Amalgamated Financial Corp. · NASDAQ:AMAL
Amalgamated Financial — Q3 2025 Earnings Presentation
29 slides from Amalgamated Financial's earnings presentation, Oct 23, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Amalgamated Financial Corp. Third Quarter 2025 Earnings Presentation October 23, 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: 3Q25 Highlights
3Q25 Highlights 2.0% 4.9% 2.0% 2Q25 3Q25 2Q25 3Q25 2Q25 3Q25 Core Net Income1,2 Deposit Growth3 Net Interest Income $27.6mm $149.0mm $76.4mm 3.4% 0.4% 5 bps 2Q25 3Q25 2Q25 3Q25 2Q25 3Q25 Core EPS1,2 Leverage Ratio Net Interest Margin $0.91 9.18% 3.60% 3 1 GAAP Net Income and GAAP EPS for 3Q25 are $2
Slide 4: Performance Tracking
Performance Tracking TBV PER-SHARE ($) CORE ROAE CAPITAL RATIOS 14.27% 14.12% 14.21% 13.82% 13.90% 25.31 24.33 9.22% 9.22% 9.18% 23.51 9.00% 22.60 16.66% 8.63% 22.29 15.80% 15.23% 14.61% 14.38% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Leverage Ratio CET1 PER-SHARE K
Slide 5: Deposit Portfolio
Deposit Portfolio TOTAL GAAP DEPOSITS1 TOTAL CORE DEPOSITS2 BY IMPACT SEGMENT ($bn) 7.6 7.7 7.8 7.8 ($bn) 7.2 7.4 0.55 1.2 1.4 1.3 0.48 CML - Labor 1.5 1.0 1.1 2.03 — — — — — 0.1 CML- Social/Philanthropy 0.85 CML - Political 6.5 6.4 6.5 $8.0bn CML - Not-for-Profit 6.0 6.2 6.3 Consumer 1.51 1.13 CML
Slide 6: Investment Securities
Investment Securities SECURITIES – BOOK VALUE1,2,3 SECURITIES – YIELDS2,4 ($bn) ($bn) 3.5 3.5 3.4 3.3 3.3 0.9 0.9 0.9 0.8 0.8 5.82% 5.80% 5.81% 5.53% 5.61% 1.2 1.2 1.2 1.2 1.2 5.49% 5.20% 5.02% 5.09% 5.10% 1.4 4.23% 1.4 1.3 1.4 1.4 4.15% 4.11% 3.85% 3.89% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25
Slide 7: Investment Securities Composition
Investment Securities Composition AFS PORTFOLIO COMPOSITION1,2,3 VALUATION LOSS AS A % OF PORTFOLIO BALANCE2,3 ($mm) AFS: 101 709 $1,816mm 4.5% 3.5% 3.5% 1,006 2.9% 2.2% 3Q24 4Q24 1Q25 2Q25 3Q25 HTM PORTFOLIO COMPOSITION1,2,3 HTM: ($mm) 19 7.9% 7.2% 6.9% 6.5% $478mm 233 5.0% 225 3Q24 4Q24 1Q25 2Q25
Slide 8: Loans Held for Investment
Loans Held for Investment TOTAL LOANS LOAN BALANCE TREND - GROWTH PORTFOLIOS ($bn) ($bn) 4.79 3.13 4.67 4.68 4.71 3.03 Current Quarter Growth: 2.94 2.97 4.55 5.22% +$99.2mm, +3.3% 2.76 5.00% 5.00% 5.05% 4.79% Year to Date Growth: +$185.7mm, +6.3% 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Loa
Slide 9: Non-Interest Income and Expense
Non-Interest Income and Expense CORE NON-INTEREST INCOME1,2 ($mm) 10.0 9.5 9.1 9.3 8.8 3.8 4.0 3.4 3.8 4.0 Retail banking Trust fee income 4.0 4.0 4.2 3.9 Core other income 3.7 1.5 1.5 1.6 2.2 1.1 3Q24 4Q24 1Q25 2Q25 3Q25 NON-INTEREST EXPENSE1 ($mm) 43.4 43.6 40.7 41.0 41.1 41.1 41.5 41.6 40.4 40.6
Slide 10: Credit Quality
