8-K
Amalgamated Financial Corp. (AMAL)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 23, 2025
Amalgamated Financial Corp.
(Exact name of registrant as specified in its charter)
| Delaware | 001-40136 | 85-2757101 |
|---|---|---|
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (I.R.S. Employer Identification<br>No.) |
275 Seventh Avenue, New York, New York 10001
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 895-8988
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.01 per share | AMAL | The Nasdaq Global Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2).
| Emerging growth company ☐ |
|---|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 23, 2025, Amalgamated Financial Corp. (the "Company") issued a press release announcing financial results for the third quarter ended September 30, 2025. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
Item 7.01 Regulation FD Disclosure.
On October 23, 2025, the Company will hold an earnings conference call and webcast at 11:00 a.m. (Eastern Time) to discuss financial results for the third quarter ended September 30, 2025. The press release contains information about how to access the conference call and webcast. A copy of the slide presentation to be used during the earnings call and webcast is furnished as Exhibit 99.2 to this Current Report on Form 8-K. The slide presentation is also available on our website, www.amalgamatedbank.com, under the “Investor Relations” section.
The information in this Item 7.01, including Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits The following exhibit index lists the exhibits that are either filed or furnished with this Current Report on Form 8-K:
EXHIBIT INDEX
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release dated October 23, 2025. |
| 99.2 | Slide Presentation |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMALGAMATED FINANCIAL CORP. | ||
|---|---|---|
| By: | /s/ Priscilla Sims Brown | |
| Name: | Priscilla Sims Brown | |
| Title: | Chief Executive Officer | |
| Date: October 23, 2025 |
amalgamated-earningsrele
Amalgamated Financial Corp. Reports Third Quarter 2025 Financial Results; Rock Solid Balance Sheet; Margin Expands to 3.60% Core Revenue per Share of $2.84 | Tangible Book Value per Share of $25.31 NEW YORK, October 23, 2025 – (BUSINESS WIRE) -- Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the third quarter ended September 30, 2025. Third Quarter 2025 Highlights (on a linked quarter basis) • Net income of $26.8 million, or $0.88 per diluted share, compared to $26.0 million, or $0.84 per diluted share. • Core net income1 of $27.6 million, or $0.91 per diluted share, compared to $27.0 million, or $0.88 per diluted share. Deposits and Liquidity • On-balance sheet deposits increased $36.7 million, or 0.5%, to $7.8 billion. • On-balance sheet deposits increased $149.0 million, or 1.9%, excluding $112.3 million of temporary pension funding deposits received on the last day of the second quarter and withdrawn on the following day. • Off-balance sheet deposits increased $223.6 million to $265.0 million. • Political deposits increased $235.0 million, or 19%, to $1.4 billion, comprising both on and off-balance sheet deposits. • Average cost of deposits increased 5 basis points to 167 basis points, where non-interest-bearing deposits comprised 37% of total deposits. Margin and Assets • Net interest margin increased 5 basis points to 3.60%. • Net interest income grew $3.5 million, or 4.9%, to $76.4 million. • Net loans receivable increased $77.0 million, or 1.7%, to $4.7 billion. • Net loans in growth mode (commercial and industrial, commercial real estate, and multifamily) increased $99.2 million, or 3.3%. • Total PACE assessments grew $27.4 million, or 2.3%, to $1.2 billion, including CPACE growth of $22.3 million. • Multifamily and commercial real estate loan portfolios totaled $1.9 billion and had a concentration of 202% to total risk-based capital. • Nonperforming assets decreased $12.2 million, or 34.6%, to $23.0 million or 0.26% of total assets. Capital and Returns • Tangible book value per share1 increased $0.98, or 4.0%, to $25.31, and has increased $7.98, or 46.1%, since September 2021. • Tier 1 leverage ratio was 9.18% and Common Equity Tier 1 ratio was 14.21%. • Tangible common equity1 ratio increased 19 basis points to 8.79% due to strong quarterly earnings. • Core return on average tangible common equity1 of 14.65% and core return on average assets1 of 1.27%. Share Repurchase • Repurchased approximately 347,000 shares, or $10.4 million of common stock, through September 30, 2025, with $19.9 million in remaining capacity under the share repurchase program approved on March 10, 2025. • Approximately 74,000 shares have been repurchased from October 1 through October 21, 2025. 1 1 Definitions are presented under “Non-GAAP Financial Measures”. Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on the Company’s website, www.amalgamatedbank.com.
Priscilla Sims Brown, President and Chief Executive Officer, commented, “What stands out to me this quarter is mainly that we keep delivering great results. And the quality and sustainability of our earnings allows us to handle problem situations with ease.” Third Quarter Earnings Net income was $26.8 million, or $0.88 per diluted share, compared to $26.0 million, or $0.84 per diluted share, for the prior quarter. The $0.8 million increase during the quarter was primarily driven by a $3.5 million increase in net interest income and a $1.2 million increase in non-interest income. This was partially offset by a $3.0 million increase in non- interest expense and a $0.4 million increase in provision for credit losses compared to the linked quarter. Core net income1 was $27.6 million, or $0.91 per diluted share, compared to $27.0 million, or $0.88 per diluted share for the prior quarter. Excluded from core net income for the quarter, pre-tax, was $1.2 million of losses on the sale of securities, $0.4 million of ICS One-Way Sell fee income, and $0.3 million of severance costs. Excluded from core net income for the second quarter of 2025, pre-tax, was $1.0 million of losses on the sale of securities, $0.3 million of scheduled accelerated depreciation from solar tax equity investments, $0.1 million of ICS One-Way Sell fee income, and $0.1 million of severance costs. Net interest income was $76.4 million, compared to $72.9 million for the prior quarter. Loan interest income increased $3.6 million and loan yields increased 17 basis points. Average loan balances increased $72.5 million, reflecting strong commercial loan originations that were offset by paydowns and payoffs on lower-yielding commercial and residential loans. Interest income on securities increased $2.0 million driven by an increase in the average balance of securities of $137.8 million despite a slight decline in securities yields of 5 basis points. Interest expense on total interest-bearing deposits increased $2.0 million, driven primarily by an increase in the average balance of total interest-bearing deposits of $215.7 million, while interest-bearing deposit costs increased by 2 basis points. Net interest margin was 3.60%, an increase of 5 basis points from 3.55% in the prior quarter largely due to interest income generated from securities purchases and origination of higher-yielding commercial loans. This was partially offset by a higher average balance of interest-bearing deposits, which resulted in a slightly higher blended cost of funds. Additionally, income from prepayment penalties had no material impact on net interest margin in the current quarter, compared to a one basis point impact in the prior quarter. Provision for credit losses was an expense of $5.3 million, compared to an expense of $4.9 million in the prior quarter. The increase in the third quarter was primarily due to the quick, successful, and final resolution of one syndicated commercial and industrial non-performing loan previously disclosed in the second quarter, as well as charge-offs on our consumer solar and business banking portfolios, and a reserve increase for one non-performing multifamily loan. This was partially offset by a reserve release in excess of the charge-off and resolution of one legacy commercial and industrial loan. Non-interest income was $9.2 million, compared to $8.0 million in the prior quarter. Excluding all non-core income adjustments noted above, core non-interest income1 was $10.0 million, compared to $9.3 million in the prior quarter. The increase was primarily related to higher commercial banking fees and higher BOLI income. Non-interest expense was $43.6 million, an increase of $3.0 million from the prior quarter. Core non-interest expense1 was $43.4 million, also an increase of $2.9 million from the prior quarter. This was mainly driven by a $2.2 million increase in employee compensation expense tied to incentives related to company performance, as well as a $0.5 million increase in technology spend due to the continued investment in the Bank’s digital transformation development. Provision for income tax expense was $9.9 million, compared to $9.5 million for the prior quarter. The effective tax rate was 27.0%, compared to 26.7% in the prior quarter. The California single-sales factor apportionment law was adopted during the prior quarter, which resulted in an increase in the California state tax rate. A discrete tax benefit was recognized 2
