Amalgamated Financial (AMAL) Q4 2025 earnings summary

Executive summary

• Delivered strong Q4 2025 results with core earnings of $0.99 per diluted share, record deposit gathering of nearly $1 billion, and robust loan growth, with core net income of $30 million and GAAP net income of $26.6 million.

• 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.

• Management highlighted resilience and consistent profitability through challenging macroeconomic and industry conditions, growing assets from $6 billion to nearly $9 billion over five years, and core EPS up 126.1% since FY20.

• 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.

• Tangible book value per share increased 3.4% in Q4 and 15.8% year-over-year to $26.18.

Financial highlights

• Q4 2025 net income was $26.6 million ($0.88 per diluted share); core net income was $30 million ($0.99 per diluted share).

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

• Full year 2025 net interest income increased 5.5% to $297.8 million.

• Core non-interest income reached $10.1 million, now 11.4% of core revenue.

• Tangible book value per share rose $0.87 (3.4%) in Q4; tier one leverage ratio at 9.36%.

Outlook and guidance

• 2026 guidance: net interest income of $327–$331 million (10–11% growth), core pre-tax, pre-provision earnings of $180–$183 million (9–10% growth).

• Targets: core ROAA to 1.35%, core ROTCE to 15%, balance sheet growth ~5%.

• 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; NIM expected to rise.