Amalgamated Financial Corp. · NASDAQ:AMAL
Amalgamated Financial — Q4 2025 Earnings Presentation
32 slides from Amalgamated Financial's earnings presentation, Jan 22, 2026
Slide 1: Amalgamated Financial Corp. Fourth Quarter 2025 Earnings Presentation
Amalgamated Financial Corp. Fourth Quarter 2025 Earnings Presentation January 22, 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: 5 Year Milestone
5 Year Milestone CUMULATIVE RESULTS UNDER CEO BROWN & SR. EXEC LEADERS EARNINGS RETURNS Core EPS1,2 Net Interest Income Net Interest Margin Core ROAA2 Core ROTCE2 Core Efficiency2 +126.1% +65.4% +15.4% +57.8% +47.2% (12.1)% $3.64 3.59% $297.8 1.31% 15.12% 57.60% 3.11% 50.65% $180.0 .83% 10.27% $1.61
Slide 4: 4Q25 Highlights
4Q25 Highlights 1.8% 2.3% 8.7% 3Q25 4Q25 3Q25 4Q25 3Q25 4Q25 Core Net Income1,2 Deposit Growth3 Net Interest Income $30.0mm $179.3mm $77.9mm 8.8% 2.0% 6 bps 3Q25 4Q25 3Q25 4Q25 3Q25 4Q25 Core EPS1,2 Leverage Ratio Net Interest Margin $0.99 9.36% 3.66% 4 1 GAAP Net Income and GAAP EPS for 4Q25 are $2
Slide 5: Non-Interest Income and Expense
Non-Interest Income and Expense CORE NON-INTEREST INCOME1,2 ($mm) 10.0 10.1 9.5 9.1 9.3 3.8 4.0 4.0 3.4 3.8 Retail banking Trust fee income Core other income 4.0 4.1 4.0 4.2 3.9 1.5 1.5 1.6 2.2 1.9 4Q24 1Q25 2Q25 3Q25 4Q25 NON-INTEREST EXPENSE1 ($mm) 44.9 46.4 43.4 43.6 41.1 41.1 41.5 41.6 40.4 40.6
Slide 6: Performance Tracking
Performance Tracking TBV PER-SHARE ($) CORE ROTCE CAPITAL RATIOS 26.18 14.27% 14.12% 14.21% 14.26% 25.31 13.90% 24.33 16.13% 23.51 15.54% 15.41% 9.22% 9.22% 9.36% 22.60 9.00% 9.18% 14.90% 14.65% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Leverage Ratio CET1 PER-SHARE
Slide 7: Impact of Tax Credit
Impact of Tax Credit EARNINGS PER SHARE ($) 0.99 As of and for the Three Months ended: QoQ Change: 0.90 0.91 0.88 0.88 (in millions) December 31, 2025 September 30, 2025 0.91 4Q24 1Q25 2Q25 3Q25 4Q25 Core net income (non-GAAP)1 $ 30.0 $ 27.6 $ 2.4 CORE ROAA Less: Benefit from tax credit2 (2.5) — (2.
Slide 8: Deposit Portfolio
Deposit Portfolio TOTAL GAAP DEPOSITS1 TOTAL CORE DEPOSITS2 BY IMPACT SEGMENT ($bn) 7.7 7.8 7.9 7.8 ($bn) 7.2 7.4 0.59 1.2 1.4 1.5 1.5 0.56 CML - Labor 1.0 1.1 2.05 — — — — — — CML- Social/Philanthropy 0.85 CML - Political 6.5 6.4 6.4 $8.9bn CML - NFP 6.2 6.3 6.3 1.26 Consumer 1.90 CML - Climate/Sus
Slide 9: Investment Securities
Investment Securities SECURITIES – BOOK VALUE1,2,3 SECURITIES – YIELDS2 ($bn) ($bn) 3.5 3.5 3.3 3.4 3.3 0.9 0.9 0.8 5.82% 5.80% 5.81% 5.85% 0.8 0.8 5.61% 5.20% 5.09% 5.10% 1.2 1.2 1.2 1.3 5.02% 1.2 4.88% 4.11% 4.23% 4.04% 3.85% 3.89% 1.4 1.4 1.4 1.3 1.3 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4
Slide 10: Investment Securities Composition
Investment Securities Composition AFS PORTFOLIO COMPOSITION1,2,3 VALUATION LOSS AS A % OF PORTFOLIO BALANCE2,3 ($mm) AFS: 108 580 4.5% $1,616mm 3.5% 2.9% 928 2.2% 2.2% 4Q24 1Q25 2Q25 3Q25 4Q25 HTM PORTFOLIO COMPOSITION1,2,3 HTM: ($mm) 21 7.9% 7.2% 6.9% 6.5% 5.8% $477mm 231 225 4Q24 1Q25 2Q25 3Q25 4Q
Slide 11: Loans Held for Investment
