974 RS (2) 16.2% Manhattan 32.2% 3.2% 2.1% 31.4% 421a Brooklyn FHEPs $1,862mm Queens $1,263mm 29.9% Other Bronx 20.4% Section 8 17.0% Non-NYC 30.
Slide 23: Real Estate Portfolio By Maturity
Real Estate Portfolio By Maturity MULTIFAMILY PORTFOLIO MATURITY TIMELINE1 CRE PORTFOLIO MATURITY TIMELINE1 ($mm) LTV DSCR2 ($mm) LTV DSCR2 2026 $126 63.6% 1.32 2026 $5 42.1% 2.8 2027 $348 57.1% 1.46 2027 $31 54.9% 1.68 2028 $221 59.3% 1.39 2028 $68 43.3% 1.88 2029 $328 53.9% 1.58 2029 $157 41.4% 2.
Slide 24: Multifamily DC Metro Area Exposure Profile
Multifamily DC Metro Area Exposure Profile TOTAL DC METRO AREA PORTFOLIO1 DC METRO PORTFOLIO EXCL. DELINQUENT RELATIONSHIP1 ($mm) ($mm) Weighted Weighted Weighted Weighted Category2 Category2 Avg. LTV Avg. DSCR3 Avg. LTV Avg. DSCR3 15.9% 22.8% Section 8 64.7% 1.33 Section 8 73.9% 1.17 RRh Loans4 61.
Slide 25: Reconciliation of Core Deposits
Reconciliation of Core Deposits Total Core Deposits1, $mm 6/30/2026 Core Political Deposits1, $mm 6/30/2026 Total Deposits (GAAP) 8,457.0 Political Deposits (GAAP) 1,769.0 Less: Brokered CDs — Add: Political Deposits held off-balance sheet 306.5 Total Deposits, excl. Brokered CDs 8,457.0 Total Polit
Slide 26: Super-Core Deposits
Super-Core Deposits SUPER-CORE DEPOSITS2 BY IMPACT SEGMENT 2Q26 HIGHLIGHTS ($bn) • Super-core deposits2 make up $5.1 billion, or 56% of total core deposits Weighted Avg. Impact Segment Total Balance % of Total Account Duration ◦ Super-core deposits are minimum ($M) Core Deposits 5-years old & concen
Slide 27: Mission-Aligned Loan Portfolio
Mission-Aligned Loan Portfolio MULTIFAMILY LOANS BY IMPACT SEGMENT1,2 C&I LOANS BY IMPACT SEGMENT1,2 ($mm) ($mm) 27 C&I Climate Protection Detail 424 252 Solar: $667mm 2 10 1 Alternative Energy: 193 $113mm 830 Other: 1,438 $50mm CRE AND LAND LOANS BY IMPACT SEGMENT1,2 CONSUMER AND OTHER LOANS BY IMP
Slide 28: 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 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, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Core operating revenue Net Interest Income (GAAP) $ 86,057 $ 80,156 $ 72,909 $ 166,213 $ 143,486 Non-int
Slide 30: 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, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Tangible common equity Stockholders' equity (GAAP) $ 834,993 $ 807,574 $ 753,984 $ 834,993 $ 753,984 Les
Slide 31: Thank You
Thank You amalgamatedbank.com Member FDIC
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