Amalgamated Financial (AMAL) Q4 2025 earnings summary

Executive summary

• Delivered strong Q4 2025 results with core net income of $30.0 million ($0.99 per diluted share) and record deposit growth of nearly $1 billion, with robust loan growth and margin expansion.

• Achieved broad-based deposit growth across all customer segments, including political, not-for-profit, social/philanthropy, and climate/sustainability, with political deposits rising to $1.7 billion.

• Core EPS increased 126.1% and net interest income rose 65.4% from FY20 to FY25, with assets growing from $6 billion to nearly $9 billion over five years.

• Tangible book value per share increased 15.8% year-over-year to $26.18, driven by net income and improved mark-to-market adjustments.

• Full year 2025 core net income rose 3.6% to $111.6 million, while reported net income decreased 1.9% to $104.4 million year-over-year.

Financial highlights

• Q4 2025 net income was $26.6 million ($0.88 per diluted share); core net income was $30.0 million ($0.99 per diluted share).

• Net interest income for Q4 was $77.9 million, up 2.0% sequentially; net interest margin rose to 3.66%.

• On-balance sheet deposits grew 10.7% year-over-year to $7.9 billion; off-balance sheet deposits increased by $1.1 billion.

• Net loans receivable rose 6.2% year-over-year to $4.9 billion, driven by commercial and multifamily loans.

• Tangible book value per share increased $0.87 (3.4%) in Q4 and 15.8% year-over-year.

Outlook and guidance

• FY26 guidance: net interest income of $327–$331 million (10–11% growth), core pre-tax, pre-provision earnings of $180–$183 million (9–10% growth).

• Performance targets for 2026 include ~1.35% core ROAA, ~15% core ROTCE, ~4% core non-interest income growth, and ~5% balance sheet growth.

• Expense discipline: core positive operating leverage of 3–4%, technology spend up 18%, annual core OpEx to $188 million.

• Quarterly net loan growth expected at 1.5–2%; Q1 2026 net interest income projected at $79–$81 million.

• Core efficiency ratio remained within the guidance threshold of 52% throughout 2025.