during the second quarter for the remeasurement of deferred tax assets, reducing the quarterly effective tax rate. Adjusted, the current quarter effective tax rate was 27.0% compared to 27.3% for the prior quarter. Balance Sheet Quarterly Summary Total assets were $8.7 billion at September 30, 2025, a $61.6 million, or 1% increase compared to $8.6 billion at June 30, 2025. Total average assets were $8.6 billion, in line with the target asset size. Notable changes within individual balance sheet line items include a $39.1 million increase in securities and a $77.0 million increase in net loans receivable. For liabilities, on-balance sheet deposits increased by $36.7 million. However, average total deposits increased by $166.3 million, reflecting growth across all segments. Off-balance sheet deposits increased by $223.6 million in the quarter. Equity grew by $21.6 million. Total net loans receivable at September 30, 2025 were $4.7 billion, an increase of $77.0 million, or 1.7% for the quarter. The balance increase in loans was primarily driven by a $77.1 million increase in commercial and industrial loans, a $47.9 million increase in multifamily loans, and a $25.9 million decrease in commercial real estate loans, identified as growth portfolios. This was partially offset by a $10.1 million decrease in consumer solar loans, and a $14.7 million decrease in residential loans, both identified as non-growth portfolios. During the quarter, criticized or classified loans decreased $18.6 million, largely related to the final resolution of one $10.8 million syndicated commercial and industrial non-performing loan previously disclosed in the second quarter, the payoff of a $3.0 million long-lived, legacy non-performing commercial and industrial loan, and the payoff of one $2.9 million commercial real estate loan. The decrease was also related to charge-offs of business banking loans totaling $1.1 million, partially offset by downgrades of business banking loans totaling $0.5 million. Total on-balance sheet deposits at September 30, 2025 were $7.8 billion, an increase of $36.7 million, or 0.5%, during the quarter. Including accounts held off-balance sheet, deposits held by politically active customers, such as campaigns, PACs, advocacy-based organizations, and state and national party committees were $1.4 billion as of September 30, 2025, an increase of $235.0 million during the quarter. Non-interest-bearing deposits represented 37% of average total deposits and 37% of ending total deposits for the quarter, contributing to an average cost of total deposits of 167 basis points. Super-core deposits1 totaled approximately $4.3 billion, had a weighted average life of 18 years, and comprised 55% of total deposits. Total uninsured deposits were $4.1 billion, comprising 52% of total deposits, while total uninsured, non-supercore deposits were $2.1 billion, comprising approximately 28% of total deposits. Nonperforming assets totaled $23.0 million, or 0.26% of period-end total assets at September 30, 2025, a decrease of $12.2 million, compared with $35.2 million, or 0.41% of period-end total assets on a linked quarter basis. The decrease in nonperforming assets was primarily driven by the resolution and charge-off of $12.3 million of nonperforming commercial and industrial loans mentioned above and a $0.1 million decrease in residential non-accrual loans, partially offset by one $2.8 million multifamily loan that went nonaccrual during the quarter. During the quarter, the allowance for credit losses on loans decreased $2.5 million to $56.5 million. The ratio of allowance to total loans was 1.18%, a decrease of 7 basis points from 1.25% in the second quarter of 2025. This was due to a $2.3 million net reserve release related to the quick, successful, and final resolution of a non-performing syndicated commercial and industrial business loan to an originator of consumer loans for renewable energy efficiency improvements previously disclosed in the second quarter. There was a further $2.1 million reserve release related to the resolution of a legacy commercial and industrial credit, and an additional $0.6 million net reserve release related to business banking loan workout activity. This was partially offset by a $1.6 million increase in reserves related to one multifamily loan that went nonaccrual in the quarter, and a $0.2 million reserve increase for a non-performing construction loan. Lastly, there was an additional $0.7 million provision impact related to loan balance activity and the update of qualitative and quantitative assumptions in the CECL model. 3
Capital Quarterly Summary As of September 30, 2025, the Common Equity Tier 1 Capital ratio was 14.21%, the Total Risk-Based Capital ratio was 16.41%, and the Tier 1 Leverage Capital ratio was 9.18%, compared to 14.13%, 16.43% and 9.22%, respectively, as of June 30, 2025. Stockholders’ equity at September 30, 2025 was $775.6 million, an increase of $21.6 million during the quarter. The increase in stockholders’ equity was primarily driven by $26.8 million of net income for the quarter and a $7.8 million improvement in accumulated other comprehensive loss due to the tax-effected mark-to-market adjustment on available for sale securities, offset by $10.4 million in share buybacks and $4.3 million in dividends paid at $0.14 per outstanding share. Tangible book value per share1 was $25.31 as of September 30, 2025 compared to $24.33 as of June 30, 2025. Tangible common equity1 improved to 8.79% of tangible assets, compared to 8.60% as of June 30, 2025. Conference Call As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its third quarter 2025 results today, October 23, 2025 at 11:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Financial Corp. Third Quarter 2025 Earnings Call. A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13755783. The telephonic replay will be available until October 30, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call. The presentation materials for the call can be accessed on the investor relations section of the Company’s website at https:// ir.amalgamatedbank.com/. About Amalgamated Financial Corp. Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country's oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of September 30, 2025, total assets were $8.7 billion, total net loans were $4.7 billion, and total deposits were $7.8 billion. Additionally, as of September 30, 2025, the trust business held $37.9 billion in assets under custody and $16.6 billion in assets under management. Non-GAAP Financial Measures This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.” 4
Management utilizes this information to compare operating performance for September 30, 2025 versus certain periods in 2025 and 2024 and to prepare internal projections. The Company believes these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to core business, which are excluded, vary extensively from company to company, the Company believe that the presentation of this information allows investors to more easily compare results to those of other companies. The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. The Company strongly encourages readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non- GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on the Company’s website, amalgamatedbank.com. Terminology Certain terms used in this release are defined as follows: “Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income. “Core net income” is defined as net income after tax excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, subdebt repurchase gain, costs related to branch closures, restructuring/severance costs, acquisition costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. The Company believes the most directly comparable GAAP financial measure is net income. “Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, and restructuring/severance. The Company believes the most directly comparable GAAP financial measure is total non-interest expense. “Core non-interest income” is defined as total non-interest income excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, subdebt repurchase gain, and tax credits and accelerated depreciation on solar equity investments. The Company believes the most directly comparable GAAP financial measure is non-interest income. “Core operating revenue” is defined as total net interest income plus “core non-interest income”. The Company believes the most directly comparable GAAP financial measure is the total of net interest income and non-interest income. “Core return on average assets” is defined as “Core net income” divided by average total assets. The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets. “Core return on average tangible common equity” is defined as “Core net income” divided by average “tangible common equity.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity. 5
“Super-core deposits” are defined as total deposits from commercial and consumer customers, with a relationship length of greater than 5 years. The Company believes the most directly comparable GAAP financial measure is total deposits. “Tangible assets” are defined as total assets excluding, as applicable, goodwill and core deposit intangibles. The Company believes the most directly comparable GAAP financial measure is total assets. “Tangible common equity”, and “Tangible book value” are defined as stockholders’ equity excluding, as applicable, minority interests, goodwill and core deposit intangibles. The Company believes that the most directly comparable GAAP financial measure is total stockholders’ equity. “Tangible common equity ratio” is “Tangible common equity” divided by “Tangible assets.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is an equity ratio calculated by dividing average equity by average assets. "Traditional securities" is defined as total investment securities excluding PACE assessments. The Company believes the most directly comparable GAAP financial measure is total investment securities. Forward-Looking Statements Statements included in this release 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 Exchange Act of 1934, as amended. Forward-looking statements generally can be identified through the use of forward- looking terminology such as “may,” “will,” “anticipate,” “aspire,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “in the future,” “may” and “intend,” as well as other similar words and expressions of the future. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, any or all of which could cause actual results to differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: 1. uncertain conditions in the banking industry and in national, regional and local economies in core markets, which may have an adverse impact on business, operations and financial performance; 2. deterioration in the financial condition of borrowers resulting in significant increases in credit losses and provisions for those losses; 3. deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors; 4. changes in deposits, including an increase in uninsured deposits; 5. ability to maintain sufficient liquidity to meet deposit and debt obligations as they come due, which may require that the Company sell investment securities at a loss, negatively impacting net income, earnings and capital; 6. unfavorable conditions in the capital markets, which may cause declines in stock price and the value of investments; 7. negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of borrowers and consumer spending habits, which may affect, among other things, the level of non-performing assets, charge-offs and provision expense; 8. fluctuations or unanticipated changes in the interest rate environment including changes in net interest margin or changes in the yield curve that affect investments, loans or deposits; 9. the general decline in the real estate and lending markets, particularly in commercial real estate in the Company’s market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi- family housing; 10. potential implementation by the current presidential administration of a regulatory reform agenda that is significantly different from that of the prior presidential administration, impacting the rule making, supervision, examination and enforcement of the banking regulation agencies; 6