Credit Quality NON-PERFORMING ASSETS / TOTAL ASSETS 3Q25 HIGHLIGHTS2 • Net charge-offs of 0.81% include: ◦ $5.4 million from charge-off of non-performing 0.41% 0.41% syndicated commercial and industrial loan 0.34% 0.31% ◦ $1.5 million from charge-off of non-performing 0.26% legacy leveraged loan ◦ $
Slide 11: Allowance for Credit Losses on Loans
Allowance for Credit Losses on Loans ALLOWANCE WATERFALL ACL TO TOTAL PORTFOLIO BALANCE BY LOAN TYPE ($mm) 7.94% 6.72% 59.0 0.6 56.5 3.36% 4.5 (0.2) 1.03% 0.30% 0.59% 0.58% 1.9 C&I Multifamily CRE Land Residential Consumer Consumer Solar and Other 0.3 (9.6) ALLOWANCE FOR CREDIT LOSSES ON LOANS / TOT
Slide 12: Real Estate Portfolio Composition
Real Estate Portfolio Composition MULTIFAMILY COMPOSITION BY RENT STABILIZATION1 CRE COMPOSITION BY PROPERTY TYPE1 Weighted Weighted Weighted Weighted Category Category Avg. LTV Avg. DSCR3 Avg. LTV Avg. DSCR3 Pre 1974 RS2 57.2% 1.54 16.7% Office-Only 38.3% 1.59 27.6% 22.0% 14.8% Office - Owner Secti
Slide 13: Selected Real Estate Risk Exposure Profile
Selected Real Estate Risk Exposure Profile MULTIFAMILY GEOGRAPHIC DISTRIBUTION1 PRE-1974 RS2 AND OFFICE-ONLY LOAN DISTRIBUTION BY COUNTY1 ($mm) ($mm) 10.9% 8.5% 1.9% NY Manhattan, NY 1.7% 3.9% DC 8.9% Brooklyn (Kings), NY 9.6% $1,455mm CA $378mm Queens, NY 50.7% NJ Ocean, NJ 30.2% 73.7% Other Other,
Slide 14: Multifamily NYC Risk Exposure Profile
Multifamily NYC Risk Exposure Profile MULTIFAMILY NEW YORK CITY LOAN DISTRIBUTION1 MULTIFAMILY NEW YORK CITY-ONLY LOANS BY SEGMENT1 ($mm) ($mm) Pre 1974 RS (2) 31.1% Manhattan 26.4% 24.5% 29.9% 421a Brooklyn FHEPs $1,455mm Queens $1,003mm 2.5% Other Bronx 2.6% 4.5% 29.8% Section 8 Non-NYC 11.5% 10.1
Slide 15: Real Estate Portfolio By Maturity
Real Estate Portfolio By Maturity MULTIFAMILY PORTFOLIO MATURITY TIMELINE1 CRE PORTFOLIO MATURITY TIMELINE1 ($mm) LTV DSCR2 ($mm) LTV DSCR2 2025 $44 56.4% 1.36 2025 $59 43.3% 1.47 2026 $151 51.1% 1.46 2026 $11 37.7% 1.63 2027 $360 59.1% 1.47 2027 $20 51.2% 1.8 2028 $208 58.8% 1.40 2028 $71 38.1% 1.8
Slide 16: 2025 Guidance
2025 Guidance 2025 Outlook FY25 Implied YoY (in $ millions) 3Q25 YTD 4Q25 Outlook Implied Growth Net Interest Income $219.9 $75 - 76 $295 - 296 $13 - 14 (~5%) Core Pre-Tax Pre-Provision Earnings $123.0 $41 - 42 $164 - 165 $6 - 7 (~4%) PERFORMANCE TARGETS STATUS • YE Balance Sheet growth ~ 3% • Sligh
Slide 17: Appendix
Appendix
Slide 18: Metrics Index
Metrics Index DEPOSITS LOANS & CREDIT QUALITY Change Change Metric 3Q25 2Q25 Metric 3Q25 2Q25 QoQ QoQ Total Deposits ex Brokered ($bn) 7.77 7.73 0.04 Total Mission-Aligned Loans ($bn) 2.80 2.70 0.10 Political Deposits ($mm) 1,444 1,209 235 Pass-Rated Loans as a % of Loan Portfolio 98.3% 97.9% 0.4% P
Slide 19: Metrics Index
