Amalgamated Financial (AMAL) investor relations material

Executive summary

• Achieved record net income of $34.8 million ($1.15 per diluted share) and core net income of $33.1 million ($1.10 per diluted share), with profitability metrics among the strongest in company history.

• Revenue reached $98.4 million, with revenue per share exceeding $3 for the second consecutive quarter.

• Deposits grew by $280 million (3.4%) to $8.5 billion, with total core deposits at $9.15 billion and political deposits surging $211.9 million to $2.1 billion.

• Net interest income rose to $86.1 million, and net interest margin improved to 3.78%.

• Raised full-year 2026 guidance, reflecting confidence in continued growth and earnings power.

Financial highlights

• Return on average assets exceeded 1.4%; return on tangible common equity surpassed 16%.

• Core efficiency ratio remained below 50%, specifically at 49.15%.

• Tangible book value per share increased 3.3% to $27.47.

• Allowance for credit losses to total loans was 1.34%; nonperforming assets to total assets at 1.09%, mainly due to a single multifamily borrower.

• Total loans increased to $5.1 billion, with commercial lending in growth mode and 97% pass-rated loans.

Outlook and guidance

• FY26 net interest income guidance raised to $338–$340 million, up 13–14% year-over-year.

• Core pre-tax, pre-provision earnings expected at $188–$190 million, up 13–14% year-over-year.

• Margin expected to moderate in the second half of the year, with possible compression in Q4 due to deposit mix shifts.

• Average balance sheet expected to remain flat to slightly up (<1% growth) in Q3 and Q4, with growth resuming in 2027.

• Management expects continued growth in core deposit and loan segments, with a focus on commercial lending and PACE origination.