- changes in U.S. trade policies and other global political factors beyond the Company’s control, including the imposition of tariffs, which raise economic uncertainty, potentially leading to slower growth and a decrease in loan demand; 12. the outcome of legal or regulatory proceedings that may be instituted against us; 13. inability to achieve organic loan and deposit growth and the composition of that growth; 14. composition of the Company’s loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which the Company operates; 15. inaccuracy of the assumptions and estimates the Company makes and policies that the Company implements in establishing the allowance for credit losses; 16. changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; 17. any matter that would cause the Company to conclude that there was impairment of any asset, including intangible assets; 18. limitations on the ability to declare and pay dividends; 19. the impact of competition with other financial institutions, including pricing pressures and the resulting impact on results, including as a result of compression to net interest margin; 20. increased competition for experienced members of the workforce including executives in the banking industry; 21. a failure in or breach of operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; 22. increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence; 23. a downgrade in the Company’s credit rating; 24. “greenwashing claims” against the Company and environmental, social, and governance ("ESG") products and increased scrutiny and political opposition to ESG and diversity, equity, and inclusion ("DEI") practices; 25. any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters) affecting the markets in which the Company operates; 26. physical and transitional risks related to climate change as they impact the business and the businesses that the Company finances; 27. future repurchase of the Company’s shares through the Company’s common stock repurchase program; and 28. descriptions of assumptions underlying or relating to any of the foregoing. Additional factors which could affect the forward-looking statements can be found in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC's website at https://www.sec.gov/. The Company disclaims any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law. Investor Contact: Jamie Lillis Solebury Strategic Communications shareholderrelations@amalgamatedbank.com 800-895-4172 7
Consolidated Statements of Income (unaudited) September 30, June 30, September 30, September 30, ($ in thousands) 2025 2025 2024 2025 2024 INTEREST AND DIVIDEND INCOME Loans $ 62,321 $ 58,723 $ 54,110 $ 178,887 $ 157,355 Securities 46,023 43,737 46,432 131,414 133,801 Interest-bearing deposits in banks 1,241 1,639 2,274 4,074 7,556 Total interest and dividend income 109,585 104,099 102,816 314,375 298,712 INTEREST EXPENSE Deposits 32,583 30,593 30,105 92,093 84,879 Borrowed funds 555 597 604 2,348 4,497 Total interest expense 33,138 31,190 30,709 94,441 89,376 NET INTEREST INCOME 76,447 72,909 72,107 219,934 209,336 Provision for credit losses 5,301 4,890 1,849 10,787 6,598 Net interest income after provision for credit losses 71,146 68,019 70,258 209,147 202,738 NON-INTEREST INCOME Trust Department fees 3,969 3,879 3,704 12,038 11,215 Service charges on deposit accounts 4,261 3,873 12,091 11,572 26,841 Bank-owned life insurance income 1,050 796 613 2,472 1,837 Losses on sale of securities and other assets (1,226) (1,041) (3,230) (2,946) (8,695) Gain (loss) on sale of loans and changes in fair value on loans held- for-sale, net 70 18 (4,223) 920 (4,107) Equity method investments income (loss) 597 51 (823) (1,860) (301) Other income 440 449 807 1,396 1,636 Total non-interest income 9,161 8,025 8,939 23,592 28,426 NON-INTEREST EXPENSE Compensation and employee benefits 25,459 23,240 23,757 72,013 69,075 Occupancy and depreciation 3,452 3,476 3,423 10,220 9,705 Professional fees 3,387 3,283 2,575 11,410 7,284 Technology 5,981 5,485 5,087 17,084 14,503 Office maintenance and depreciation 582 570 651 1,782 1,894 Amortization of intangible assets 144 144 183 431 548 Advertising and promotion 497 412 1,023 960 3,417 Federal deposit insurance premiums 1,000 900 900 2,800 3,000 Other expense 3,115 3,074 3,365 9,152 9,203 Total non-interest expense 43,617 40,584 40,964 125,852 118,629 Income before income taxes 36,690 35,460 38,233 106,887 112,535 Income tax expense 9,900 9,471 10,291 29,080 30,591 Net income $ 26,790 $ 25,989 $ 27,942 $ 77,807 $ 81,944 Earnings per common share - basic $ 0.89 $ 0.85 $ 0.91 $ 2.55 $ 2.68 Earnings per common share - diluted $ 0.88 $ 0.84 $ 0.90 $ 2.53 $ 2.65 Three Months Ended Nine Months Ended 8
Consolidated Statements of Financial Condition ($ in thousands) September 30, 2025 June 30, 2025 December 31, 2024 Assets (unaudited) (unaudited) Cash and due from banks $ 5,032 $ 4,049 $ 4,042 Interest-bearing deposits in banks 110,512 167,017 56,707 Total cash and cash equivalents 115,544 171,066 60,749 Securities: Available for sale, at fair value Traditional securities 1,776,256 1,713,077 1,477,047 Property Assessed Clean Energy (“PACE”) assessments 208,427 178,247 152,011 1,984,683 1,891,324 1,629,058 Held-to-maturity, at amortized cost: Traditional securities, net of allowance for credit losses of $45, $47, and $49, respectively 477,947 529,418 542,246 PACE assessments, net of allowance for credit losses of $669, $657, and $655, respectively 1,034,460 1,037,220 1,043,959 1,512,407 1,566,638 1,586,205 Loans held for sale 2,627 2,545 37,593 Loans receivable, net of deferred loan origination fees and costs 4,788,772 4,714,344 4,672,924 Allowance for credit losses (56,479) (58,998) (60,086) Loans receivable, net 4,732,293 4,655,346 4,612,838 Resell agreements 58,956 57,040 23,741 Federal Home Loan Bank of New York ("FHLBNY") stock, at cost 5,277 5,277 15,693 Accrued interest receivable 57,064 55,509 61,172 Premises and equipment, net 6,172 8,823 6,386 Bank-owned life insurance 108,289 108,465 108,026 Right-of-use lease asset 11,480 11,379 14,231 Deferred tax asset, net 28,013 33,685 42,437 Goodwill 12,936 12,936 12,936 Intangible assets, net 1,056 1,200 1,487 Equity method investments 6,528 5,110 8,482 Other assets 39,649 34,995 35,858 Total assets $ 8,682,974 $ 8,621,338 $ 8,256,892 Liabilities Deposits 7,769,969 7,733,272 7,180,605 Borrowings 75,478 75,457 314,409 Operating leases 14,800 15,395 19,734 Other liabilities 47,154 43,230 34,490 Total liabilities 7,907,401 7,867,354 7,549,238 Stockholders’ equity Common stock, par value $0.01 per share 310 310 308 Additional paid-in capital 292,021 290,256 288,656 Retained earnings 544,901 522,405 480,144 Accumulated other comprehensive loss, net of income taxes (35,210) (42,982) (58,637) Treasury stock, at cost (26,449) (16,005) (2,817) Total stockholders' equity 775,573 753,984 707,654 Total liabilities and stockholders’ equity $ 8,682,974 $ 8,621,338 $ 8,256,892 9
Select Financial Data As of and for the As of and for the Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, (Shares in thousands) 2025 2025 2024 2025 2024 Selected Financial Ratios and Other Data: Earnings per share Basic $ 0.89 $ 0.85 $ 0.91 $ 2.55 $ 2.68 Diluted 0.88 0.84 0.90 2.53 2.65 Core net income (non-GAAP) Basic $ 0.91 $ 0.88 $ 0.91 $ 2.68 $ 2.61 Diluted 0.91 0.88 0.91 2.66 2.59 Book value per common share (excluding minority interest) $ 25.78 $ 24.79 $ 22.77 $ 25.78 $ 22.77 Tangible book value per share (non-GAAP) $ 25.31 $ 24.33 $ 22.29 $ 25.31 $ 22.29 Common shares outstanding, par value $0.01 per share(1) 30,089 30,412 30,663 30,089 30,663 Weighted average common shares outstanding, basic 30,176 30,558 30,646 30,470 30,558 Weighted average common shares outstanding, diluted 30,411 30,758 30,911 30,754 30,868 (1) 70,000,000 shares authorized; 31,006,249, 30,983,139, and 30,776,163 shares issued for the periods ended September 30, 2025, June 30, 2025, and September 30, 2024 respectively, and 30,088,747, 30,412,241, and 30,662,883 shares outstanding for the periods ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively. 10
Select Financial Data As of and for the As of and for the Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2025 2025 2024 2025 2024 Selected Performance Metrics: Return on average assets 1.23 % 1.23 % 1.32 % 1.23 % 1.33 % Core return on average assets (non-GAAP) 1.27 % 1.28 % 1.33 % 1.29 % 1.29 % Return on average equity 13.98 % 14.06 % 16.63 % 14.03 % 17.35 % Core return on average tangible common equity (non-GAAP) 14.65 % 14.90 % 17.04 % 15.01 % 17.31 % Average equity to average assets 8.80 % 8.78 % 7.96 % 8.76 % 7.65 % Tangible common equity to tangible assets (non-GAAP) 8.79 % 8.60 % 8.14 % 8.79 % 8.14 % Loan yield 5.22 % 5.05 % 4.79 % 5.09 % 4.74 % Securities yield 5.09 % 5.11 % 5.25 % 5.12 % 5.23 % Deposit cost 1.67 % 1.62 % 1.58 % 1.63 % 1.53 % Net interest margin 3.60 % 3.55 % 3.51 % 3.57 % 3.48 % Efficiency ratio (1) 50.95 % 50.14 % 50.54 % 51.68 % 49.89 % Core efficiency ratio (non-GAAP) 50.17 % 49.21 % 50.35 % 50.48 % 50.52 % Asset Quality Ratios: Nonaccrual loans to total loans 0.47 % 0.74 % 0.61 % 0.47 % 0.61 % Nonperforming assets to total assets 0.26 % 0.41 % 0.34 % 0.26 % 0.34 % Allowance for credit losses on loans to nonaccrual loans 250.60 % 170.02 % 222.30 % 250.60 % 222.30 % Allowance for credit losses on loans to total loans 1.18 % 1.25 % 1.35 % 1.18 % 1.35 % Annualized net charge-offs to average loans 0.81 % 0.30 % 0.61 % 0.44 % 0.35 % Liquidity Ratios: 2 day Liquidity Coverage of Uninsured Deposits % 101.87 % 96.73 % 107.20 % 101.87 % 107.20 % Cash and Borrowing Capacity Coverage of Uninsured, Non-Supercore Deposits (%) 166.10 % 167.94 % 200.58 % 166.10 % 200.58 % Capital Ratios: Tier 1 leverage capital ratio 9.18 % 9.22 % 8.63 % 9.18 % 8.63 % Tier 1 risk-based capital ratio 14.21 % 14.13 % 13.82 % 14.21 % 13.82 % Total risk-based capital ratio 16.41 % 16.43 % 16.25 % 16.41 % 16.25 % Common equity tier 1 capital ratio 14.21 % 14.13 % 13.82 % 14.21 % 13.82 % (1) Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income 11
