Amalgamated Financial (AMAL) Q3 2025 earnings summary

Executive summary

• Core net income for Q3 2025 was $27.6 million ($0.91 per diluted share), up 3.4% from Q2, with GAAP net income at $26.8 million ($0.88 per diluted share); tangible book value per share increased 4.0% to $25.31.

• Total assets reached $8.7 billion, with deposits at $7.77 billion and net loans of $4.73 billion.

• Strong deposit and loan growth, with notable gains in political and climate segments and accelerating loan originations.

• Credit quality improved, with nonperforming assets down to $23.0 million (0.26% of assets) and allowance for credit losses at 1.18% of total loans.

• Continued investment in digital modernization and ESG initiatives, with a new platform live and B Corporation certification maintained.

Financial highlights

• Net interest income for Q3 2025 was $76.4 million, up 4.9% quarter-over-quarter and 6.0% year-over-year; net interest margin rose to 3.60%.

• Core efficiency ratio was 50.17%, among the best in peer groups.

• Non-interest income was $9.2–$9.3 million, mainly from commercial banking fees and BOLI income.

• Non-interest expense rose to $43.6 million, mainly due to higher compensation and technology spend.

• Dividend payout ratio was 16.0% for the quarter.

Outlook and guidance

• FY25 net interest income guidance is $295–$296 million, with core pre-tax pre-provision earnings of $164–$165 million.

• Year-end balance sheet growth targeted at ~3%, with a 9.0% Tier 1 leverage baseline and 1.3% annual core ROAA.

• Core revenue growth expected in the 3.5%–5.0% range for FY25.

• Q4 2025 targets: average balance sheet size of ~$8.65 billion, net interest income of $75–$76 million, and flat net interest margin.