Loans Held for Investment TOTAL LOANS LOAN BALANCE TREND - GROWTH PORTFOLIOS ($bn) ($bn) 3.35 Commercial & Industrial, 4.96 Multifamily, and 4.79 3.13 Commercial Real Estate : 4.67 4.68 4.71 3.03 2.94 2.97 5.22% 5.05% 5.11% Current Quarter Growth: 5.00% 5.00% +$217.6mm, +7.0% 4Q24 1Q25 2Q25 3Q25 4Q2
Slide 12: Credit Quality
Credit Quality NPA / TOTAL ASSETS 4Q25 HIGHLIGHTS2 • Net charge-offs of 0.37% include: ◦ $2.5 million charge off on one 0.41% 0.41% nonaccrual multifamily loan ◦ $1.9 million in charge offs on consumer 0.31% 0.32% 0.26% solar loans ◦ $0.4 million in charge offs on small business commercial & industr
Slide 13: Allowance for Credit Losses on Loans
Allowance for Credit Losses on Loans ALLOWANCE WATERFALL ACL COVERAGE RATIO BY LOAN TYPE ($mm) 8.66% 1.7 57.6 6.07% 56.5 (0.1) 2.6 3.35% 0.99% 0.58% 0.29% 0.49% 1.7 C&I Multifamily CRE Land Residential Consumer Consumer Solar and Other (4.5) (0.3) ALLOWANCE FOR CREDIT LOSSES ON LOANS / TOTAL LOANS 1
Slide 14: 2025 Guidance Scorecard
2025 Guidance Scorecard 2025 Actual vs Guidance Outlook Implied 4Q25 4Q25 FY25 FY25 Actual YoY (in $ millions) YoY Actual Outlook Actual Implied Growth Growth Net Interest Income $78 $75 - 76 $298 $295 - 296 $15 $13 - 14 (5%) (~5%) Core Pre-Tax Pre-Provision Earnings $43 $41 - 42 $166 $164 - 165 $8
Slide 15: 2026 Guidance
2026 Guidance 2026 Outlook FY26 Implied YoY (in $ millions) 1Q26 Outlook Outlook Growth Net Interest Income $79 - 81 $327 - 331 $29 - 33 (10 - 11%) Core Pre-Tax Pre-Provision Earnings $44 - 45 $180 - 183 $14 - 17 (9 - 10%) PERFORMANCE TARGETS • ~ 1.35% annual core ROAA • ~ 15% annual core ROTCE • ~
Slide 16: Appendix
Appendix
Slide 17: Metrics Index
Metrics Index DEPOSITS LOANS & CREDIT QUALITY Change Change Metric 4Q25 3Q25 Metric 4Q25 3Q25 QoQ QoQ Total Deposits ex Brokered ($bn) 7.95 7.77 0.18 Total Mission-Aligned Loans ($bn) 2.93 2.80 0.13 Political Deposits ($mm) 1,731 1,444 287 Pass-Rated Loans as a % of Loan Portfolio 97.8% 98.3% (0.5)%
Slide 18: Metrics Index
Metrics Index SECURITIES Change Change Metric 4Q25 3Q25 Metric 4Q25 3Q25 QoQ QoQ Total Investment Securities Book Value1 ($bn) 3.4 3.5 (0.1) Weighted Avg Duration5, (years) Total Securities Portfolio, excl. PACE 2.9 2.5 0.4 AFS Yield, excl. PACE 4.94% 4.94% —% AFS - total 2.6 2.2 0.4 HTM Yield, excl
Slide 19: Tangible Book Value
Tangible Book Value TANGIBLE COMMON EQUITY & TANGIBLE BOOK VALUE 4Q25 SUMMARY ($mm) • TBV increase of 3.4% primarily driven by 27 ◦ $26.6 million in net income ◦ $3.2 million improvement in the tax-effected mark-to- 3 781 (4) 2 market adjustment — (9) • Offset by $8.7 million equity impact of share
Slide 20: Tangible Common Equity Ratio
Tangible Common Equity Ratio TANGIBLE COMMON EQUITY & TCE RATIO 4Q25 SUMMARY ($mm) • Tangible Common Equity Ratio was 8.81%, up 3bps, or 0.3% from Tangible OCI Impact Operational Impact Asset 8.79% in the prior quarter 27 Growth (4) 782 • TCE Ratio increase primarily driven by: (7) ◦ $26.6 million i
Slide 21: Solar Tax-Equity Investments
Solar Tax-Equity Investments OVERVIEW OF SOLAR TAX EQUITY INVESTMENTS • $0.3 million of non-core accelerated depreciation was recognized in the fourth quarter of 2025 due to early redemption of an investment • Further investment in this asset class has been discontinued Beginning 2026, remaining sol
