Amalgamated Financial (AMAL) investor relations material

Executive summary

• Record Q3 net income was $36.4 million, or $1.20 per diluted share; core net income was $34.6 million, or $1.14 per diluted share.

• Record operating revenue was $101.7 million and net interest income was $87.9 million; deposits and commercial loans grew.

• Total assets were $9.73 billion at September 30, 2026; deposits were $8.71 billion and net loans were $5.13 billion.

Financial highlights

• Q3 net interest income rose 15.0% YoY to $87.9 million; 9M26 net interest income was $254.2 million, up from $219.9 million.

• Core operating revenue was $99.2 million, up from $86.4 million in Q3 2025; core net income was $34.6 million, versus $27.6 million a year earlier.

• Q3 non-interest income was $13.8 million, primarily reflecting higher deposit service charges; core non-interest income was $11.3 million.

• Q3 provision for credit losses was $3.6 million, versus $5.3 million; non-interest expense was $48.9 million, versus $43.6 million a year earlier.

• 9M26 net income was $96.4 million, up from $77.8 million; diluted EPS was $3.19, versus $2.53.

Outlook and guidance

• FY26 net interest income guidance rose to $341 million-$342 million, implying YoY growth of $43 million-$44 million, or 14%-15%.

• FY26 core pre-tax, pre-provision earnings guidance rose to $193 million-$194 million, implying YoY growth of $27 million-$28 million, or 16%-17%.

• FY26 targets include core ROAA above 1.30%, core ROTCE above 15%, core efficiency below 50%, and ~9% year-end balance-sheet growth.

• Q4 net interest income is expected to be similar to Q3 amid election-related deposit remix, with modest margin compression; expenses are expected near Q3 levels.

• Management sees potential margin expansion in 2027 as DDA balances rebuild; formal 2027 guidance is pending.