Loan and PACE Assessments Portfolio Composition (In thousands) At September 30, 2025 At June 30, 2025 At September 30, 2024 Amount % of total Amount % of total Amount % of total Commercial portfolio: Commercial and industrial $ 1,273,927 26.6 % $ 1,196,804 25.4 % $ 1,058,376 23.3 % Multifamily 1,454,104 30.4 % 1,406,193 29.8 % 1,291,380 28.4 % Commercial real estate 396,197 8.3 % 422,068 9.0 % 415,077 9.1 % Construction and land development 22,554 0.4 % 20,330 0.4 % 22,224 0.5 % Total commercial portfolio 3,146,782 65.7 % 3,045,395 64.6 % 2,787,057 61.3 % Retail portfolio: Residential real estate lending 1,277,355 26.7 % 1,292,013 27.4 % 1,350,347 29.7 % Consumer solar 335,531 7.0 % 345,604 7.3 % 374,499 8.2 % Consumer and other 29,104 0.6 % 31,332 0.7 % 36,000 0.8 % Total retail portfolio 1,641,990 34.3 % 1,668,949 35.4 % 1,760,846 38.7 % Total loans held for investment 4,788,772 100.0 % 4,714,344 100.0 % 4,547,903 100.0 % Allowance for credit losses (56,479) (58,998) (61,466) Loans receivable, net $ 4,732,293 $ 4,655,346 $ 4,486,437 PACE assessments: Available for sale, at fair value Residential PACE assessments 208,427 16.9 % 178,247 14.7 % 149,500 12.7 % Held-to-maturity, at amortized cost Commercial PACE assessments 300,310 24.1 % 278,006 22.9 % 256,128 21.7 % Residential PACE assessments 734,819 59.0 % 759,871 62.4 % 773,101 65.6 % Total Held-to-maturity PACE assessments 1,035,129 83.1 % 1,037,877 85.3 % 1,029,229 87.3 % Total PACE assessments 1,243,556 100.0 % 1,216,124 100.0 % 1,178,729 100.0 % Allowance for credit losses (669) (657) (641) Total PACE assessments, net $ 1,242,887 $ 1,215,467 $ 1,178,088 Loans receivable, net and total PACE assessments, net as a % of Deposits 76.9% 75.9% 74.6% Loans receivable, net and total PACE assessments, net as a % of Deposits excluding Brokered CDs 76.9% 75.9% 75.6% 12
Net Interest Income Analysis Three Months Ended September 30, 2025 June 30, 2025 September 30, 2024 (In thousands) Average Balance Income / Expense Yield / Rate Average Balance Income / Expense Yield / Rate Average Balance Income / Expense Yield / Rate Interest-earning assets: Interest-bearing deposits in banks $ 124,728 $ 1,241 3.95 % $ 161,965 $ 1,639 4.06 % $ 182,981 $ 2,274 4.94 % Securities(1) 3,499,587 44,895 5.09 % 3,361,812 42,850 5.11 % 3,388,580 44,678 5.25 % Resell agreements 62,892 1,128 7.12 % 52,621 887 6.76 % 104,933 1,754 6.65 % Loans receivable, net (2) 4,732,210 62,321 5.22 % 4,659,667 58,723 5.05 % 4,493,520 54,110 4.79 % Total interest-earning assets 8,419,417 109,585 5.16 % 8,236,065 104,099 5.07 % 8,170,014 102,816 5.01 % Non-interest-earning assets: Cash and due from banks 7,160 5,622 6,144 Other assets 214,809 203,992 217,332 Total assets $ 8,641,386 $ 8,445,679 $ 8,393,490 Interest-bearing liabilities: Savings, NOW and money market deposits $ 4,691,920 $ 30,922 2.61 % $ 4,457,620 $ 28,653 2.58 % $ 3,506,499 $ 26,168 2.97 % Time deposits 200,257 1,661 3.29 % 218,835 1,940 3.56 % 223,337 2,148 3.83 % Brokered CDs — — 0.00 % — — 0.00 % 131,103 1,789 5.43 % Total interest-bearing deposits 4,892,177 32,583 2.64 % 4,676,455 30,593 2.62 % 3,860,939 30,105 3.10 % Borrowings 76,500 555 2.88 % 75,741 597 3.16 % 71,948 604 3.34 % Total interest-bearing liabilities 4,968,677 33,138 2.65 % 4,752,196 31,190 2.63 % 3,932,887 30,709 3.11 % Non-interest-bearing liabilities: Demand and transaction deposits 2,846,392 2,895,845 3,721,398 Other liabilities 65,777 56,203 70,804 Total liabilities 7,880,846 7,704,244 7,725,089 Stockholders' equity 760,540 741,435 668,401 Total liabilities and stockholders' equity $ 8,641,386 $ 8,445,679 $ 8,393,490 Net interest income / interest rate spread $ 76,447 2.51 % $ 72,909 2.44 % $ 72,107 1.90 % Net interest-earning assets / net interest margin $ 3,450,740 3.60 % $ 3,483,869 3.55 % $ 4,237,127 3.51 % Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs $ 7,738,569 1.67 % $ 7,572,300 1.62 % $ 7,451,234 1.51 % Total deposits / total cost of deposits $ 7,738,569 1.67 % $ 7,572,300 1.62 % $ 7,582,337 1.58 % Total funding / total cost of funds $ 7,815,069 1.68 % $ 7,648,041 1.64 % $ 7,654,285 1.60 % (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income. (2) Includes prepayment penalty interest income in 3Q2025, 2Q2025, or 3Q2024 of $47, $200, and $0, respectively (in thousands). 13
Net Interest Income Analysis Nine Months Ended September 30, 2025 September 30, 2024 (In thousands) Average Balance Income / Expense Yield / Rate Average Balance Income / Expense Yield / Rate Interest-earning assets: Interest-bearing deposits in banks $ 136,017 $ 4,074 4.00 % $ 200,627 $ 7,556 5.03 % Securities (1) 3,361,685 128,614 5.12 % 3,289,635 128,679 5.23 % Resell agreements 48,681 2,800 7.69 % 102,197 5,122 6.69 % Total loans, net(2) 4,695,849 178,887 5.09 % 4,431,801 157,355 4.74 % Total interest-earning assets 8,242,232 314,375 5.10 % 8,024,260 298,712 4.97 % Non-interest-earning assets: Cash and due from banks 5,950 5,862 Other assets 213,110 219,096 Total assets $ 8,461,292 $ 8,249,218 Interest-bearing liabilities: Savings, NOW and money market deposits $ 4,465,754 $ 86,381 2.59 % $ 3,608,927 $ 73,033 2.70 % Time deposits 217,140 5,712 3.52 % 207,374 5,622 3.62 % Brokered CDs — — 0.00 % 159,041 6,224 5.23 % Total interest-bearing deposits 4,682,894 92,093 2.63 % 3,975,342 84,879 2.85 % Borrowings 95,315 2,348 3.29 % 154,564 4,497 3.89 % Total interest-bearing liabilities 4,778,209 94,441 2.64 % 4,129,906 89,376 2.89 % Non-interest-bearing liabilities: Demand and transaction deposits 2,880,899 3,417,970 Other liabilities 60,592 70,476 Total liabilities 7,719,700 7,618,352 Stockholders' equity 741,592 630,866 Total liabilities and stockholders' equity $ 8,461,292 $ 8,249,218 Net interest income / interest rate spread $ 219,934 2.46 % $ 209,336 2.08 % Net interest-earning assets / net interest margin $ 3,464,023 3.57 % $ 3,894,354 3.48 % Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs $ 7,563,793 1.63 % $ 7,234,271 1.45 % Total deposits / total cost of deposits $ 7,563,793 1.63 % $ 7,393,312 1.53 % Total funding / total cost of funds $ 7,659,108 1.65 % $ 7,547,876 1.58 % (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income. (2) Includes prepayment penalty interest income in September YTD 2025 and September YTD 2024 of $247 thousand and $18 thousand, respectively. 14
Deposit Portfolio Composition Three Months Ended (In thousands) September 30, 2025 June 30, 2025 September 30, 2024 Ending Balance Average Balance Ending Balance Average Balance Ending Balance Average Balance Non-interest-bearing demand deposit accounts $ 2,911,442 $ 2,846,392 $ 2,810,489 $ 2,895,845 $ 3,801,834 $ 3,721,398 NOW accounts 175,701 173,768 177,494 177,312 186,557 188,250 Money market deposit accounts 4,140,781 4,184,050 4,216,318 3,950,346 2,959,264 2,986,434 Savings accounts 339,219 334,102 330,892 329,962 327,935 331,816 Time deposits 202,826 200,257 198,079 218,835 216,901 223,337 Brokered certificates of deposit ("CDs") — — — — 102,073 131,103 Total deposits $ 7,769,969 $ 7,738,569 $ 7,733,272 $ 7,572,300 $ 7,594,564 $ 7,582,338 Total deposits excluding Brokered CDs $ 7,769,969 $ 7,738,569 $ 7,733,272 $ 7,572,300 $ 7,492,491 $ 7,451,235 Three Months Ended September 30, 2025 June 30, 2025 September 30, 2024 Average Rate Paid(1) Cost of Funds Average Rate Paid(1) Cost of Funds Average Rate Paid(1) Cost of Funds Non-interest bearing demand deposit accounts 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % NOW accounts 0.52 % 0.66 % 0.68 % 0.72 % 0.90 % 1.09 % Money market deposit accounts 2.62 % 2.80 % 2.70 % 2.77 % 3.00 % 3.24 % Savings accounts 1.24 % 1.33 % 1.32 % 1.30 % 1.42 % 1.64 % Time deposits 3.24 % 3.29 % 3.22 % 3.56 % 3.83 % 3.83 % Brokered CDs — % — % — % — % 4.89 % 5.43 % Total deposits 1.55 % 1.67 % 1.63 % 1.62 % 1.43 % 1.58 % Interest-bearing deposits excluding Brokered CDs 2.47 % 2.64 % 2.56 % 2.62 % 2.80 % 3.02 % (1) Average rate paid is calculated as the weighted average of spot rates on deposit accounts. Off-balance sheet deposits are excluded from all calculations shown. 15
Asset Quality (In thousands) September 30, 2025 June 30, 2025 September 30, 2024 Loans 90 days past due and accruing $ — $ — $ — Nonaccrual loans held for sale 459 459 989 Nonaccrual loans - Commercial 15,502 27,501 17,108 Nonaccrual loans - Retail 7,035 7,199 10,542 Nonaccrual securities 6 6 8 Total nonperforming assets $ 23,002 $ 35,165 $ 28,647 Nonaccrual loans: Commercial and industrial $ 646 $ 12,501 $ 1,849 Multifamily 2,799 — — Commercial real estate 955 3,893 4,146 Construction and land development 11,102 11,107 11,113 Total commercial portfolio 15,502 27,501 17,108 Residential real estate lending 3,644 3,805 7,578 Consumer solar 3,134 3,193 2,848 Consumer and other 257 201 116 Total retail portfolio 7,035 7,199 10,542 Total nonaccrual loans $ 22,537 $ 34,700 $ 27,650 16