Metrics Index SECURITIES Change Change Metric 3Q25 2Q25 Metric 3Q25 2Q25 QoQ QoQ Total Investment Securities Book Value1 ($bn) 3.5 3.5 — Weighted Avg Duration5, (years) Total Securities Portfolio, excl. PACE 2.5 2.5 0.0 AFS Yield, excl. PACE 4.94% 4.87% 0.07% AFS - total 2.2 2.3 (0.1) HTM Yield, exc
Slide 20: Tangible Book Value
Tangible Book Value TANGIBLE COMMON EQUITY & TANGIBLE BOOK VALUE 3Q25 SUMMARY ($mm) • TBV increase of 4.0% primarily driven by: 27 ◦ $26.8 million in net income 8 762 ◦ $7.7 million improvement in the tax-effected mark-to- (4) market adjustment 2 — • Offset by $10.4 million equity impact of share re
Slide 21: Tangible Common Equity Ratio
Tangible Common Equity Ratio TANGIBLE COMMON EQUITY & TCE RATIO 3Q25 SUMMARY ($mm) • Tangible Common Equity Ratio was 8.79%, up 19bps, or 2.2% from OCI Impact1 Operational Impact Asset 8.60% in the prior quarter 27 Growth (4) 762 • TCE Ratio increase primarily driven by $18.1 million increase in tan
Slide 22: 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 23: Reconciliation of Core Deposits
Reconciliation of Core Deposits Total Core Deposits1, $mm 9/30/2025 Core Political Deposits1, $mm 9/30/2025 Total Deposits (GAAP) 7,770.0 Political Deposits (GAAP) 1,410.5 Less: Brokered CDs — Add: Political Deposits held off-balance sheet 33.3 Total Deposits, excl. Brokered CDs 7,770.0 Core Politic
Slide 24: Super-Core Deposits
Super-Core Deposits SUPER-CORE DEPOSITS2 BY IMPACT SEGMENT 3Q25 HIGHLIGHTS ($bn) • Super-core deposits2 make up $4.3 billion, or 53% of total core deposits Weighted Avg. Impact Sector Total Balance % of Total Account Duration ◦ Super-core deposits are minimum ($B) Core Deposits 5-years old & concent
Slide 25: Mission-Aligned Loan Portfolio
Mission-Aligned Loan Portfolio MULTIFAMILY LOANS BY IMPACT SEGMENT1,2 C&I LOANS BY IMPACT SEGMENT1,2 ($mm) ($mm) 31 C&I Climate Protection Detail 215 6 Solar: 2 11 $637mm 204 Alternative Energy: $126mm 833 Other: 16 $70mm CRE AND LAND LOANS BY IMPACT SEGMENT1,2 CONSUMER AND OTHER LOANS BY IMPACT SEG
Slide 26: 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 27: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials As of and for the As of and for the Three Months Ended Nine Months Ended September 30, September 30, (in thousands) September 30, 2025 June 30, 2025 September 30, 2024 2025 2024 Core operating revenue Net Interest Income (GAAP) $ 76,447 $ 72,909 $ 72,107 $ 219,9
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 Nine Months Ended September 30, September 30, (in thousands) September 30, 2025 June 30, 2025 September 30, 2024 2025 2024 Tangible common equity Stockholders' equity (GAAP) $ 775,573 $ 753,984 $ 698,332 $ 7
Slide 29: Thank You
Thank You amalgamatedbank.com Member FDIC
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