Slide 22: Real Estate Portfolio Composition
Real Estate Portfolio Composition MULTIFAMILY COMPOSITION BY RENT STABILIZATION1 CRE COMPOSITION BY PROPERTY TYPE1 Weighted Weighted Weighted Weighted Category Category Avg. LTV Avg. DSCR3 Avg. LTV Avg. DSCR3 Pre 1974 RS2 58.0% 1.55 18.2% Office 42.4% 1.72 24.5% 19.0% 16.1% Office - Owner Section 8
Slide 23: Selected Real Estate Risk Exposure Profile
Selected Real Estate Risk Exposure Profile MULTIFAMILY GEOGRAPHIC DISTRIBUTION1 PRE-1974 RS2 AND OFFICE-ONLY LOAN DISTRIBUTION BY COUNTY1 ($mm) ($mm) 9.8% 8.6% NY 1.7% Manhattan, NY 5.4% 3.4% 9.1% DC Brooklyn (Kings), NY 8.5% $1,645mm CA $371mm 47.6% Queens, NY MA Ocean, NJ 72.9% 33.0% Other Other,
Slide 24: Multifamily NYC Risk Exposure Profile
Multifamily NYC Risk Exposure Profile MULTIFAMILY NEW YORK CITY LOAN DISTRIBUTION1 MULTIFAMILY NEW YORK CITY-ONLY LOANS BY SEGMENT1 ($mm) ($mm) Pre 1974 RS (2) 34.1% Manhattan 24.6% 22.8% 27.0% 421a Brooklyn FHEPs $1,645mm Queens 2.3% $1,086mm 3.6% Other 30.7% Bronx 3.9% Section 8 8.5% Non-NYC 15.5%
Slide 25: Real Estate Portfolio By Maturity
Real Estate Portfolio By Maturity MULTIFAMILY PORTFOLIO MATURITY TIMELINE1 CRE PORTFOLIO MATURITY TIMELINE1 ($mm) LTV DSCR2 ($mm) LTV DSCR2 2026 $156 55.2% 1.39 2026 $22 42.7% 1.66 2027 $337 53.9% 1.47 2027 $20 51.0% 1.7 2028 $231 59.5% 1.4 2028 $74 42.0% 1.82 2029 $302 55.5% 1.5 2029 $145 40.8% 2.3
Slide 26: Reconciliation of Core Deposits
Reconciliation of Core Deposits Total Core Deposits1, $mm 12/31/2025 Core Political Deposits1, $mm 12/31/2025 Total Deposits (GAAP) 7,949.2 Political Deposits (GAAP) 1,548.4 Less: Brokered CDs — Add: Political Deposits held off-balance sheet 182.3 Total Deposits, excl. Brokered CDs 7,949.2 Core Poli
Slide 27: Super-Core Deposits
Super-Core Deposits SUPER-CORE DEPOSITS2 BY IMPACT SEGMENT 4Q25 HIGHLIGHTS ($bn) • Super-core deposits2 make up $4.5 billion, or 50% of total core deposits Weighted Avg. Impact Sector Total Balance % of Total Account Duration ◦ Super-core deposits are ($M) Core Deposits minimum 5-years old & (Years)
Slide 28: 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 295 230 1 11 Solar: 2 $668mm Alternative Energy: 221 $114mm 841 Other: $59mm 1,352 CRE AND LAND LOANS BY IMPACT SEGMENT1,2 CONSUMER AND OTHER LOANS BY IMP
Slide 29: 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 30: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials As of and for the As of and for the Three Months Ended Year Ended December 31, December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2024 2025 Core operating revenue Net Interest Income (GAAP) $ 77,851 $ 76,447 $ 73,095 $ 297,783 $ 282,430 Non-inte
Slide 31: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials As of and for the As of and for the Three Months Ended Year Ended December 31, September 30, December 31, December 31, December 31, 2025 2025 2024 2025 2024 Tangible common equity Stockholders' equity (GAAP) $ 794,464 $ 775,573 $ 707,654 $ 794,464 $ 707,653 Less
Slide 32: Thank You
Thank You amalgamatedbank.com Member FDIC
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