Credit Quality September 30, 2025 June 30, 2025 September 30, 2024 ($ in thousands) Criticized and classified loans Commercial and industrial $ 48,857 $ 64,305 $ 45,329 Multifamily 11,279 11,324 13,386 Commercial real estate 955 3,893 8,186 Construction and land development 11,102 11,107 11,113 Residential real estate lending 3,644 3,805 7,578 Consumer solar 3,134 3,193 2,848 Consumer and other 257 201 116 Total loans $ 79,228 $ 97,828 $ 88,556 Criticized and classified loans to total loans Commercial and industrial 1.02 % 1.36 % 1.00 % Multifamily 0.24 % 0.24 % 0.29 % Commercial real estate 0.02 % 0.08 % 0.18 % Construction and land development 0.23 % 0.24 % 0.24 % Residential real estate lending 0.08 % 0.08 % 0.17 % Consumer solar 0.07 % 0.07 % 0.06 % Consumer and other 0.01 % — % 0.00 % Total loans 1.67 % 2.07 % 1.94 % September 30, 2025 June 30, 2025 September 30, 2024 Annualized net charge- offs (recoveries) to average loans ACL to total portfolio balance Annualized net charge- offs (recoveries) to average loans ACL to total portfolio balance Annualized net charge- offs (recoveries) to average loans ACL to total portfolio balance Commercial and industrial 2.54 % 1.03 % 0.32 % 1.42 % 2.14 % 1.01 % Multifamily — % 0.30 % — % 0.20 % — % 0.37 % Commercial real estate — % 0.59 % — % 0.49 % — % 0.40 % Construction and land development — % 6.72 % — % 6.33 % — % 3.73 % Residential real estate lending (0.06) % 0.58 % (0.01) % 0.69 % (0.03) % 0.91 % Consumer solar 2.20 % 7.94 % 2.91 % 7.26 % 1.58 % 7.68 % Consumer and other 0.35 % 3.36 % 0.07 % 5.74 % 1.05 % 6.44 % Total loans 0.81 % 1.18 % 0.30 % 1.25 % 0.61 % 1.35 % 17
Reconciliation of GAAP to Non-GAAP Financial Measures The information provided below presents a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure. As of and for the As of and for the Three Months Ended Nine Months Ended (in thousands) September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Core operating revenue Net Interest Income (GAAP) $ 76,447 $ 72,909 $ 72,107 $ 219,934 $ 209,336 Non-interest income (GAAP) 9,161 8,025 8,939 23,592 28,426 Add: Loss on Sale of Securities and Other Assets 1,226 1,041 3,230 2,946 8,695 Less: ICS One-Way Sell Fee Income(1) (420) (102) (8,085) (531) (15,847) Less: Changes in fair value of loans held-for-sale(6) — — 4,265 (837) 4,265 Less: Subdebt repurchase gain(2) — — (669) — (1,076) Add: Tax (credits) depreciation on solar investments(3) — 310 1,089 3,179 1,095 Core operating revenue (non-GAAP) $ 86,414 $ 82,183 $ 80,876 $ 248,283 $ 234,894 Core non-interest expense Non-interest expense (GAAP) $ 43,617 $ 40,584 $ 40,964 $ 125,852 $ 118,629 Add: Gain on settlement of lease termination(4) — — — — 499 Less: Severance costs(5) (260) (142) (241) (527) (471) Core non-interest expense (non-GAAP) $ 43,357 $ 40,442 $ 40,723 $ 125,325 $ 118,657 Core net income Net Income (GAAP) $ 26,790 $ 25,989 $ 27,942 $ 77,807 $ 81,944 Add: Loss on Sale of Securities and Other Assets 1,226 1,041 3,230 2,946 8,695 Less: ICS One-Way Sell Fee Income(1) (420) (102) (8,085) (531) (15,847) Less: Changes in fair value of loans held-for-sale(6) — — 4,265 (837) 4,265 Less: Gain on settlement of lease termination(4) — — — — (499) Less: Subdebt repurchase gain(2) — — (669) — (1,076) Add: Severance costs(5) 260 142 241 527 471 Add: Tax (credits) depreciation on solar investments(3) — 310 1,089 3,179 1,095 Less: Tax on notable items (296) (371) (19) (1,420) 764 Core net income (non-GAAP) $ 27,560 $ 27,009 $ 27,994 $ 81,671 $ 79,812 Tangible common equity Stockholders' equity (GAAP) $ 775,573 $ 753,984 $ 698,332 $ 775,573 $ 698,332 Less: Minority interest — — (133) — (133) Less: Goodwill (12,936) (12,936) (12,936) (12,936) (12,936) Less: Core deposit intangible (1,056) (1,200) (1,669) (1,056) (1,669) Tangible common equity (non-GAAP) $ 761,581 $ 739,848 $ 683,594 $ 761,581 $ 683,594 Average tangible common equity Average stockholders' equity (GAAP) $ 760,540 $ 741,435 $ 668,401 $ 741,592 $ 630,866 Less: Minority interest — — (133) — (133) Less: Goodwill (12,936) (12,936) (12,936) (12,936) (12,936) Less: Core deposit intangible (1,126) (1,270) (1,759) (1,269) (1,940) Average tangible common equity (non-GAAP) $ 746,478 $ 727,229 $ 653,573 $ 727,387 $ 615,857 (1) Included in service charges on deposit accounts in the Consolidated Statements of Income (2) Included in other income in the Consolidated Statements of Income (3) Included in equity method investments income in the Consolidated Statements of Income (4) Included in occupancy and depreciation in the Consolidated Statements of Income (5) Included in compensation and employee benefits in the Consolidated Statements of Income (6) Included in changes in fair value of loans held-for-sale in the Consolidated Statements of Income 18
amalgamated-earningsdeck
1 Amalgamated Financial Corp. Third Quarter 2025 Earnings Presentation October 23, 2025
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 Securities Exchange Act of 1934, as amended. Forward- looking statements generally can be identified through the use of forward-looking terminology such as “may,” “will,” “anticipate,” “aspire,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “in the future,” “may” and “intend,” as well as other similar words and expressions of the future. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, any or all of which could cause actual results to differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: 1. uncertain conditions in the banking industry and in national, regional and local economies in core markets, which may have an adverse impact on business, operations and financial performance; 2. deterioration in the financial condition of borrowers resulting in significant increases in credit losses and provisions for those losses; 3. deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors; 4. changes in deposits, including an increase in uninsured deposits; 5. ability to maintain sufficient liquidity to meet deposit and debt obligations as they come due, which may require that the Company sell investment securities at a loss, negatively impacting net income, earnings and capital; 6. unfavorable conditions in the capital markets, which may cause declines in stock price and the value of investments; 7. negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of borrowers and consumer spending habits, which may affect, among other things, the level of non- performing assets, charge-offs and provision expense; 8. fluctuations or unanticipated changes in the interest rate environment including changes in net interest margin or changes in the yield curve that affect investments, loans or deposits; 9. the general decline in the real estate and lending markets, particularly in commercial real estate in the Company’s market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing; 10. potential implementation by the current presidential administration of a regulatory reform agenda that is significantly different from that of the prior presidential administration, impacting the rule making, supervision, examination and enforcement of the banking regulation agencies; 11. changes in U.S. trade policies and other global political factors beyond the Company’s control, including the imposition of tariffs, which raise economic uncertainty, potentially leading to slower growth and a decrease in loan demand; 12. the outcome of legal or regulatory proceedings that may be instituted against us; 13. inability to achieve organic loan and deposit growth and the composition of that growth; 14. composition of the Company’s loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which the Company operates; 15. inaccuracy of the assumptions and estimates the Company makes and policies that the Company implements in establishing the allowance for credit losses; 16. changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; 17. any matter that would cause the Company to conclude that there was impairment of any asset, including intangible assets; 18. limitations on the ability to declare and pay dividends; 19. the impact of competition with other financial institutions, including pricing pressures and the resulting impact on results, including as a result of compression to net interest margin; 20. increased competition for experienced members of the workforce including executives in the banking industry; 21. a failure in or breach of operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; 22. increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence; 23. a downgrade in the Company’s credit rating; 24. “greenwashing claims” against the Company and environmental, social, and governance ("ESG") products and increased scrutiny and political opposition to ESG and diversity, equity, and inclusion ("DEI") practices; 25. any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters) affecting the markets in which the Company operates; 26. physical and transitional risks related to climate change as they impact the business and the businesses that the Company finances; 27. future repurchase of the Company’s shares through the Company’s common stock repurchase program; and 28. descriptions of assumptions underlying or relating to any of the foregoing. Additional factors which could affect the forward-looking statements can be found in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC's website at https://www.sec.gov/. The Company disclaims any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law. NON-GAAP FINANCIAL MEASURES This presentation contains certain non-GAAP financial measures including, without limitation, “Core Operating Revenue,” “Core Non-interest Expense,” “Tangible Common Equity,” “Average Tangible Common Equity,” “Core Efficiency Ratio,” “Core Net Income,” “Core ROAA,” and “Core ROATCE.” We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP. Specifically, we believe these non-GAAP financial measures (a) allow management and investors to better assess our performance by removing volatility that is associated with discrete items that are unrelated to our core business, and (b) enable a more complete understanding of factors and trends affecting our business. Non-GAAP financial measures, however, have inherent limitations, are not required to be uniformly applied, and are not audited. Accordingly, these non-GAAP financial measures should not be considered as substitutes for GAAP financial measures, and we strongly encourage investors to review the GAAP financial measures included in this presentation and not to place undue reliance on any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this presentation with other companies’ non-GAAP financial measures having the same or similar names. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use. Reconciliations of non-GAAP financial disclosures to what we believe to be the most directly comparable GAAP measures found in this presentation are set forth in the final pages of this presentation and also may be viewed on the bank’s website, amalgamatedbank.com. You should assume that all numbers presented are unaudited unless otherwise noted.
3 $27.6mm Core Net Income1,2 $0.91 Core EPS1,2 $149.0mm Deposit Growth3 9.18% Leverage Ratio $76.4mm Net Interest Income 3.60% Net Interest Margin 3Q25 Highlights 2Q25 3Q25 2Q25 3Q25 2.0% 2Q25 3Q252Q25 3Q25 2Q25 3Q25 2.0% 2Q25 3Q25 5 bps0.4% 4.9% 1 GAAP Net Income and GAAP EPS for 3Q25 are $26.8 million and $0.88, respectively 2 See non-GAAP disclosures on pages 27-28 3 Excludes $112.3 million of temporary pension funding deposits on the last day of the second quarter, withdrawn the following day 3.4%
4 1.33% 1.34% 1.33% 1.28% 1.27% 3Q24 4Q24 1Q25 2Q25 3Q25 8.63% 9.00% 9.22% 9.22% 9.18% 13.82% 13.90% 14.27% 14.12% 14.21% Leverage Ratio CET1 3Q24 4Q24 1Q25 2Q25 3Q25 22.29 22.60 23.51 24.33 25.31 3Q24 4Q24 1Q25 2Q25 3Q25 16.66% 15.80% 15.23% 14.61% 14.38% 3Q24 4Q24 1Q25 2Q25 3Q25 CORE ROAAPER-SHARE KPI'S ($) TBV PER-SHARE ($) CORE ROAE Performance Tracking 1 Core metrics shown 0.91 0.90 0.88 0.88 0.91 2.62 2.67 2.57 2.67 2.84 EPS(1) Rev/Sh(1) 3Q24 4Q24 1Q25 2Q25 3Q25 CAPITAL RATIOS 8.14% 8.41% 8.73% 8.60% 8.79% 3Q24 4Q24 1Q25 2Q25 3Q25 TCE RATIO
5 TOTAL GAAP DEPOSITS1 ($bn) Deposit Portfolio 7.6 7.2 7.4 7.7 7.8 7.8 6.0 6.2 6.3 6.5 6.4 6.5 0.1 — — — — —1.5 1.0 1.1 1.2 1.4 1.3 On-BS Political Brokered CDs All Other Deposits 3Q24 4Q24 1Q25 2Q25 3Q25 10/16/25 2.03 1.13 1.44 1.51 0.85 0.48 0.55 CML - Labor CML- Social/Philanthropy CML - Political CML - Not-for-Profit Consumer CML - Climate/Sustainability CML - Other(3) 1 For additional relevant data points, please refer to the Metrics Index slides on Appendix pages 18-19 2 See Core Deposits disclosure on Appendix page 23 for reconciliation of total GAAP Deposits to total Core Deposits 3 CML - Other contains but is not limited to: nursing homes, commercial real estate, and non-impact accounts TOTAL CORE DEPOSITS2 BY IMPACT SEGMENT ($bn) POLITICAL DEPOSITS1 ($bn) 0.2 0.3 0.4 0.5 0.6 0.8 1.1 1.2 0.6 0.7 0.8 1.0 1.0 1.1 1.3 1.2 0.6 0.7 0.8 1.0 1.2 1.4 1.7 2.0 1.0 1.1 1.2 1.4 1.4 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 10/16 $8.0bn High deposit points reflected in the quarter preceding a major election Low deposit points reflected in the quarter during a major election Initial deposit rebuild reflected in the quarter after a major election $251 $0 Short-term Borrowings ($mm)
6 SECURITIES – BOOK VALUE1,2,3 ($bn) Investment Securities 3.4 3.3 3.3 3.5 3.5 1.4 1.3 1.4 1.4 1.4 1.2 1.2 1.2 1.2 1.2 0.9 0.8 0.8 0.9 0.9 Non-Agency PACE Agency 3Q24 4Q24 1Q25 2Q25 3Q25 1 Securities book value excludes unrealized Available for Sale (AFS) gain / loss on sale 2 Non-Agency includes corporate bonds 3 For additional relevant data points, please refer to the Metrics Index slides on Appendix pages 18-19 4 Agency/Non-Agency yield calculation updated to reflect projected yield to maturity. Yield in prior presentations calculated using quarterly income and average balance for each category SECURITIES – YIELDS2,4 ($bn) 5.49% 5.20% 5.02% 5.09% 5.10% 5.53% 5.61% 5.82% 5.80% 5.81% 4.15% 3.85% 3.89% 4.11% 4.23% Non-Agency Yield PACE Yield Agency Yield 3Q24 4Q24 1Q25 2Q25 3Q25
7 7 709 1,006 101 Investment Securities Composition HTM PORTFOLIO COMPOSITION1,2,3 ($mm) 233 225 19 Agency Non-Agency Corporates & Other $1,816mm $478mm VALUATION LOSS AS A % OF PORTFOLIO BALANCE2,3 AFS: AFS PORTFOLIO COMPOSITION1,2,3 ($mm) 1 Both AFS and HTM securities balances shown at amortized cost 2 PACE assets not included in portfolio composition or valuation loss charts 3 For additional relevant data points, please refer to the Metrics Index slides on Appendix pages 18-19 3.5% 4.5% 3.5% 2.9% 2.2% 3Q24 4Q24 1Q25 2Q25 3Q25 5.0% 7.9% 7.2% 6.9% 6.5% 3Q24 4Q24 1Q25 2Q25 3Q25 HTM:
8 Loans Held for Investment TOTAL LOANS ($bn) 4.55 4.67 4.68 4.71 4.79 4.79% 5.00% 5.00% 5.05% 5.22% Loan Yield 3Q24 4Q24 1Q25 2Q25 3Q25 2.76 2.94 2.97 3.03 3.13 3Q24 4Q24 1Q25 2Q25 3Q25 LOAN BALANCE TREND - GROWTH PORTFOLIOS ($bn) 86% 34% 83% 92% 14% 66% 17% 8% % Mission Aligned Loans % Non-Impact Loans Multifamily CRE and Land C&I Consumer/Other MISSION-ALIGNED LOAN COMPOSITION1,2,3 (%) 1 Does not include residential or HELOC loans 2 For more detail on the mission-aligned loan portfolio, please refer to slides 25-26 3 For additional relevant data points, please refer to the Metrics Index slides on Appendix pages 18-19 1.78 1.74 1.71 1.69 1.66 3Q24 4Q24 1Q25 2Q25 3Q25 LOAN BALANCE TREND - NON-GROWTH PORTFOLIOS ($bn) Current Quarter Growth: +$99.2mm, +3.3% Year to Date Growth: +$185.7mm, +6.3% Current Quarter Growth: -$27.0mm, -1.6% Year to Date Growth: -$71.8mm, -4.2%
9 Non-Interest Income and Expense 8.8 9.5 9.1 9.3 10.0 1.1 1.5 1.5 1.6 2.2 3.7 4.0 4.2 3.9 4.0 4.0 4.0 3.4 3.8 3.8 Retail banking Trust fee income Core other income 3Q24 4Q24 1Q25 2Q25 3Q25 NON-INTEREST EXPENSE1 ($mm) 40.7 41.1 41.5 40.4 43.441.0 41.1 41.6 40.6 43.6 50.4% 49.8% 52.1% 49.2% 50.2% 50.5% 52.8% 54.1% 50.1% 50.9% Core NIX NIX Core Eff Ratio Eff Ratio 3Q24 4Q24 1Q25 2Q25 3Q25 CORE NON-INTEREST INCOME1,2 ($mm) 1 See non-GAAP disclosures on pages 27-28 2 For additional relevant data points, please refer to the Metrics Index slides on appendix pages 18-19
10 NON-PERFORMING ASSETS / TOTAL ASSETS Credit Quality QUARTERLY NET CHARGE-OFFS/ AVERAGE LOANS1 3Q25 HIGHLIGHTS2 • Net charge-offs of 0.81% include: ◦ $5.4 million from charge-off of non-performing syndicated commercial and industrial loan ◦ $1.5 million from charge-off of non-performing legacy leveraged loan ◦ $2.9 million in charge-offs on small business commercial & industrial and consumer solar loans • Pass rated loans are 98% of loan portfolio CRITICIZED AND CLASSIFIED LOANS ($mm) 0.34% 0.31% 0.41% 0.41% 0.26% 3Q24 4Q24 1Q25 2Q25 3Q25 0.61% 0.36% 0.22% 0.30% 0.81% Residential Solar Commercial 3Q24 4Q24 1Q25 2Q25 3Q25 89 96 84 98 79 3Q24 4Q24 1Q25 2Q25 3Q25 1 Annualized 2 For additional relevant data points, please refer to the Metrics Index slides on Appendix pages 18-19
11 Allowance for Credit Losses on Loans ALLOWANCE FOR CREDIT LOSSES ON LOANS / TOTAL LOANS 1.35% 1.29% 1.23% 1.25% 1.18% 3Q24 4Q24 1Q25 2Q25 3Q25 59.0 (9.6) 0.3 1.9 4.5 0.6 (0.2) 56.5 6/30/25 NCO's Loan Balances Specific Reserves Charge Off Expense Quant(1) Qual 9/30/25 ALLOWANCE WATERFALL ($mm) 1.03% 0.30% 0.59% 6.72% 0.58% 7.94% 3.36% C&I Multifamily CRE Land Residential Consumer Solar Consumer and Other ACL TO TOTAL PORTFOLIO BALANCE BY LOAN TYPE 1 Quantitative allowance build/release includes the impact of economic forecasts
12 22.0% 16.6% 20.5% 7.9% 5.4% 27.6% Real Estate Portfolio Composition 14.8% 7.1% 11.8% 33.8% 1.9% 13.9% 16.7% CRE COMPOSITION BY PROPERTY TYPE1MULTIFAMILY COMPOSITION BY RENT STABILIZATION1 Category Weighted Avg. LTV Weighted Avg. DSCR3 Pre 1974 RS2 57.2% 1.54 Section 8 57.5% 1.42 421a 57.7% 1.43 FHEPs 57.8% 1.55 Other - Stabilized 53.5% 1.54 Free Market 50.9% 1.54 Category Weighted Avg. LTV Weighted Avg. DSCR3 Office-Only 38.3% 1.59 Office - Owner Occupied 54.9% 4.36 Retail 44.8% 1.58 Industrial 39.9% 2.34 Mixed Use 29.6% 4.90 Education 52.3% 1.54 Other 44.5% 1.88 $397mm$1,455mm MULTIFAMILY DELINQUENCY SNAPSHOT ($mm) CRE DELINQUENCY SNAPSHOT ($mm)$ Total Change Since Q1 '22 % of Total Portfolio Non-Performing 2.7 -3.3 0.2% Criticized/Classified 11.3 -57.1 0.8% 30-89 DPD 18.9 +7.1 1.3% Total TTM % of Total Portfolio Net Charge-Offs 0.5 0.04% $ Total Change Since Q1 '22 % of Total Portfolio Non-Performing 1.0 -3.0 0.2% Criticized/Classified 1.0 -60.9 0.2% 30-89 DPD 2.6 -50.8 0.6% Total TTM % of Total Portfolio Net Charge-Offs — —% 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
13 Selected Real Estate Risk Exposure Profile RISK EXPOSURE PROFILE PRE-1974 RS2 AND OFFICE-ONLY LOAN DISTRIBUTION BY COUNTY1 ($mm) 50.7% 30.2% 8.9% 1.7% 8.5% Manhattan, NY Brooklyn (Kings), NY Queens, NY Ocean, NJ Other, NY $378mm Portfolio Balance ($mm) LTV DSCR3 Office-Only CRE Loans 58.8 38.3% 1.59 Pre-1974 RS2 Multifamily Loans 319.4 57.2% 1.54 Total 378.2 54.2% 1.55 Percent of Total Real Estate Portfolio 20% Percent of Total Loans 8% Percent of Total Assets 4% Percent of Tier 1 Capital 47% Percent of stabilized units in Pre-1974 RS Loans2 81% Percent of total multifamily units subject to Pre-1974 rent-stabilization rules 16% 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 MULTIFAMILY GEOGRAPHIC DISTRIBUTION1 ($mm) 73.7% 9.6% 3.9% 1.9% 10.9% NY DC CA NJ Other $1,455mm CRE GEOGRAPHIC DISTRIBUTION1 ($mm) 76.9% 10.0% 2.6% 3.4% 7.1% NY CA IL MA Other $397mm
14 Multifamily NYC Risk Exposure Profile 1 Balances shown do not include deferred fees and costs 2 Rent-Stabilized loans defined as any real estate loan that has units subject to rent-stabilization rules 3 Weighted Avg. DSCR values shown are calculated using bank-underwritten DSCR's only RISK EXPOSURE PROFILE MULTIFAMILY NEW YORK CITY LOAN DISTRIBUTION1 ($mm) 24.5% 29.8% 10.1% 4.5% 31.1% Manhattan Brooklyn Queens Bronx Non-NYC $1,455mm Portfolio Balance ($mm) LTV DSCR3 Multifamily Loans in NYC 1,002.9 54.6% 1.53 Non-NYC Multifamily Loans 451.8 57.2% 1.44 Total Multifamily Portfolio 1,454.7 55.4% 1.50 RISK EXPOSURE PROFILE - NYC ONLY MULTIFAMILY NEW YORK CITY-ONLY LOANS BY SEGMENT1 ($mm) 29.9% 27.1% 11.5% 2.6% 2.5% 26.4% Pre 1974 RS (2) 421a FHEPs Other Section 8 Free Market $1,003mm Portfolio Balance ($mm) LTV DSCR3 Rent-Stabilized2 NYC MF Loans 737.7 57.2% 1.51 Non-Rent Stabilized NYC MF Loans 265.2 47.4% 1.58 Total Multifamily NYC Loans 1,002.9 54.6% 1.53
15 Real Estate Portfolio By Maturity MULTIFAMILY PORTFOLIO MATURITY TIMELINE1 ($mm) $44 $151 $360 $208 $692 Pre 1974 RS Section 8 421a FHEPs Other-Stabilized Free Market 2025 2026 2027 2028 2029+ CRE PORTFOLIO MATURITY TIMELINE1 ($mm) $59 $11 $20 $71 $237 Office Office - Owner Occupied Retail Industrial Mixed Use Education Other 2025 2026 2027 2028 2029+ LTV DSCR2 56.4% 1.36 51.1% 1.46 59.1% 1.47 58.8% 1.40 53.4% 1.56 55.4% 1.50 LTV DSCR2 43.3% 1.47 37.7% 1.63 51.2% 1.8 38.1% 1.84 45.0% 2.45 43.6% 2.14Total:Total: 1 Balances shown do not include deferred fees and costs 2 Weighted Avg. DSCR values shown are calculated using bank-underwritten DSCR's only
16 2025 Guidance PERFORMANCE TARGETS • YE Balance Sheet growth ~ 3% • 9.0% Tier 1 leverage baseline • 52% core efficiency outer band • 1.3% annual core ROAA • 3.5% - 5.0% core revenue growth 2025 Outlook (in $ millions) 3Q25 YTD 4Q25 Outlook FY25 Implied Implied YoY 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 $6 - 7 (~4%) STATUS • Slightly higher • On track • Slightly better • Slightly lower • Slightly higher
Appendix
18 Metrics Index DEPOSITS Metric 3Q25 2Q25 Change QoQ Total Deposits ex Brokered ($bn) 7.77 7.73 0.04 Political Deposits ($mm) 1,444 1,209 235 Political Deposits as a % of GAAP Deposits1 18.6% 15.6% 3.0% Total Cost of Deposits1 167 bps 162 bps 5 bps Interest-Bearing Deposit Cost1 264 bps 262 bps 2 bps Non-Interest Bearing % of Deposit Portfolio1 37.5% 36.3% 1.2% Non-Interest Bearing % of Avg Deposits1 36.8% 38.2% -1.4% Total Uninsured Deposits ($bn) 4.07 3.90 0.17 Uninsured % of Total Deposits1 52.4% 50.5% 1.9% 2 day Liquidity Coverage of Uninsured Deposits (%) 101.9% 96.7% 5.2% Cash and Borrowing Capacity Coverage of Uninsured, Non-Supercore Deposits (%) 166.1% 167.9% (1.8)% Loan/Deposit Ratio 61.6% 61.0% 0.6% Loan+PACE/Deposit Ratio 77.6% 76.6% 1.0% Metric 3Q25 2Q25 Change QoQ Total Mission-Aligned Loans ($bn) 2.80 2.70 0.10 Pass-Rated Loans as a % of Loan Portfolio 98.3% 97.9% 0.4% Total Non-Performing Assets ($mm) 23.0 35.2 (12.2) NPA/Total Assets (%) 0.26% 0.41% (0.15)% % of Loan Portfolio with Floating Rate of Interest 15.0% 14.2% 0.8% LOANS & CREDIT QUALITY Metric 3Q25 2Q25 Change QoQ Trust Assets Under Custody ($bn) 37.9 36.5 1.4 Trust Assets Under Management ($bn) 16.6 15.6 1.0 TRUST 1 Excludes Brokered CDs
19 Metrics Index Metric 3Q25 2Q25 Change QoQ Total Investment Securities Book Value1 ($bn) 3.5 3.5 — AFS Yield, excl. PACE 4.94% 4.87% 0.07% HTM Yield, excl. PACE 3.97% 4.14% (0.17)% Agency Securities as % of Total Portfolio2 26.6% 25.6% 1.0% PACE LTV 12.2% 12.0% 0.2% % of AAA rated Non-Agency MBS/ABS Securities3 85.3% 85.2% 0.1% % of Non-Agency MBS/ABS Securities Rated A or Higher3 100.0% 100.0% —% Average Subordination for C&I CLOs 42.3% 42.1% 0.2% % of Portfolio with Floating Rate of Interest4 14.0% 16.0% (2.0)% % of Portfolio with Floating Rate of Interest, excl. PACE4 22.0% 25.0% (3.0)% % of AFS Portfolio with Floating Rate of Interest4 21.0% 22.0% (1.0)% % of AFS Portfolio with Floating Rate of Interest, excl. PACE4 23.0% 25.0% (2.0)% % of HTM Portfolio with Floating Rate of Interest4 5.0% 8.0% (3.0)% % of HTM Portfolio with Floating Rate of Interest, excl. PACE4 17.0% 25.0% (8.0)% SECURITIES Metric 3Q25 2Q25 Change QoQ Weighted Avg Duration5, (years) Total Securities Portfolio, excl. PACE 2.5 2.5 0.0 AFS - total 2.2 2.3 (0.1) AFS - ex-PACE 1.9 2.1 (0.2) AFS - PACE 3.9 4.0 (0.1) HTM - total 5.3 5.1 0.2 HTM - ex-PACE 4.5 4.1 0.4 HTM - PACE 5.4 5.4 0.0 Valuation Loss/(Gain) ($mm) AFS - total 36.7 46.8 (10.1) AFS - ex-PACE 40.1 50.4 (10.3) AFS - PACE (3.4) (3.6) 0.2 HTM - total 119.8 129.5 (9.7) HTM - ex-PACE 31.3 36.4 (5.1) HTM - PACE 88.5 93.0 (4.5) Valuation Loss/(Gain) as % of portfolio balance AFS - total 1.8 % 2.4 % (0.6) % AFS - ex-PACE 2.2 % 2.9 % (0.7) % AFS - PACE (1.7) % (2.0) % 0.3 % HTM - total 7.9 % 8.3 % (0.4) % HTM - ex-PACE 6.5 % 6.9 % (0.4) % HTM - PACE 8.5 % 9.0 % (0.5) % 1 Securities book value excludes unrealized Available for Sale (AFS) gain / loss on sale 2 Non-Agency includes corporate bonds and PACE Assessments 3 MBS/ABS does not include PACE assessments 4 Floating rate measures include the effect of interest rate risk hedges 5 Weighted avg. duration calculated using market values of securities
20 740 27 (4) (10) — 2 8 762 24.33 25.22 25.08 24.73 25.02 25.05 25.31 25.31 6/30/25 Earnings Dividends @ $.14/ share Buybacks - Equity Impact Buybacks - Share count Other(1) AFS Mark 9/30/25 3Q25 SUMMARY • TBV increase of 4.0% primarily driven by: ◦ $26.8 million in net income ◦ $7.7 million improvement in the tax-effected mark-to- market adjustment • Offset by $10.4 million equity impact of share repurchase activity, as well as $4.3 million equity impact of dividend issuance. • 6 basis point net constrictive effect to TBV from share repurchase activity in the quarter • Dividend Payout Ratio was 16.0% Tangible Book Value TANGIBLE COMMON EQUITY & TANGIBLE BOOK VALUE ($mm) 1 Other includes the effect of stock issuance
21 740 6 2 27 (4) (9) 762 8.60 8.65 8.68 8.99 8.94 8.85 8.85 8.79 Tangible Common Equity (increase) TCE Ratio 6/30/25 OCI - Rate Impact OCI - AFS Purch/Sales Earnings Dividends @ $.14/ share Buybacks and Stock Issuance 9/30/25 Tangible Asset Growth 3Q25 SUMMARY • Tangible Common Equity Ratio was 8.79%, up 19bps, or 2.2% from 8.60% in the prior quarter • TCE Ratio increase primarily driven by $18.1 million increase in tangible common equity ◦ $26.8 million in net income ◦ $7.7 million improvement in the tax-effected mark-to-market adjustment • Offset by $64.7 million increase in tangible assets ◦ $14.7 million through AFS mark-to-market improvement ◦ $50.0 million through operations • Cumulative OCI1 impact on TCE Ratio in the quarter: +8bps • Cumulative operations impact on TCE Ratio in the quarter: +17bps • Asset Growth impact on TCE Ratio in the quarter: -6bps Tangible Common Equity Ratio TANGIBLE COMMON EQUITY & TCE RATIO ($mm) Operational ImpactOCI Impact1 Asset Growth 1 "OCI" = Other Comprehensive Income Tangible Common Equity (decrease)
22 3.3 -2.0 -2.9 -0.3 -3.2 0.3 1.6 1.2 0.4 0.4 0.6 0.4 1.7 0.9 Tax credits (accelerated depreciation) on solar investments Steady state solar income FY23 FY24 1Q25 2Q25 3Q25 4Q25 FY25 FY26 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 accelerated depreciation of the value of the investment creates volatility in the GAAP and core earnings presentations ◦ Steady state income is generally achieved within 4-6 quarters of initial investment and all investments are net profitable over their lives (generally 5 years) ACTUAL AND PROJECTED SOLAR INCOME1,2,3 ($mm) Actual Forecast 1 Actual results and projected solar income forecasts were revised in 4Q23 2 Balances presented are not tax effected 3 Refer to Reconciliation of Non-GAAP Financial Measures on slides 27-28 for further details on impact to key ratios Solar Tax-Equity Investments
23 Reconciliation of Core Deposits Total Core Deposits1, $mm 9/30/2025 Total Deposits (GAAP) 7,770.0 Less: Brokered CDs — Total Deposits, excl. Brokered CDs 7,770.0 Add: Deposits held off-balance sheet 265.0 Less: Non-Broker Listing Service CDs (1.2) Less: Other non-core, intercompany, and transactional accounts (32.0) Core Deposits 8,001.8 Core Political Deposits1, $mm 9/30/2025 Political Deposits (GAAP) 1,410.5 Add: Political Deposits held off-balance sheet 33.3 Core Political Deposits 1,443.8 1 Core deposits are defined as total deposits including deposits held off-balance sheet, but excluding all brokered deposits, deposits from deposit listing services, temporary transaction deposits, certain escrow deposits, and intercompany deposits, transactional political deposits, and transitional deposits scheduled for our Trust business, and temporary pension funding deposits. We believe the most directly comparable GAAP financial measure is total deposits.
24 SUPER-CORE DEPOSITS2 BY IMPACT SEGMENT ($bn) 3Q25 HIGHLIGHTS • Super-core deposits2 make up $4.3 billion, or 53% of total core deposits ◦ Super-core deposits are minimum 5-years old & concentrated with mission-aligned customers ◦ Highly sticky • Weighted average account duration of our super-core deposits is 18 years, compared to 2 years for our other core deposits • Cash and borrowing potential totals $3.6 billion, or 95% of non-supercore deposits, with a total borrowings utilization rate of 0.3%, excluding subordinated debt • Total available liquidity, including cash, unpledged non-PACE securities and borrowing potential totals $4.2 billion or 111% of non-super-core deposits Impact Sector Total Balance ($B) % of Total Core Deposits Weighted Avg. Account Duration (Years) CML - Labor 1.6 20% 25 Consumer 0.6 8% 24 CML - Social/Philanthropy 0.7 9% 11 CML - Political 0.7 9% 9 CML - Climate/Sustainability 0.2 2% 9 CML - Not-for-Profit 0.2 3% 7 CML - Other(1) 0.2 3% 17 Total 4.3 53% 18 Other Core Deposits 3.7 46% 2 Total Core Deposits(3) 8.0 10 Super-Core Deposits 1 CML - Other contains but is not limited to: nursing homes, commercial real estate, and non-impact accounts 2 Super-core deposits are defined as all deposit accounts with a relationship length of at least 5 years, excluding brokered certificates of deposit 3 Core deposits are defined as total deposits including deposits held off-balance sheet, but excluding all brokered deposits, deposits from deposit listing services, temporary transaction deposits, certain escrow deposits, intercompany deposits, transactional political deposits and transitional deposits scheduled for our Trust business, and temporary pension funding deposits. We believe the most directly comparable GAAP financial measure is total deposits. See Core Deposits disclosure on Appendix page 23
251 For more detail on specific loan types included in each impact segment, see Appendix page 26 2 Balances shown do not include deferred fees and costs 3 Does not include residential or HELOC loans Mission-Aligned Loan Portfolio 16 6 CRE AND LAND LOANS BY IMPACT SEGMENT1,2 ($mm) 60 4 70 4 6 275 C&I LOANS BY IMPACT SEGMENT1,2 ($mm) 31 833 204 2 11 215 CONSUMER AND OTHER LOANS BY IMPACT SEGMENT1,2,3 ($mm) 336 30 C&I Climate Protection Detail Solar: $637mm Alternative Energy: $126mm Other: $70mm MULTIFAMILY LOANS BY IMPACT SEGMENT1,2 ($mm)
26 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 Centers • Senior Care • Memory Care Housing • Low/Middle Income Housing • Workforce Housing Sustainable Commerce • Manufacturers • Distributors • Service Companies with Sustainable Practices Non-Impact • Other loans that are not mission-aligned, including legacy C&I agreements, legacy CRE loans, and certain government guaranteed facilities
27 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, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Core operating revenue Net Interest Income (GAAP) $ 76,447 $ 72,909 $ 72,107 $ 219,934 $ 209,336 Non-interest income (GAAP) 9,161 8,025 8,939 23,592 28,426 Add: Loss on Sale of Securities and Other Assets 1,226 1,041 3,230 2,946 8,695 Less: ICS One-Way Sell Fee Income (420) (102) (8,085) (531) (15,847) Less: Changes in fair value of loans held-for-sale — — 4,265 (837) 4,265 Less: Subdebt repurchase gain — — (669) — (1,076) Add: Tax (credits) depreciation on solar investments — 310 1,089 3,179 1,095 Core operating revenue (non-GAAP) $ 86,414 $ 82,183 $ 80,876 $ 248,283 $ 234,894 Core non-interest expense Non-interest expense (GAAP) $ 43,617 $ 40,584 $ 40,964 $ 125,852 $ 118,629 Add: Gain on settlement of lease termination — — — — 499 Less: Severance costs (260) (142) (241) (527) (471) Core non-interest expense (non-GAAP) $ 43,357 $ 40,442 $ 40,723 $ 125,325 $ 118,657 Core net income Net Income (GAAP) $ 26,790 $ 25,989 $ 27,942 $ 77,807 $ 81,944 Add: Loss on Sale of Securities and Other Assets 1,226 1,041 3,230 2,946 8,695 Less: ICS One-Way Sell Fee Income (420) (102) (8,085) (531) (15,847) Less: Changes in fair value of loans held-for-sale — — 4,265 (837) 4,265 Less: Subdebt repurchase gain — — (669) — (1,076) Less: Gain on settlement of lease termination — — — — (499) Add: Severance costs 260 142 241 527 471 Add: Tax (credits) depreciation on solar investments — 310 1,089 3,179 1,095 Less: Tax on notable items (296) (371) (19) (1,420) 764 Core net income (non-GAAP) $ 27,560 $ 27,009 $ 27,994 $ 81,671 $ 79,812
28 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, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Tangible common equity Stockholders' equity (GAAP) $ 775,573 $ 753,984 $ 698,332 $ 775,573 $ 698,332 Less: Minority interest — — (133) — (133) Less: Goodwill (12,936) (12,936) (12,936) (12,936) (12,936) Less: Core deposit intangible (1,056) (1,200) (1,669) (1,056) (1,669) Tangible common equity (non-GAAP) $ 761,581 $ 739,848 $ 683,594 $ 761,581 $ 683,594 Average tangible common equity Average stockholders' equity (GAAP) $ 760,540 $ 741,435 $ 668,401 $ 741,592 $ 630,866 Less: Minority interest — — (133) — (133) Less: Goodwill (12,936) (12,936) (12,936) (12,936) (12,936) Less: Core deposit intangible (1,126) (1,270) (1,759) (1,269) (1,940) Average tangible common equity (non-GAAP) $ 746,478 $ 727,229 $ 653,573 $ 727,387 $ 615,857 Core return on average assets Numerator: Core net income (non-GAAP)1 $ 27,560 $ 27,009 $ 27,994 $ 81,671 $ 79,812 Denominator: Total average assets (GAAP) 8,641,386 8,445,679 8,393,490 8,461,290 8,249,218 Core return on average assets (non-GAAP) 1.27% 1.28% 1.33% 1.29% 1.29% Core return on average tangible common equity Numerator: Core net income (non-GAAP)1 $ 27,560 $ 27,009 $ 27,994 $ 81,671 $ 79,812 Denominator: Average tangible common equity 746,478 727,229 653,573 727,387 615,857 Core return on average tangible common equity (non-GAAP) 14.65% 14.90% 17.04% 15.01% 17.31% Core efficiency ratio Numerator: Core non-interest expense (non-GAAP) $ 43,357 $ 40,442 $ 40,723 $ 125,325 $ 118,657 Core operating revenue (non-GAAP) 86,414 82,183 80,876 248,283 234,894 Core efficiency ratio (non-GAAP) 50.17% 49.21% 50.35% 50.48% 50.52% 1 Calculated using Core Net Income (non-GAAP) in the numerator as detailed on page 27
Thank You amalgamatedbank.com Member FDIC